PetroChina briefly became the world’s most valuable public company in 2007 after surpassing ExxonMobil.
PetroChina reached a market capitalization of roughly $1 trillion on its first trading day in Shanghai in November 2007. That valuation temporarily placed it above ExxonMobil, then the leading publicly traded company by market value.
PetroChina is the listed arm of China National Petroleum Corporation, or CNPC. Its businesses include exploration, production, refining, transportation, and sales of oil and natural gas.
The episode also shows why market-cap records must be treated cautiously. PetroChina’s shares traded at very different prices in Shanghai and Hong Kong, and the initial surge did not last. Its market value fell substantially afterward, so a brief intraday ranking is different from holding the top position for an entire year.