11. PetroChina Size

11. PetroChina Size - November 6 2007 How Big Is PetroChina...

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DOW JONES REPRINTS This copy is for your personal, non- commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit: www.djreprints.com . See a sample reprint in PDF format . Order a reprint of this article now . China's largest oil and gas producer, PetroChina, debuts on Shanghai's bourse, becoming the world's largest listed company by market capitalization. Video courtesy of Reuters. November 6, 2007 How Big Is PetroChina? Market Cap May Exceed $1 Trillion -- or Not By ANDREW BATSON and SHAI OSTER November 6, 2007; Page C3 (See Corrections & Amplifications item below. ) BEIJING -- PetroChina Co., the main oil and gas producer in China, became the world's biggest company in the course of a few hours of trading Monday. Or did it? PetroChina's stunning debut on the Shanghai Stock Exchange again demonstrated the force of China's bull market, which has more than doubled its benchmark stock index so far this year. The company, which also lists shares in Hong Kong and American depositary shares in New York, saw its Shanghai share price more than double on its first day of trading after it raised $8.9 billion in its first share sale in mainland China. By some measures, PetroChina could now be valued at more than $1 trillion, which would make it by far the world's largest company by market capitalization. Yet the soaring valuations put on PetroChina and other Chinese-listed companies seem to say more about the problems and idiosyncrasies of China's market than the performance of the companies themselves.
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