PetroChina briefly became the world’s first trillion-dollar company on its 2007 stock-market debut.
PetroChina’s Shanghai listing in November 2007 produced a spectacular opening surge, giving the company a market capitalization above $1 trillion during trading. It was the first company reported to reach that valuation, although the share price quickly retreated.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. The company explores for, produces, refines, transports, and sells petroleum and natural-gas products.
The episode illustrates why a market-cap record can be temporary. A company may cross a threshold intraday and then finish below it, depending on where its shares trade at the close. PetroChina’s record also occurred during a period of exceptionally strong Chinese equity-market enthusiasm.