PetroChina briefly became the first company in the world to exceed US$1 trillion in market value in 2007.
PetroChina reached the milestone on November 5, 2007, during its listing on the Shanghai Stock Exchange. Its shares surged on the first day of trading, giving the company a valuation above one trillion US dollars based on the market price and its outstanding shares.
The valuation was short-lived. PetroChina’s Shanghai-listed shares fell substantially after the debut, and the company’s market capitalization quickly dropped below the trillion-dollar threshold. The episode illustrates why a market-cap record can depend on a brief share-price spike rather than a lasting change in business performance.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its Hong Kong and Shanghai listings have historically traded at very different valuations.