PetroChina replaced ExxonMobil as the world's largest company by market value as its total market capitalization reached US$1.1 trillion on its Monday debut on Shanghai Stock Exchange, NetEase Finance reported (in Chinese). The company became the first company to be valued at more than US$1 trillion. PetroChina opened at RMB48.6 (US$6.50) on its first transaction day, nearly triple its IPO price of RMB16.7 (US$2.20) on its first transaction day, and closed at RMB43.96 (US$5.90). Turnover for PetroChina reached US$9.38 billion, accounting for half of the Shanghai market's activity during the day. PetroChina's share price on the Hong Kong market dropped 8.16% on the same day.