Petrochina Soars, But How Big Is It?
PetroChina Co., the main oil and gas producer in China, became the world's biggest company in the course of a few hours of trading yesterday. Or did it?
中國(guó)主要石油和天然氣生產(chǎn)商中國(guó)石油天然氣股份有限公司(Petrochina Co., 簡(jiǎn)稱(chēng)：中國(guó)石油)在周一幾個(gè)小時(shí)的交易時(shí)間內(nèi)成為了全球的公司。但是，它真的名副其實(shí)嗎？
PetroChina's stunning debut on the Shanghai Stock Exchange again demonstrated the force of China's bull market, which has more than doubled its benchmark stock index so far this year. The company, which also lists shares in Hong Kong and American depositary shares in New York, saw its Shanghai share price more than double on its first day of trading after it raised $8.9 billion in its first share sale in mainland China. By some measures, PetroChina could now be valued at more than $1 trillion, which would make it by far the world's largest company by market capitalization.
中國(guó)石油在上海證券交易所首日上市令人震驚的表現(xiàn)再次顯示了中國(guó)牛市的力量，今年以來(lái)中國(guó)股市已經(jīng)上漲了一倍多。中國(guó)石油A股在首個(gè)交易日就上漲了一倍多，此前它在中國(guó)大陸共籌得89億美元。按一些標(biāo)準(zhǔn)來(lái)衡量，中國(guó)石油的估值超過(guò)了1萬(wàn)億美元，使它成為全球市值的公司。中國(guó)石油還分別在香港及紐約證交所上市交易。
Yet the soaring valuations put on PetroChina and other Chinese-listed companies seem to say more about the problems and idiosyncrasies of China's market than the performance of the companies themselves.
不過(guò)，中國(guó)石油及其他在中國(guó)上市的公司估值的飆升似乎更多體現(xiàn)的是中國(guó)股市的問(wèn)題和特征，而非上市公司本身的表現(xiàn)。
In fact, it is very difficult to determine the real value of Chinese government-controlled companies like PetroChina or Industrial & Commercial Bank of China Ltd., a state-controlled lender that is the largest financial institution by some measures of market capitalization. They have complicated corporate structures that keep most of their shares locked up in government hands, with the few that are publicly traded spread across different markets. The scarcity can drive up prices. And the problem is compounded by China's capital controls, which can cause domestic prices to differ greatly from those on other markets.
PetroChina Co., the main oil and gas producer in China, became the world's biggest company in the course of a few hours of trading yesterday. Or did it?
中國(guó)主要石油和天然氣生產(chǎn)商中國(guó)石油天然氣股份有限公司(Petrochina Co., 簡(jiǎn)稱(chēng)：中國(guó)石油)在周一幾個(gè)小時(shí)的交易時(shí)間內(nèi)成為了全球的公司。但是，它真的名副其實(shí)嗎？
PetroChina's stunning debut on the Shanghai Stock Exchange again demonstrated the force of China's bull market, which has more than doubled its benchmark stock index so far this year. The company, which also lists shares in Hong Kong and American depositary shares in New York, saw its Shanghai share price more than double on its first day of trading after it raised $8.9 billion in its first share sale in mainland China. By some measures, PetroChina could now be valued at more than $1 trillion, which would make it by far the world's largest company by market capitalization.
中國(guó)石油在上海證券交易所首日上市令人震驚的表現(xiàn)再次顯示了中國(guó)牛市的力量，今年以來(lái)中國(guó)股市已經(jīng)上漲了一倍多。中國(guó)石油A股在首個(gè)交易日就上漲了一倍多，此前它在中國(guó)大陸共籌得89億美元。按一些標(biāo)準(zhǔn)來(lái)衡量，中國(guó)石油的估值超過(guò)了1萬(wàn)億美元，使它成為全球市值的公司。中國(guó)石油還分別在香港及紐約證交所上市交易。
Yet the soaring valuations put on PetroChina and other Chinese-listed companies seem to say more about the problems and idiosyncrasies of China's market than the performance of the companies themselves.
不過(guò)，中國(guó)石油及其他在中國(guó)上市的公司估值的飆升似乎更多體現(xiàn)的是中國(guó)股市的問(wèn)題和特征，而非上市公司本身的表現(xiàn)。
In fact, it is very difficult to determine the real value of Chinese government-controlled companies like PetroChina or Industrial & Commercial Bank of China Ltd., a state-controlled lender that is the largest financial institution by some measures of market capitalization. They have complicated corporate structures that keep most of their shares locked up in government hands, with the few that are publicly traded spread across different markets. The scarcity can drive up prices. And the problem is compounded by China's capital controls, which can cause domestic prices to differ greatly from those on other markets.