PetroChina's Value Tops $1 Trillion, Surpassing Exxon
By Ying Lou
Nov. 5 (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.
The share sale, the world's biggest this year, surpassed the 66.6 billion yuan raised by China Shenhua Energy Co. in September. PetroChina raised 66.8 billion yuan selling 4 billion shares last week as investors applied for more than 3.3 trillion yuan of stock, almost 50 times the amount PetroChina sold.
The other Chinese companies that rank among the world's 10 largest by market value are China Petroleum, known as Sinopec, China Mobile Ltd., Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp.
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