Saudi Aramco plans to use 5% of its assets to be listed in IPO in the global market; its official valuation of the overall company is around 2 trillion US dollars, with IPO plans to raise 100 billion to 150 billion US dollars. However, according to those familiar with the matter, Saudi Aramco officials who are preparing for the listing are not able to develop a valuation model to achieve this goal. Even taking into account the impact of tax cuts, Saudi Aramco's highest valuation can only reach 1.5 trillion US dollars. According to Anbound, some of China's state-owned enterprises are considering buying shares in Saudi Aramco as cornerstone investors, and China intends to attract Saudi Aramco to be listed in Hong Kong. However, for the valuation of Saudi Aramco, the Chinese investors should be cautious, and it would be better for them to wait until international investors getting the valuation.