PetroChina was the first publicly traded company to exceed a $1 trillion market value while headquartered in China.
PetroChina reached the milestone in November 2007 after its shares surged on the Shanghai Stock Exchange. The jump made it briefly the world’s most valuable company by market capitalization, although the valuation fell sharply afterward as the market reversed.
PetroChina is the listed arm of China National Petroleum Corporation, one of China’s major state-owned energy groups. Its businesses include exploration and production, refining, fuel marketing, pipelines, and natural gas.
The episode shows why market-cap records must be read with their date and exchange context. PetroChina’s extraordinary valuation was influenced by a rapidly rising Chinese stock market and strong energy-sector expectations. It did not mean the company had more revenue or reserves than every global competitor, and its peak valuation was not sustained.