PetroChina which went ipo in October, supposedly the largest ipo of 2007, got listed today and in its first day of trading the stock shot up to nearly 3 times the original ipo price. It also surged past Exxon Mobil to be the world’s first company with 1 trillion dollars in market capitalization.

As reported in China View

PetroChina, China’s largest oil and gas producer, replaced Exxon Mobil as the world’s largest listed company by market value on Monday as its share price surged 163 percent to close at 43.96 yuan on its first day of trading on the Shanghai Stock Exchange.

The company’s share price opened at 48.6 yuan on Monday, almost tripling its IPO price of 16.7 yuan, and ended the morning session at 43.65 yuan.By offering shares on the mainland, the company is trying to increase its crude oil production to match its refining capacity, said Zheng Yi, an analyst with Guangfa Securities.

The company’s market value on the Shanghai bourse swelled to above the one-trillion-dollar mark, surging past Exxon Mobil, valued at 487.7 billion U.S. dollars. It is the first time a company has been valued at one trillion dollars.

The share offering would reduce the weight of bank and financial institution stocks to 30 percent from 39 percent and help increase that of industrial sectors such as power, coal and refining, said Wang Jing, an analyst with Orient Securities Co. Ltd.