The PetroChina Syndrome

In the spring of 2000, China’s huge state-owned oil company PetroChina attempted to sell nearly 10 billion dollars worth of stock on the New York Stock Exchange and the Hong Kong Stock Exchange. Because of widespread violations of labor rights and human rights in China, and concerns about enviornmental damage by the Chinese oil industry and investments by PetroChina’s parent company in war torn Sudan, the IPO ran into a wall of protest. I wrote an article that assessed the impact of this unusal political conflict inside the global capital markets that recently appeared in the Journal of Corporation Law (Vol. 29 at 39 (2003)). Here is a link to an earlier version of this article published in the Cornell Law School working paper series: