PetroChina briefly reached a $1 trillion market capitalization on its first trading day in Shanghai in November 2007.
PetroChina shares surged after the company’s mainland China listing on November 5, 2007. The rapid rise temporarily made it the world’s largest company by market value, although the valuation soon fell as the initial trading excitement faded.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its businesses include oil and gas exploration, production, refining, transportation, and sales.
This episode is a reminder that an intraday market-cap record is not the same as a sustained valuation. PetroChina’s brief peak is also distinct from the later trillion-dollar milestones reached by Apple, Amazon, and other companies in different market conditions.