PetroChina became the first Asian company to exceed US$1 trillion in market value in 2007.
PetroChina briefly passed the US$1 trillion mark during its first trading day in Shanghai on November 5, 2007. Its shares opened dramatically above the initial offering price, making it the world’s second-largest company by market value at that moment, behind ExxonMobil.
PetroChina is the listed subsidiary of China National Petroleum Corporation, one of China’s major state-owned energy groups. The company explores for, produces, refines, and sells oil and natural gas.
The milestone was short-lived: PetroChina’s share price later fell substantially from its debut levels. Market capitalization can change rapidly when a newly listed company experiences unusually heavy buying, so a brief intraday record should not be confused with a sustained ranking.