---
endpoint: analytics
pattern: Energy
status: done
latency_ms: 140279
conversation_id: c8b438eb-dab4-4765-84fb-dd5d36fdcb17
citations: 6
created: 2026-05-31 21:58:46Z
---

# Who are the key shareholders of PetroChina?

# PetroChina Company Limited (857 HK / 601857 CH) — Key Shareholders

PetroChina is **dominantly state-controlled**, with the parent group CNPC owning ~82.6% of the company. The free float is concentrated in H-shares (Hong Kong listing) and a small A-share retail/institutional tail. As of 28-Feb-2025, the company had **547,674 total shareholders** (542,478 A-share holders and 5,196 registered H-share holders) [3].

## Controlling Shareholder

- **China National Petroleum Corporation (CNPC)** is the controlling shareholder. CNPC is a wholly state-owned enterprise established in July 1998; the ultimate controller is the **PRC government** (State-owned Assets Supervision and Administration Commission / State Council) [6].
- CNPC's legal representative and current chairman: **Mr. Dai Houliang** [6].
- CNPC's direct + deemed equity interest: **82.62%** of total share capital, identical voting rights (unchanged YoY vs. Dec-2023) [4].
- CLSA tags the major-shareholder line at **CNPC 82.6%**, with estimated **free float of 17.4%** and **foreign shareholding of 11.5%** [1][2].
- Total shares in issue: **183,021m** (183,020,977,818 shares) [2].

## Top 10 Shareholders (as disclosed in PetroChina's 2024 Annual Report) [3]

| # | Shareholder | Share Type | Shares Held | % of Total |
|---|---|---|---|---|
| 1 | **CNPC** (State-owned legal person) | A Shares | 150,923,565,570* | **82.46%** |
| 2 | **HKSCC Nominees Limited** (Overseas legal person — nominee for HK Stock Exchange investors holding H shares) | H Shares | 20,919,164,608** | **11.43%** |
| 3 | **China Petrochemical Corporation (Sinopec Group)** (State-owned legal person) | A Shares | 1,830,210,000 | 1.00% |
| 4 | **China Securities Finance Corporation Limited** (State-owned legal person) | A Shares | 1,020,165,128 | 0.56% |
| 5 | **Hong Kong Securities Clearing Company Limited** (Stock Connect northbound — overseas investors holding A shares) | A Shares | 891,439,225 | 0.49% |
| 6 | **ICBC – SSE 50 ETF** | A Shares | 212,946,963 | 0.12% |
| 7 | **Central Huijin Asset Management Ltd.** (sovereign — wholly owned by China Investment Corp.) | A Shares | 201,695,000 | 0.11% |
| 8 | **ICBC – Huatai-Pinebridge CSI 300 ETF** | A Shares | 195,659,448 | n.a. |
| 9 | **China Life Insurance Co. Ltd. — Traditional / Ordinary Insurance Products (005L-CT001 Shanghai)** | A Shares | 188,928,762 | n.a. |
| 10 | **Bank of Communications — E Fund SSE 50 Index Enhanced Securities Investment Fund** | A Shares | 184,523,601 | n.a. |

\* CNPC's 150.92bn figure represents its direct A-share holding and **excludes** an additional **291,518,000 H shares** (~0.16% of total share capital) held indirectly via **Fairy King Investments Ltd.**, an overseas wholly-owned subsidiary of CNPC, registered through HKSCC Nominees [5].

\** HKSCC Nominees Limited is a nominee — it holds shares on behalf of underlying corporate and individual H-share investors; it is not itself an economic shareholder.

## Substantial H-Share Shareholders Disclosed under HK SFO (as of 31-Dec-2024) [4]

| Holder | Share Class | Shares (long) | % of class | % of total |
|---|---|---|---|---|
| **CNPC** (Beneficial Owner) | A Shares | 150,923,565,570 | 93.21% | 82.46% |
| **CNPC** (via Fairy King Investments Ltd., deemed interest) | H Shares | 291,518,000 | 1.38% | 0.16% |
| **BlackRock, Inc.** (Interest of Corporation Controlled by the Substantial Shareholder) | H Shares | **1,436,473,492** (long); 98,000 (short) | **6.81%** | 0.78% |

BlackRock's position includes ~34,988,000 underlying shares through cash-settled unlisted derivatives [4].

## Key Observations

- **Effective state ownership is even higher than the headline 82.6%**: adding (i) Sinopec Group's 1.00% A-share stake, (ii) China Securities Finance Corporation Limited's 0.56%, and (iii) Central Huijin's 0.11% pushes direct state-linked holdings above **84.3%** of total share capital. Including state-controlled banks and insurers (China Life, ICBC vehicles) drives this higher still.
- **BlackRock is the largest disclosed non-Chinese institutional investor**, with 6.81% of the H-share class (~0.78% of total share capital). This is the only non-Chinese substantial shareholder required to be disclosed under the HK SFO threshold.
- **Free float is structurally narrow**: CLSA estimates true free float at ~17.4% and foreign shareholding at ~11.5%, consistent with the ~11.43% held via HKSCC Nominees [1][2].
- **Cross-shareholding signal**: Sinopec Group (China Petrochemical Corporation) — PetroChina's principal domestic competitor — holds a 1.00% stake. This is a legacy of state-mandated cross-holding among the "Big Three" Chinese oil majors and carries no commercial governance influence.
- **No change YoY**: there was no change in the controlling shareholder or ultimate controller during 2024 [6].

---
**Sources**

[1] PetroChina – O-PF (Bearing fruit) — CLSA, 29-Apr-2025 — 607957521LinqAlpha.PDF (Major shareholders panel: CNPC 82.6%)
[2] PetroChina – O-PF (Bearing fruit) — CLSA, 29-Apr-2025 — 607957521LinqAlpha.PDF (Shares in issue: 183,021m; Free float est.: 17.4%; Foreign s'holding: 11.5%)
[3] PetroChina Co., Ltd. (857) — Annual Report for period end 31-Dec-2024 (Top 10 shareholders table; total shareholder count as of 28-Feb-2025)
[4] PetroChina Co., Ltd. (857) — Annual Report for period end 31-Dec-2024 (Substantial Shareholders under HK SFO — CNPC, Fairy King, BlackRock; Equity interest and voting rights of parent CNPC 82.62%)
[5] PetroChina Co., Ltd. (857) — Annual Report for period end 31-Dec-2024 (Notes to top 10 shareholders — Fairy King Investments Ltd. / HKSCC nominee structure)
[6] PetroChina Co., Ltd. (857) — Annual Report for period end 31-Dec-2024 (Information on Controlling Shareholder and Ultimate Controller; CNPC profile)

## Citations

- [1] **607957521LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607957521LinqAlpha.PDF>
- [2] **607957521LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607957521LinqAlpha.PDF>
- [3] **PetroChina Co., Ltd. (857-CN) - Annual Report for period end 31-Dec-2024 (English) - PDF** · external
- [4] **PetroChina Co., Ltd. (857-CN) - Annual Report for period end 31-Dec-2024 (English) - PDF** · external
- [5] **PetroChina Co., Ltd. (857-CN) - Annual Report for period end 31-Dec-2024 (English) - PDF** · external
- [6] **PetroChina Co., Ltd. (857-CN) - Annual Report for period end 31-Dec-2024 (English) - PDF** · external

