PetroChina was the first publicly traded company founded in China to surpass a $1 trillion market capitalization.
PetroChina briefly exceeded the threshold on its first trading day in Shanghai in November 2007. The event made it the first company from China to reach that headline valuation, although its market value later fell substantially as investor sentiment and oil-market conditions changed.
PetroChina is the publicly listed arm of China National Petroleum Corporation, one of China’s major state-owned energy enterprises. Its activities include oil and natural-gas exploration, production, refining, transportation, and sales.
The milestone is often confused with China’s largest technology-company valuations. PetroChina’s record came from the energy sector and occurred during a period of strong commodity prices and intense investor demand for newly listed Chinese shares.