PetroChina becomes first USD one trillion company
Shanghai: PetroChina zoomed past Exxon Mobil Corporation to become the world's first $1 trillion company, as investors in China started trading the stock.
PetroChina's Class-A shares almost tripled on their Shanghai debut today valuing the Beijing-based state-owned oil company at $1.1 trillion, more than Exxon and General Electric combined, according to a report on the website of Bloomberg.
PetroChina rose as high as 48.62 yuan from the sale price of 16.7 yuan and closed at 43.96 yuan in Shanghai, giving it a market value of $1 trillion or 55 times earnings.
Exxon is worth $488 billion on the New York Stock Exchange, and trades at 13 times earnings, the report said.
PetroChina had raised 66.8 billion yuan selling 4 billion shares last week.
Shanghai: PetroChina zoomed past Exxon Mobil Corporation to become the world's first $1 trillion company, as investors in China started trading the stock.
PetroChina's Class-A shares almost tripled on their Shanghai debut today valuing the Beijing-based state-owned oil company at $1.1 trillion, more than Exxon and General Electric combined, according to a report on the website of Bloomberg.
PetroChina rose as high as 48.62 yuan from the sale price of 16.7 yuan and closed at 43.96 yuan in Shanghai, giving it a market value of $1 trillion or 55 times earnings.
Exxon is worth $488 billion on the New York Stock Exchange, and trades at 13 times earnings, the report said.
PetroChina had raised 66.8 billion yuan selling 4 billion shares last week.