Oil giant PetroChina PTR briefly topped a trillion dollar valuation in when its stock began trading in Shanghai, but shares quickly plunged afterward.
The first company to ever reach $1 trillion in market value was in China and got crushed
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It did not fare too well after that. The company's Shanghai-listed shares nearly tripled at the open that day, with its Hong Kong-listed shares following them higher. It had debuted on the Hong Kong exchange years earlier.
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According to Reuters, PetroChina's opening price in Shanghai valued the company at 60 times analysts ' forecasts for its earnings per share, above the global average of 18 times for oil company's at the time. It was all downhill from there, however. Blame the financial crisis and a collapse in oil prices.
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Today they are about half that. PetroChina has not fared too well since the end of , either.
Apple becomes world's first trillion-dollar company | Technology | The Guardian
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