PetroChina became the world's largest company by market value after its mainland debut today. That closing price helped the company become the world's first company to be valued at $1 trillion, larger than the combined value of Exxon Mobil Corp. and General Electric Co, according to Bloomberg News. Who could had imagined 20 years ago that companies from China will take center stage, not only did they take center stage, they even became the world's largest and the first one on earth to reach the 1 trillion at record speed.
Its Shanghai initial public offering of 4 billion shares raised $8.94 billion — a record for a mainland bourse. The country's biggest oil company opened at 48.60 yuan ($6.52), nearly tripling the issue price of 16.70 yuan ($2.24), before easing slightly to end the session at 43.96 yuan ($5.90).
Another milestone for China setting up new standard for others to beat. Well done to China.