PetroChina was the first publicly traded business to reach a $1 trillion market capitalization during the 2007 Chinese stock boom.
PetroChina reached the headline valuation after its Shanghai listing in November 2007, when its shares surged on the first day of trading. That price spike briefly made it the world’s largest company by market capitalization, although the valuation soon dropped as the market cooled.
The event illustrates the difference between a market value and a company’s underlying operating performance. A newly listed stock can attract intense demand, and its quoted value can rise far faster than profits or production. PetroChina remained a substantial oil and gas producer, but its brief ranking at the top did not last.
PetroChina is a publicly traded subsidiary of China National Petroleum Corporation. China National Petroleum Corporation itself is not simply another name for the listed company. That distinction is important when comparing corporate rankings and ownership structures.