Extremely oversubscribed shares of PetroChina nearly tripled to 43.96 yuan in their Shanghai debut Monday, despite an 8.2% drop to HK$18 for its Hong Kong-listed shares, which perhaps signals overseas investors view PetroChina as overvalued. The better-than-expected rise in Shanghai catapulted PetroChina's global market capitalization to around $1 trillion, the largest in the world, exceeding the combined value of numbers two and three Exxon Mobil and GE, and larger than the entire value of many national exchanges.

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