PetroChina became the world’s most valuable company by market capitalization in 2007 after surpassing General Electric.
PetroChina reached the top of the global market-cap ranking on its first trading day in Shanghai, November 5, 2007. Its shares rose dramatically after the offering, briefly giving the Chinese oil producer a valuation above $1 trillion and making it the first company reported to reach that level on a trading debut.
The episode occurred during a period of intense enthusiasm for Chinese equities. PetroChina’s valuation later fell sharply from its debut peak, showing that a market-cap record can reflect speculative demand as well as long-term business fundamentals.
PetroChina is the listed arm of China National Petroleum Corporation, or CNPC. It is therefore distinct from CNPC itself, which is state-owned. This distinction matters because rankings of public companies count the value of shares available in the listed entity.