PetroChina became the first company listed in mainland China to exceed a US$1 trillion market capitalization when its Shanghai shares began trading in November 2007. The debut produced extraordinary demand and a sharp first-day valuation.
PetroChina is the publicly listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its business includes oil and gas exploration, production, refining, chemicals, pipelines, and fuel distribution.
The company’s record should not be confused with the value of its entire corporate parent or with later Chinese technology listings. PetroChina’s Shanghai offering was also one of the world’s largest IPOs at the time. Its market value later fell substantially, showing why a first-day market-cap record can be very different from long-term corporate performance.