PetroChina became the first publicly traded company in Asia to surpass a $1 trillion market capitalization.
PetroChina briefly exceeded the threshold on its Shanghai debut in November 2007. Its shares surged dramatically on the first day of trading, giving the company a valuation above $1 trillion before the price later fell back. The event made PetroChina one of the most valuable companies in the world at that moment.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its activities include exploration, production, refining, chemicals, pipelines, and marketing.
The episode illustrates why market-capitalization records can be temporary. A large first-day price jump can produce an enormous valuation even when the company’s operating results have not changed overnight. PetroChina’s milestone also predates the later trillion-dollar achievements of major American technology companies.