(Bloomberg) -- China’s biggest offshore oil driller plans to raise money by listing new shares on the mainland after the New York Stock Exchange said it would delist the firm earlier this year following U.S. sanctions.

Cnooc Ltd. plans to raise 35 billion yuan ($5.4 billion) by listing on the Shanghai Stock Exchange, the company said in a filing to the Hong Kong stock exchange. The driller will issue up to 2.6 billion new shares and will use the proceeds for project development, with excess funds to be used for working capital, it said.

The move opens a new capital market for Cnooc after the New York Stock Exchange in February said it would delist the firm’s American depository receipts after the Trump administration added it to a blacklist, restricting its access to U.S. technology without specific permission. Former U.S. Commerce Secretary Wilbur Ross accused Cnooc of being a “bully” for China’s military efforts in the South China Sea.

Cnooc appealed earlier this year for the NYSE to overturn its decision, but the company’s ticker no longer appears among NYSE listings on its website. 

The planned Shanghai issue represents 5.82% of the share capital of the company as of Sunday’s announcement. Upon completion, the issue would represent 5.5% of the enlarged share capital of the company, Cnooc said. 

The proposal, which is subject to regulatory and shareholder approvals, carries an over-allotment option of 15% of the initial issue size, the company said. The shares would carry the same voting rights, dividend and return of assets as the company’s Hong Kong-listed shares. Citic Securities Co. is the sponsor and lead underwriter. 

Cnooc, whose shares have gained around 12% this year, reported a 221% jump in first-half profit as global oil markets recovered from the pandemic. 

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