PetroChina's Value Tops $1 Trillion, Surpassing Exxon

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PetroChina's Value Tops $1 Trillion, Surpassing Exxon (Update6)

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, 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 four of the world's 10 biggest companies, even after today's 5 percent tumble in Hong Kong stocks.

PetroChina's valuation is ``an indication of China coming of age and also of its stock market bubble,'' said Hugh Young, who oversees $50 billion at Aberdeen Asset Management Asia Ltd. in Singapore.