China The Biggest: Company

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The latest chapter in our “China The Biggest” series reports on what is now the biggest company in the world by market capitalisation – PetroChina. The FT reports:

    “PetroChina shares nearly tripled as trading started in Shanghai Monday of the oil company which raised $8.9bn in mainland China’s largest initial public offering this year.

    The offering pushed the value of mainland China’s public offerings for this year to a record $61bn (€42bn, £29bn), leaving New York, London and Hong Kong trailing in its wake.

    The domestic listing of China’s biggest energy group makes it the world’s most valuable company, leapfrogging Exxon, and follows several recent multi-billion dollar A-share listings of Chinese banks, insurance and energy companies.

    PetroChina, a unit of China National Petroleum Corp, is already listed on the Hong Kong exchange and its thin domestic float arguably makes market cap a poor guide to its true value.”

There are more IPOs on the way – including that of this week. But how long will the IPO, and wider stock market, frenzy continue? And how long will PetroChina be top dog? For a little while yet, perhaps.

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