(Reuters) –China’s largest oil company CNOOC (NYSE) Ltd stated Monday that the Chinese share exchange will list in Shanghai to raise 28.08 billion yuan (4.41 billion) after it has set the price for mainland China’s 11th biggest public stock sale.

According to a company prospectus, fundraising can be extended to 32.29 Billion Yuan by fully exercising the greenshoe option (to buy or sell more shares) that was issued to investment banks to support the deal.

CNOOC (China’s biggest offshore oil producer) priced the Shanghai offering at 10.8 Yuan ($1.69) per shares, 13% more than its Hong Kong price. CNOOC, China’s largest offshore oil producer, stated it plans to use proceeds from share sales to pay for one gas project and seven other projects in China as well as to replenish capital.

Hong Kong shares of the company fell 3.3% on Monday morning. That’s more than the 2.5% decline in the benchmark.

After CNOOC’s delisting last October, the New York Stock Exchange added CNOOC to its trade blacklist due to Washington adding the company to it. This was in response to Washington’s suspicions of connections with the Chinese military. Already listed in Shanghai are state-backed competitors PetroChina (NYSE:) and Sinopec.

This also happens as many Chinese businesses have put an end to their Shanghai listing plans. They cite disruptions to the business environment in Shanghai. The city is currently under lockdown in order to combat China’s largest coronavirus epidemic in 2 years.

CNOOC wants to profit from the soaring oil prices, as Russia’s conflict with Ukraine drives up energy prices already high. CNOOC anticipates that its first quarter profit will rise 62%-89% compared to a year ago, following registering record profits and production in 2021.

CNOOC listed its Shanghai offering at 23.88x earnings and 1.05x assets.

($1 = 6.3610 yuan)