Bubbling up

Oh my, oh my. How little we know about China:

Asia's top oil and gas producer PetroChina became the world's largest company by market value on Monday, overtaking US giant ExxonMobil as its share price surged by 191 percent.

Pretty impressive, huh? But, look out, methinks I see a bubble about to burst:

... In terms of earnings, however, PetroChina does not even make it into the top 50 companies of the world, which has raised a red flag both about the vaulation of the firm and the overall sustainability of the Chinese stock boom.

It's a bit like the time when Palm Pilot outvalued GM.