A hollow victory
HOME > PAST ISSUE > PERSPECTIVE [Premium content]December 2007
PetroChina’s A-share listing grabbed headlines, but small investors and the state were both denied a bigger slice of the profits
I was not among those cheering on the surge in the PetroChina A-shares when they listed in Shanghai on November 4. They immediately soared to almost treble their RMB16.70 (US$2.25) issue price, supposedly making PetroChina a trillion-dollar company and surpassing ExxonMobil as the world’s number one company by market capitalization.
The reason for my lack of enthusiasm was not that I had followed US investment guru Warren Buffett’s advice and a couple of weeks earlier ...
The reason for my lack of enthusiasm was not that I had followed US investment guru Warren Buffett’s advice and a couple of weeks earlier ...
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