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We were established as a joint stock company with limited liability under the
Company Law of the PRC on November 5, 1999 as part of a restructuring in which
CNPC transferred to us most of the assets and liabilities of CNPC relating to
its exploration and production, refining and marketing, chemicals and natural
gas businesses. In April 2000, we completed a global offering of H Shares and
ADSs. In September 2005, we completed a follow-on offering of over 3 billion H
Shares. In October 2007, we issued 4 billion A Shares. The A Shares were listed
on the SSE in November 2007. As of March 31, 2023, CNPC beneficially owned
150,923,565,570 A Shares and 291,518,000 H Shares in us, representing
approximately 82.62% of our share capital in aggregate. The H Shares held by
CNPC were through Fairy King Investments Limited, an overseas wholly owned
subsidiary of CNPC.
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