PetroChina briefly exceeded a $1 trillion market capitalization on its Shanghai debut in November 2007.
PetroChina’s A-shares began trading on the Shanghai Stock Exchange on November 5, 2007. The stock opened sharply above its initial offering price, giving the company a temporary valuation above $1 trillion. That made PetroChina the first company reported to reach that market-capitalization level, although the price quickly fell back.
PetroChina is the listed oil and gas subsidiary of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its business includes exploration, production, refining, chemicals, and fuel distribution.
The episode is often remembered as a warning about the difference between a brief intraday valuation and a durable market value. PetroChina’s later share-price decline meant it did not remain the world’s richest company for long. The event also occurred during a period of strong enthusiasm for Chinese equities before the global financial crisis.