PetroChina was the first publicly traded business to briefly reach a $1 trillion market value in 2007.
PetroChina briefly reached a market capitalization of about $1 trillion when its shares began trading in Shanghai in November 2007. The surge followed the listing of a relatively small portion of the company, while the Chinese state retained control through China National Petroleum Corporation.
PetroChina is the publicly listed arm of China National Petroleum Corporation and operates across oil and natural gas exploration, production, refining, transportation, and sales. Its Hong Kong listing had existed before the Shanghai listing, but the Shanghai debut produced the dramatic valuation spike.
The milestone was short-lived. PetroChina’s share price fell substantially after the debut, and its market value quickly dropped below the trillion-dollar level. That episode shows why a market-cap record based on a single trading moment can differ from a company’s longer-term position.
PetroChina is distinct from Saudi Aramco, which later became the largest energy-company IPO when it listed shares in Saudi Arabia in 2019.