Sunshine heads to HK for $1bn as Chinese oil sands investment grows

Canadian oilsands firm Sunshine Oilsands Ltd aims to raise $1bn in an initial public offering in Hong Kong, Ming Pao daily reported on Tuesday, citing market sources. The company, which owns 1.14 million acres of oil sands reserves in Athabasca in Canada, earlier this year received funding from Chinese investors to the tune of $236m.

Toronto-based oil producer Husky Energy, controlled by Hong Kong billionaire Li Ka-shing, said last month that it was exploring a potential secondary listing of its shares on the Hong Kong bourse.

Reuters reports:

Sunshine Oilsands will submit its listing application to the Hong Kong Stock Exchange in July, and Bank of China International is expected to handle the deal, the newspaper said.