PetroChina briefly became the first company in history to exceed a $1 trillion market capitalization in 2007.
PetroChina reached the milestone on November 5, 2007, when its Shanghai-listed shares began trading after a major public offering. The company’s valuation briefly surpassed $1 trillion before falling back as the market reassessed the stock. Its shares were also listed in Hong Kong and traded in the United States through American depositary receipts.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its business includes oil and gas exploration, production, refining, and distribution. The 2007 valuation was helped by booming Chinese markets and high expectations for the country’s economic growth.
A frequent misunderstanding is to treat the brief peak as a lasting ranking. PetroChina did not remain the world’s most valuable company for long; the milestone was an intraday market-cap event during a volatile period.