PetroChina briefly had a market capitalization above $1 trillion on its first trading day in 2007.
PetroChina’s shares began trading on the Shanghai Stock Exchange in November 2007 after an initial public offering. A sharp opening surge pushed its implied value above $1 trillion, making it the first company to reach that level on its debut day.
The valuation did not remain there. PetroChina’s share price fell after the initial excitement, illustrating why an intraday market-cap record can differ greatly from a company’s later closing value or sustained valuation.
PetroChina is the publicly traded oil and gas subsidiary of China National Petroleum Corporation. It is therefore different from its state-owned parent, even though the two businesses are closely connected.