PetroChina became the first company in the Asia-Pacific region to reach a $1 trillion market capitalization.
PetroChina briefly reached that level on its first trading day in Shanghai in November 2007. The listing generated enormous investor interest and made the Chinese oil producer the first company in the Asia-Pacific region to achieve the milestone.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its activities include exploration, crude-oil production, refining, natural gas, chemicals, and fuel retailing.
The valuation did not remain at $1 trillion for long. PetroChina’s shares fell after the initial surge, illustrating why market-cap records can be temporary and why a first-day trading peak should not be confused with a company’s long-term average value.