【摘 要】
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Back in December,CIB took a cue from Warren Buffett and looked at the recent A-share initial public offering (IPO) of PetroChina(中国石油),Chinas largest oil co
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Back in December,CIB took a cue from Warren Buffett and looked at the recent A-share initial public offering (IPO) of PetroChina(中国石油),Chinas largest oil company and,at the time,the largest company in the world.We didn like what we saw.While the argument in favor of PetroChina was obvious-it is of course,the primary provider of refined oil to a country with the fastest-growing oil demand in the world,and operating in a period of exponential growth in oil prices-the negatives were just as striking.It was overvalued from a revenue point of view,and had to contend with state price controls.
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