In typical initial public offering (IPO) marketing frenzy, PetroChina was sold to investors at the peak of the 2007 commodity cycle for a record $1 trillion. Since then the shares have lost 80% of their market value and counting. Here is the chart.
The many good reasons for the price decline include: hype and speculative fever in the stock bubble of 2007 (similar to now), as well as the 62%+ plunge in oil prices to present, the rise of renewable energy technology, and Chinese President Xi Jinping’s ambitious plans to promote electric vehicles and move the country away from commodity-intensive development (and air pollution). See The biggest stock collapse in the world has no end in sight. Here is a direct video link.
The PetroChina story should also serve as a cautionary tale for would-be-investors as the Saudis work to talk up the value of their planned Aramco Oil IPO. Hint: the Saudis too hope to raise cash for renewable energy investment.