PetroChina was the first company to reach a US$1 trillion market capitalization in 2007, before briefly becoming the world’s most valuable company.
PetroChina’s shares surged on their first trading day in Shanghai in November 2007. The resulting valuation briefly exceeded US$1 trillion, although the price quickly fell back. The company is the listed arm of China National Petroleum Corporation and is involved in exploration, production, refining, chemicals, and fuel distribution.
The episode illustrates why market-cap records can be temporary. A company can cross a threshold because of an unusually high opening price, even if that valuation is not sustained. PetroChina’s milestone also occurred during a period of strong Chinese stock-market enthusiasm.
PetroChina is different from Saudi Aramco, whose 2019 listing produced the largest IPO on record. PetroChina’s US$1 trillion milestone concerned its market value after trading began, not the amount raised in an offering.