Quite proud as a Chinese to hear such exciting news:
PetroChina Co. almost tripled on its first day of trading in Shanghai, becoming the world's first company to be valued at $1 trillion (combined its Shanghai, New York and Hong Kong stock values), more than Exxon Mobil Corp. and General Electric Co. combined.
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 the entire Russian stock market.
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 oil producer's Shanghai listing pushes China's stock market beyond the U.K. as the world's third-largest. PetroChina trades at 55 times earnings, four times Exxon's ratio of 13 times earnings and near the 58 times for Google Inc., the world's most- used Internet search engine.
p.s. PetroChina sold 4 billion A-shares issued in the public offering in Shanghai Stock Exchange, China National Petroleum Corporation (CNPC), the parent company of PetroChina's parent China National Petroleum Corporation holds the rest of the 158 billion A shares, 86.29 percent of the total.
Source: Bloomberg & Chinadaily Picture: MoneyTimes Tags: