PetroChina briefly debuted above US$1 trillion in market value on its 2007 trading debut.
PetroChina’s Shanghai listing began on November 5, 2007. Its shares opened far above the initial offering price, briefly giving the company a market capitalization greater than US$1 trillion. The valuation quickly fell as the stock price retreated, so the episode is generally described as a brief intraday milestone rather than a sustained trillion-dollar valuation.
PetroChina is the publicly traded 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, and fuel distribution.
This event is often confused with later companies that sustained trillion-dollar valuations. It also illustrates why a market-cap record based on an opening or intraday price can differ from a record based on a closing price.