China National Offshore Oil Corp’s (CNOOC) stock climbed by around 44% in the Shanghai debut, defying the overall market weakness, Reuters reported.

This comes as investors sought safety in CNOOC in the middle of the growing inflation and lofty energy prices.

“CNOOC is being chased by investors who are seeking shelters in big caps with relatively low valuation and high dividends,” said Linus Yip, chief strategist at First Shanghai Group. “The stock also whets market appetite at a time when oil prices are climbing and inflation accelerating.”

The oil giant’s stock started trade at 20% more than its offering price. However, the Shanghai Stock Exchange started a 30-minute trading suspension almost immediately when the stock price hit the daily allowable band upper limit for new main-board listings.

Accordingly, CNOOC raised around $4.41 billion in China’s 11th-biggest public stock offering.