From Bloomberg:
PetroChina Co. almost tripled on its first day of trading in Shanghai, becoming the world’s first company to be valued at $1 trillion, larger than the entire Russian stock market.
PetroChina shares rose to 43.96 yuan from the sale price of 16.7 yuan, giving the state-owned oil producer a greater market value than Exxon Mobil Corp. and General Electric Co. combined.
The rally makes PetroChina shares four times more expensive than those of Exxon, even though China’s biggest oil producer has a quarter of the revenue. China’s stock market was valued at less than $1.1 trillion before tripling this year and giving the communist nation five of the world’s 10 biggest companies. [Full Text]
Read also petrochina is world’s top company from BBC, and PetroChina 1st Firm Worth $1 Trillion by Elaine Kurtenbach.
