PetroChina briefly became the world’s most valuable company by market capitalization on its 2007 Shanghai listing day.
PetroChina shares began trading on the Shanghai Stock Exchange in November 2007 after the company offered shares to mainland Chinese investors. A sharp opening surge gave the company a market value reported at more than $1 trillion, briefly placing it above established giants such as ExxonMobil.
The valuation fell quickly after the opening-day excitement, illustrating why an intraday market-cap record may not represent a stable long-term ranking. Market capitalization is based on the quoted share price multiplied by shares outstanding, and a newly listed stock can move especially sharply.
PetroChina is the publicly traded arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. It operates in exploration, production, refining, chemicals, and marketing.