Why would a sane individual invest in a Chinese state-owned enterprise? Consider CNOOC, China’s largest offshore oil company. This year, it made the largest ever bid by a Chinese oil and gas group with its $15-billion offer for Canada’s Nexen. The deal awaits approval but the price is a 60 per cent premium to Nexen’s undisturbed share price. Investors might be forgiven for thinking that CNOOC cares more about an agenda to secure energy than shareholders.