SHANGHAI - Shares in PetroChina Company, largest oil and gas producer in China, opened on 5 November 2007 at the price of 48.6 yuan (6.5 dollars) in the mainland A share market, up 191 percent from IPO price which was 16.7 yuan. This made PetroChina the world's largest listed company by market value，worth about one trillion dollars. The previous biggest, Exxon Mobil, was valued at 487.7 billion dollars.
The shares of PetroChina closed at 43.96 yuan -- still up 163 percent. But in Hong Kong share market, PetroChina slided down 6.63 percent to 18.30 Hong Kong dollars (2.44 US dollars) at mid-day.
Warren Buffet, Bershire Hathaway chairman and CEO, said that the firm had gained almost 3.5 billion dollars from the sale of 488 million dollars investment in PetroChina, and that third-quarter profit rised by 64 percent.
Some comments in mainland China are as follows:
"Stock prices are rising too fast," said a Shanghai-based analyst with Industrial Securities.
"The government will take measures to prevent asset bubbles and avoid huge fluctuations in the stock market," Wen Jiabao told reporters, according to the China Daily. "It is the government's responsibility to ensure a fair, healthy and transparent stock market."
Some analysts said investors had chased the firm's price too high. "I think it's a bit risky for individual investors to buy in at the moment because we don't see much growing space," another analyst said.
PetroChina raised 66.8 billion yuan in Shanghai share market by selling 4 billion A shares.
According to the company's prospectus, 6.84 billion yuan and 5.93 billion yuan is planned to boost production capacity at Changqing and Daqing oil fields respectively . Besides, 1.5 billion yuan will be used to build production facilities at Jidong field. It also planned to upgrade facilities and expand an ethylene plant in Daqing.
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