PetroChina has topped ExxonMobil as the world's most highly valued company as its value has increased to $1.1 trillion.
The state-controlled petroleum corporation's capitalization rocketed to $1.1 trillion early Monday when its shares began selling on the Shanghai A-share market, later retreating to a value of about $980 billion.
The domestic debut gave Chinese investors their first opportunity at buying into the company, whose value has increased fifteen-fold since it went public in Hong Kong and New York in 2000.
The opening day gave PetroChina a value higher than that of Exxon Mobil and General Electric combined.
Stockholders have pushed five Chinese firms into the ranks of the world's top 10 companies in recent weeks.
China's stock markets have soared 130 percent last year and has risen about 110 percent so far this year.
In terms of earnings, PetroChina doesn't even rank among the top 50 companies worldwide. Its valuation is now four times higher than Exxon Mobil, which has revenue four times greater.
PetroChina has large oil and gas reserves, and considerable growth potential. Last year, it held 20.5 billion barrels of oil and gas reserves, compared with Exxon's 22.1 billion barrels and Royal Dutch Shell's 11.3 billion barrels.
Berkshire Hathaway, the company controlled by billionaire investor Warren Buffett, sold its holdings of PetroChina earlier this year for an eightfold gain.
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