PetroChina was the first public company based in China to exceed a $1 trillion market capitalization.
PetroChina briefly exceeded a $1 trillion market value when its shares began trading in Shanghai in November 2007. The surge made it one of the world’s most valuable listed companies, although the valuation later fell sharply as market conditions changed.
PetroChina is the listed arm of China National Petroleum Corporation, a major state-owned energy group. Its businesses include exploration and production, refining, chemicals, natural gas, and fuel distribution. Because energy companies are sensitive to oil prices and investor expectations, their market values can change substantially.
This milestone is often confused with later achievements by Chinese internet companies. Alibaba and Tencent became enormous listed technology companies, but PetroChina reached the trillion-dollar threshold earlier. The company’s Hong Kong-listed shares and Shanghai-listed shares are separate listings, so quoted prices can differ even though they represent the same underlying corporation.