PetroChina briefly became the first company to exceed a $1 trillion market capitalization during its 2007 Shanghai IPO.
PetroChina, the listed arm of China National Petroleum Corporation, began trading A-shares in Shanghai in November 2007. A surge in the opening price pushed the company’s implied market value above $1 trillion, making it the first company reported to cross that level on a stock exchange.
The valuation did not remain there for long. The shares fell after the initial trading surge, illustrating why market-cap records based on an opening price or intraday peak can differ from records based on a closing price. Market capitalization is especially sensitive to short-term speculation when a large company lists a limited portion of its equity.
PetroChina is often confused with China National Petroleum Corporation, its state-owned parent. PetroChina is the publicly traded company whose shares are listed in Hong Kong and Shanghai, while CNPC is the broader corporate group.