Shares in PetroChina Company Limited, China's largest oil and gas producer, opened Monday at 48.6 yuan on their first day of trade in the Shanghai Stock Exchange, up 191 percent from their IPO price of 16.7 yuan. The price made PetroChina the world's largest listed company by market capitalization and raised 66.8 billion yuan (US$8.9 billion).

A number of international investors have urged caution and viewed the listing as overpriced sending PetroChina’s Hong Kong-listed shares tumbling 8.2 per cent. PetroChina shares on the New York stock exchange also took a tumble on Monday.

While it is disappointing that UBS did not engage with PetroChina over its business activities in Sudan prior to the IPO, we urge UBS as a large shareholder of PetroChina and other problematic companies operating in Sudan to use their influence as a shareholder.
See articles in the news:

The Telegraph http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/29/cnpetro129.xml

The Times http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article2813833.ece http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article2813853.ece