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SHANGHAI — What the Shanghai stock exchange giveth, Wall Street taketh away.
Hours after PetroChina shares almost tripled in value on their first day of trading in Shanghai, they slumped 13 percent in New York after a big investment bank said the stock was overvalued.
China’s biggest oil-and-gas company – the publicly listed unit of state-owned China National Petroleum Corp. – became the world’s first company with a $1 trillion market capitalization after its shares debuted Monday in its homeland.
The 4 billion new shares surged to $5.90, nearly triple the IPO price of $2.24. The initial public offering raised $8.94 billion.
The Shanghai shares are meant for domestic investors and are generally off-limits to would-be foreign buyers.
