CNPC, Sinopec, and CNOOC Simultaneously Issue Announcements: Abnormal Stock Trading Poses Risks

On the evening of March 3, 2026, China's three major state-owned oil companies—China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC)—simultaneously issued announcements regarding abnormal fluctuations in their stock trading. The notices indicated that the cumulative deviation in the closing prices of the three companies' A-shares exceeded 20% over three consecutive trading days on February 27, March 2, and March 3. This abnormal volatility was primarily driven by geopolitical tensions, which spurred a broad rally in the oil and gas sector. This led to the unprecedented event of the 'Big Three' oil companies collectively hitting their daily price limit (up 10%) for two consecutive trading days in A-share market history. The incident highlights the immediate and significant impact of geopolitical risks on energy markets and the share prices of core state-owned energy enterprises.