PetroChina became the first company to exceed a $1 trillion market capitalization during an IPO’s opening day in 2007.
PetroChina shares began trading in Shanghai in November 2007 after the company’s initial public offering. The stock surged on its first day, briefly giving the company a market value above $1 trillion before the price later fell back.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its business includes exploration, production, refining, chemicals, pipelines, and fuel distribution.
The episode is often confused with Apple’s 2018 achievement. PetroChina was the first to briefly pass the trillion-dollar level during trading, while Apple was the first company commonly credited with reaching and sustaining a $1 trillion valuation as a major global milestone. Day-one valuations can also be affected by IPO enthusiasm and limited initial trading supply.