PetroChina was the first company to reach a $1 trillion market capitalization on China’s stock market in 2007.
The state-controlled oil and gas producer achieved the milestone after its shares began trading in Shanghai, where investor enthusiasm drove its market value sharply higher. Its parent company is China National Petroleum Corporation, one of China’s major state-owned energy groups.
PetroChina’s trillion-dollar valuation was brief, and its share price later fell substantially. That makes the episode different from a company maintaining the valuation for a long period. Market capitalization also differs from revenue, assets, or the value of all oil reserves.
The listing became one of the most dramatic examples of how a new share offering and strong market sentiment can rapidly change a company’s ranking among the world’s largest businesses.