ExxonWhat? PetroChina Is the New No. 1

A $1 trillion market cap, the world's largest, crowns the Shanghai trading debut of the Chinese state-controlled energy company
Photographer: Paul Hilton/Bloomberg News

It was a record-setting day for PetroChina (PTR). With an $8.9 billion debut in Shanghai, the state-controlled oil-and-gas producer laid claim to raising the greatest amount of money of any new listing globally this year. By the end of the first day of Shanghai trading on Nov. 5, PetroChina's share price had more than doubled, to 59¢, up 163%.

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