PetroChina now valued at $1.03 trillion

Discussion in 'Wall St. News' started by Bowgett, Nov 4, 2007.

  1. Bowgett


    Nov. 5 (Bloomberg) -- PetroChina Co. passed Exxon Mobil Corp. as the world's largest company by market value as it started trading in Shanghai for the first time.

    PetroChina's Class-A shares more than doubled, advancing as high as 48.62 yuan ($6.52) from their sale price of 16.7 yuan. They reached 45.03 yuan at 9:44 a.m., valuing the company at $1.03 trillion. Exxon is worth $488 billion on the New York Stock Exchange.

    That's right $1,030,000,000,000 :D

    All these worries about $10B here and $10B there lost on mortgages is nothing. All Merill or Citi should do is sell its shares in China :).
  2. To all the bubble deniers, 'PetroChina's market value is higher than Russia's gross domestic product' says wonders.

    I smell a bull market in FXI puts coming to a theatre near you.
  3. Does that mean that PTR more than doubles tomorrow from $255 to over $500 on the NYSE?
  4. Absolutely insane.
  5. PetroChina Surpasses Exxon as Shanghai Shares Surge (Update1)

    By Ying Lou
    . . .

    PetroChina reached 43.96 yuan at 11:05 a.m. in Shanghai, valuing the company at more than $1 trillion. Exxon is worth $488 billion on the New York Stock Exchange. In Hong Kong, PetroChina fell 7 percent to HK$18.20.

    . . .
  6. Ok....I did some research myself on this and on the Yahoo boards someone has posted that there is no arbitrage opportunities on this and lots of stocks on the Hong Kong exchange trade at many times the value than the same company in the US market.

    So it looks like PTR is a trillion dollar company in Hong Kong and only a 1/2 billion in the US.
  7. Did Buffet sell out of this, how much does he have left?
  8. gangof4


    Shanghai is not Hong Kong.
  9. Bowgett


    and Hong Kong is not King Kong :p
  10. Poole


    this is awesome

    I hope that china index climbs to 7000 or 8000 or even 9000, so puts will just get more and more attractive

    this thing is going to implode so bad its a joke
    #10     Nov 5, 2007