PetroChina became the first Chinese business to briefly exceed a US$1 trillion market capitalization in 2007.
Its shares surged on their first trading day in Shanghai after the company raised about US$2.2 billion in its mainland offering. The jump reflected enthusiasm for Chinese energy demand and PetroChina’s enormous petroleum and natural-gas assets.
The valuation was short-lived: the share price fell substantially after the opening surge. PetroChina’s Hong Kong-listed shares did not sustain the same level, illustrating how market capitalization can differ across exchanges and trading sessions.
The company is the listed arm of China National Petroleum Corporation, one of the world’s largest state-owned energy groups. Apple later became the first US company to pass US$1 trillion on a sustained basis.