PetroChina becomes Number 1 in Global Value
PetroChina became the world's largest company in market value…zooming far ahead of number two - Exxon Mobil.
In the country's largest initial public offering (IPO) shares opened at Y48.6 far ahead of analyst predictions of Y35.
The value closed at Y43.96.
PetroChina has 157.9 billion shares and 86% have been sold making the company's total market capitalization to just over $1 trillion. That's a 'T' and a $ sign.
Exxon is less than half that in value at $488 billion.
PetroChina will fund oil and gas exploration and develop internationally to ensure a more stable domestic supply.
PetroChina's market value is about 21% of the total market value.
Next big IPO will be China Mobile…already worth $391 billlion.
Mobile phones and oil…the real biggies in China.
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POSTED IN: Doing Business in China
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