PetroChina was the first company reported to reach a $1 trillion market capitalization, in November 2007.
The Chinese oil and gas company’s Shanghai-listed shares surged after its public offering, briefly giving the company a valuation above $1 trillion. The milestone was extraordinary because it occurred during a period of strong commodity prices and rapid growth in Chinese financial markets.
The figure was based on PetroChina’s total share count and the price of its publicly traded stock. Some analysts questioned how representative the valuation was because only part of the company’s shares were freely traded, a factor that can make market-cap comparisons more complicated.
PetroChina is the listed arm of China National Petroleum Corporation. Its 2007 valuation should not be confused with the later, more sustained trillion-dollar milestones achieved by Apple and other major global companies.