Sunday, November 04, 2007

PetroChina Shares Triple in Shanghai Debut

This one caught my eye... (Link)
Shares in PetroChina, which raised $9 billion in the world's biggest initial public offer this year, nearly tripled in their market debut and far exceeded analysts' forecast, buoyed by the company's position in the world's second-biggest energy market.

The opening price gave PetroChina a total market value of $1.1 trillion, making it the world's largest listed company by market capitalisation, more than double the second biggest, Exxon Mobil, at $488 billion.
It'll be interesting to see whether the US-listed shares will follow their Chinese counterparts tomorrow morning. We know Buffett thought PetroChina was too expensive and recently sold his entire stake. So either Buffett was 300% off on his Intrinsic value estimate, or the Chinese are in a full-blown bubble.

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