Monday, November 5, 2007

Supersized Chinese Corporations

From Bloomberg:

PetroChina Co. almost tripled on its first day of trading in Shanghai, becoming the world's first company to be valued at $1 trillion, more than Exxon Mobil Corp. and General Electric Co. combined.

The calculation accounts for the majority non-tradable shares held by the Chinese government. Nonetheless, this is probably going to be the hallmark of the Chinese stock market bubble, after ICBC dwarfed Citigroup to become the largest financial company in the world.