Headline of the Day II: $1 Trillion!

Holy shnikes!

PetroChina’s Value Tops $1 Trillion, Surpassing Exxon
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMNtykrSrD1o&

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That’s a giant WTF?!

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Source:

PetroChina’s Value Tops $1 Trillion, Surpassing Exxon
Ying Lou
Bloomberg, Nov. 5 2007
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMNtykrSrD1o&

See also

PetroChina is world’s top company BBC News
http://news.bbc.co.uk/2/hi/business/7078518.stm

PetroChina Becomes World’s First Company Worth More Than $1 Trillion VOA
http://voanews.com/english/2007-11-05-voa12.cfm

What's been said:

Discussions found on the web:
  1. Eddie commented on Nov 5

    When the chinese bubble finally bursts, it will make the dot-bomb era look tame.

    Nothing else to do but shake one’s head at this.

  2. jmf commented on Nov 5

    Moin from Germany,

    but keep this in mind…

    The mainland A-share float has a free float of about 2 per cent – and such a thin float makes market price a poor guide to intrinsic value

  3. michael schumacher commented on Nov 5

    in a closed system (since we or anyone other than mainland chinese can’t participate) how is that any difference than Level 3 valuations??. It only floated a small portion of scaleable shares.

    Don’t forget that low floaters are usually what you thought the first time you heard the phrase……

    Ciao
    MS

  4. Barry Green commented on Nov 5

    Speculation in oil is conveniently shrouded in “fundamental” issues like demand, etc. but the real fundamental affecting oil now is greed. “De-Nile is more than just a river in Egypt.”

  5. gn commented on Nov 5

    The perfect end to the perfect bubble.

  6. Mr. Beach commented on Nov 5

    Can anyone confirm whether Chinese mainlanders can short stocks? I believe they are not allowed to do so?

  7. Stuart commented on Nov 5

    oh, for a second, I thought you were referring to last week’s tally of counter party defaults on OTC derivatives.

  8. Spectator commented on Nov 5

    This is a bell ringing for the blow-off top. Being the inveterate gamblers they are, don’t expect the Chinese will hear it for another year.

  9. rickrude commented on Nov 5

    When the chinese bubble finally bursts, it will make the dot-bomb era look tame.

    Nothing else to do but shake one’s head at this.

    Posted by: Eddie | Nov 5, 2007 12:35:38 PM
    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    Why is everything that goes up in china considered a bubble by US investors ??

  10. rickrude commented on Nov 5

    Speculation in oil is conveniently shrouded in “fundamental” issues like demand, etc. but the real fundamental affecting oil now is greed. “De-Nile is more than just a river in Egypt.”

    Posted by: Barry Green | Nov 5, 2007 1:10:25 PM
    >>>>>>>>>>>>>>> ???????????????????????
    So you telling me speculation is keep the oil above the fair price of what $25 USD ??
    Or what should it really be my intelligent friend ??

  11. rickrude commented on Nov 5

    The Chinese have had a taste of the good life…now it’s time to pull the rug out, destabilize and finally rush in with “bailout” loans with all kinds of strings attached. Nothing new under the sun.

    Posted by: Trip Meout | Nov 5, 2007 4:41:16 PM
    ?????????????????????????????

    I don’t understand ??
    Is it the chinese you implying with credit problems or the US ??
    There is a trade surplus and the associated excess liquidity in China, a far different situation than that in The US.

  12. David commented on Nov 5

    Barry- If PetroChina is value around Trillion, then I am worth four times as much.
    E=(1/4.20.1)>(-1.1).4
    Can one spell B-U-B-B-L-E!

  13. Greg0658 commented on Nov 6

    China a bubble? Na – China is USA in 1890 with the head start in tech.

    Way to Go Wall Street – booya

  14. ZackAttack commented on Nov 6

    What’s that I hear? It’s the sound of the Great Big Bell going Ding! Ding! Dong!

    Shanghai A shares are up 60x from bottom to top. Bubbles are usually 20x at the extreme. I can’t find another precedent in history.

    We all know what’s going to happen here. The issue is, it could start tomorrow, or another 10x from here.

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