November 2026
Largest Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Tencent, ICBC China, CXMT, Agricultural Bank of China and China Construction Bank.
 | Tencent is the world’s largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat—China’s super-app with roughly 1.3 billion users—embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu. | $53 | -32% | $479B | $494B | 4.4x | 9.7x | ||
| Industrial and Commercial Bank of China was founded in 1984 and is headquartered in Beijing. The bank listed its shares in mainland China and Hong Kong in 2006. It is China's largest by asset scale and by share of lending and deposits. Central Huijin Investment (China's sovereign wealth fund manager) and China's Ministry of Finance are ICBC's two largest shareholders, each with a stake of around 35%. ICBC operates over 15,000 outlets. Of these, 413 outlets are in 49 countries and regions overseas. Corporate banking, retail banking, and wholesale banking accounted for 49%, 39%, and 11% of total revenue, respectively, and 49%, 33%, and 17% of profit before tax in 2025. Overseas banking and other business contributed 14% of total revenue and 9% of profit before tax in 2025. | $1 | +13% | $436B | $436B | 3.5x | - | ||
| CXMT Corp is engaged in the research, design, production and sales of Dynamic Random Access Memory (DRAM) products. These DRAM products are widely used in mobile terminals, computers, servers, virtual reality, and the Internet of Things (IoT). | $6 | -- | $412B | $405B | 43.7x | 73.9x | ||
| As one of the Big Four banks, ABC is headquartered in Beijing. The bank evolved from a state-owned specialized bank to a state-controlled commercial bank. It was listed on the Hong Kong and Shanghai Stock Exchanges in 2010. ABC operates a more than 20,000-branch network in China, providing corporate and retail banking products and services, and carries out treasury operations for its accounts or for its customers. Shareholders Central Huijin, China's state-owned investment company, and the Ministry of Finance own 40.14% and 35.29%, respectively. Corporate banking, retail banking, and wholesale banking accounted for 39%, 55%, and 3% of total revenue in 2024, respectively. Rural banking and urban banking contributed 49% and 51%, respectively, of total revenue during the same period. | $1 | -3% | $379B | $379B | 3.5x | - | ||
| China Construction Bank, headquartered in Beijing, is China's second-largest bank. It went public on the Hong Kong Stock Exchange in 2005 and listed shares in mainland China in 2007. Central Huijin Investment, China's sovereign wealth fund manager, is the largest shareholder with a 57% share. Fullerton Financial Holdings (a subsidiary of Temasek) is the second-largest shareholder with a 4.99% stake. CCB strives to provide customers with comprehensive financial services. The corporate banking, retail banking, and wholesale banking business segments accounted for 26%, 45%, and 27% of profit before tax, respectively, in 2024. | $2 | +72% | $365B | $365B | 3.2x | - | ||
| Founded in 1912 and headquartered in Beijing, Bank of China, or BOC, has evolved through multiple institutional mandates—from central bank to foreign exchange specialist to state-owned trade finance bank—before establishing its current universal banking model. The group was dual-listed on the Hong Kong and Shanghai stock exchanges in 2006. It provides a comprehensive range of financial services to customers across Greater China and overseas. Central Huijin, a Chinese state-owned investment company and BOC's largest shareholder, controls 64%. BOC has the most extensive global reach among Chinese banks, with operations in 64 countries and regions. | $1 | +22% | $316B | $316B | 3.2x | - | ||
| PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. In 2024, it produced more than 1.7 billion barrels of oil equivalent of oil and gas, and processed 1.4 billion barrels of crude oil. It also has more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 82%. | $2 | +29% | $314B | $360B | 0.8x | 5.1x | ||
| Kweichow Moutai is one of China's leading liquor producers. The company was established in 1951 and its headquarters are located in Moutai Town, Guizhou province, southwest China. Its flagship product, 53-degree Feitian Moutai, is known as China's national drink and has been consumed during many high-profile historical and political events. Given its remarkable pricing power, premium product quality, and unparalleled brand strength, the company achieves the industry's highest retail prices and profit margins. The state-owned Assets Supervision and Administration Commission of Guizhou province through Moutai Group controls a 49% stake in Kweichow Moutai. | $216 | +5% | $270B | $264B | 10.2x | 15.1x | ||
| Alibaba Group is a Chinese technology company headquartered in Hangzhou, Zhejiang, founded on 28 June 1999 by Jack Ma and 17 friends and students as the business-to-business marketplace Alibaba.com. It operates China's largest consumer marketplaces, Taobao (consumer-to-consumer) and Tmall (business-to-consumer), the global B2B site Alibaba.com and domestic wholesale platform 1688, alongside international e-commerce, Alibaba Cloud, the Cainiao logistics network, local consumer services and digital media and entertainment businesses, reorganised in 2023 into six business groups. It earns revenue mainly from merchant advertising and commissions on its marketplaces, plus cloud computing, logistics and direct sales. Early backers included Goldman Sachs, SoftBank and Investor AB, which invested $25 million in October 1999. Its September 2014 New York Stock Exchange IPO raised $25 billion, then the largest in history, giving it a market value of $231 billion, and in January 2018 it became the second Asian company to pass a $500 billion valuation. Joseph Tsai became chairman and Eddie Wu chief executive in 2023. | $13 | -33% | $258B | $250B | 1.6x | 16.8x | ||
| China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (1 billion) but also the largest in the world. It has 60% of the total wireless market in China and over 50% of the fixed-line broadband market. The firm has largely rolled out its 5G network, having launched 5G service in late 2019. It is doing some 5G network sharing with China Broadnet at 700 MHz and also resells its 3G/4G/5G network through China Broadnet. Growth is being generated through internet data centers where it has the second-largest network in China and through Cloud Services. The company issued stock on the A-share market in 2022 and completed its first buyback of H-shares. | $15 | +36% | $229B | $194B | 1.2x | 3.6x | ||
| CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for electric vehicle and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life, and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling. | $37 | -29% | $176B | $145B | 2.3x | 9.0x | ||
| China Merchants Bank was founded in 1987 and is headquartered in Shenzhen. The bank is China's seventh-largest listed bank by assets, with the largest distribution network among China's joint-stock banks. CMB's network has been expanding rapidly. Its outlets are located mainly in China's more developed areas, including the Pearl River and Yangtze River deltas. The firm has 18% and 82% of its shares listed on the Hong Kong and Shanghai exchanges, respectively. It has no foreign strategic investors. China Merchants Group is its largest shareholder, with a 30% stake. Retail banking, corporate banking, and wholesale banking accounted for 49%, 51%, and 0% of total profit before tax, respectively, and 40%, 58%, and 2% of total revenue in 2024. | $6 | +6% | $165B | $165B | 3.3x | - | ||
| China Shenhua Energy Co Ltd is a globally integrated coal-based energy company, mainly engaging in business segments: Coal, Power generation, Shipping, railway, port, and Coal chemical. Focusing on its core coal mining operation, China Shenhua leverages its self-developed transportation and sales network as well as downstream power plants, coal-to-chemicals facilities, and new energy projects to achieve cross-sector and cross-industry integrated development and operation. | $7 | +26% | $153B | $172B | 3.9x | 11.1x | ||
| CNOOC is China's main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Net production for 2024 reached 726.8 million barrels of oil equivalent (78.0% oil), and year-end proven reserves were 7.27 billion barrels of oil equivalent. Assets outside China make up around 32.2% of production. | $3 | +7% | $143B | $103B | 1.7x | 2.7x | ||
| Ping An Insurance was founded in 1988 and headquartered in Shenzhen. As an integrated financial service provider, the company offers healthcare services and integrated financial products. Ping An is China's second-largest life and P&C insurer. The company strives for an integrated financial services platform comprising life insurance, P&C insurance, banking, and other financial services. These business segments contributed 58%, 11%, 32%, and negative 4% of the company’s pretax profits, respectively, in 2024. | $8 | -3% | $137B | $137B | 1.0x | 10.4x | ||
| As the largest life insurance company in China, China Life commands about 16% market share by end-2024. The firm offers group and individual life insurance through exclusive agents, bancassurance, and other marketing platforms. While the bulk of profits stem from life insurance policies, additional operations include short-term policies such as accident and health insurance. The company is focusing on building a senior-care ecosystem and reforming a new agent team for long-term growth. | $5 | +52% | $132B | $132B | ||||
| Foxconn Industrial Internet Co Ltd is engaged in the design, research and development, manufacturing, and sales of various electronic equipment products. The company's main products include communications network equipment, cloud service equipment, precision tools, and industrial robots. | $6 | -25% | $129B | $133B | ||||
| PDD Holdings operates commerce businesses globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. PDD has also started its first-party brand business for global markets. | $79 | -32% | $113B | $47B | ||||
| Zijin Mining Group Co Ltd is focusing on the exploration and development of gold and copper and other metal mineral resources. The company's operating segment includes mining products segment; refined products segment; trading; and others. It generates maximum revenue from the Refined products segment. The products of refined products segment are refined copper, refined, processed gold and silver, refined zinc bullion, and sulphuric acid. Geographically, the majority is derived from Mainland China. | $4 | +5% | $109B | $129B | ||||
| China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba. | $4 | +13% | $109B | $152B | ||||
| Bank of Communications, or Bocom, is the only nationwide state-owned bank with its headquarters in Shanghai. As one of China's four oldest banks, Bocom became China's first state-owned shareholding commercial bank in 1987. Today, Bocom is amid a strategic transformation, building itself into a global wealth-management bank with wide-ranging financial operations, including insurance, brokerage, trust, and asset management.It operates a comprehensive financial services platform that includes corporate finance, personal finance, and money market operations. Bocom is known for its strategic importance in the process of RMB internationalization, particularly with its role as one of the first banks involved in the Cross-Border Interbank Payment System, or CIPS. | $1 | +18% | $107B | $107B | ||||
| Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China’s passenger vehicle market. The company sold about 4.6 million passenger NEVs in 2025, accounting for 30% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. | $13 | -6% | $103B | $112B | ||||
| Midea is one of the largest household appliance manufacturers in China, with key products such as air conditioners, refrigerators, washing machines, and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance categories. The firm also engages in industrial automation and robotics systems through wholly owned Kuka, a global market leader based in Germany. Heating, ventilation, and air conditioning, or HVAC, products contribute the most to Midea’s revenue, followed by other consumer appliances and robotics and automation systems. In addition, Midea generates around 40% of sales outside of China. | $13 | +18% | $101B | $95B | ||||
| Xiaomi is a technology company providing products and services, founded in early 2010, focusing mainly on smartphones, Internet of Things products, and related internet services. An early adopter of online smartphone sales, Xiaomi uses a customized Android operating system called HyperOS and has recently designed its own system-on-chip. As competition in its home Chinese smartphone market intensified and growth has slowed, it has expanded into other markets and has become the smartphone market leader in India, and is gaining market share in Europe. In 2025, from a country perspective, around 67% of its overall revenue was generated in mainland China, but this should reduce when it sells EVs overseas. The company was listed on the Hong Kong market at the beginning of July 2018. | $4 | -26% | $100B | $89B | ||||
| Postal Savings Bank of China Co Ltd is headquartered in Beijing. The bank provides personal and corporate banking services that include savings business, micro loan, bank cards, settlement businesses, and others. | $1 | -9% | $99B | $99B | ||||
| China Petroleum & Chemical, or Sinopec, is one of China's national oil companies and one of Asian's largest integrated oil companies in revenue. Its income is derived primarily from refining and marketing of oil products and petrochemical production. Sinopec has China's largest petrol station network with over 30,000 stations and enjoys a significant market share in petrochemicals. Established in 2000 by China Petrochemical Corporation, a state-owned enterprise and majority shareholder, the company also owns oil and gas assets in Shandong and Sichuan provinces. It has a smaller global upstream presence than its peers, PetroChina and CNOOC. In 2024, Sinopec’s production of oil and gas equivalent was 515.35 million barrels. The firm also processed 252.30 million metric tons of crude oil. | $1 | -26% | $97B | $167B | ||||
| China Telecom is the largest fixed-line operator in China, originally covering 21 southern provinces but now operating nationally. It has 200 million broadband customers, and 437 million wireless subscribers, having overtaken China Unicom to become the second-largest wireless operator in China behind China Mobile. The firm is increasing its cross-selling of products and seeing strong growth from industrial digitization services, such as internet data centers and cloud computing. Its internet data center business is already the largest in China and it is expanding overseas. | $1 | -41% | $87B | $79B | ||||
| Zhongji Innolight Co Ltd is a China-based company engaged in the research & development, production, and sales of high-end optical communication transceiver modules, 5G wireless networks, telecom transmission, and fixed network access. The company pays attention to technology research and development and promotes products with high speed, Miniaturization, low power consumption, and low cost that are developed to provide cloud data centers of high-speed Optical transceivers for telecom equipment manufacturers 5G Fronthaul, midhaul, and backhaul optical modules are used to transmit optical on metro, backbone, and core networks modules as well as applications for fixed networks. | $71 | -3% | $84B | $76B | ||||
| Founded in the late 1990s as an internet portal, NetEase has evolved into China’s second-largest online gaming company. Its early success was anchored by the massively multiplayer online role-playing game Fantasy Westward Journey, which laid the foundation for a durable franchise strategy. Over the past decade, the company has expanded its portfolio with successful titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which continue to maintain sizable and engaged player bases.In addition to its in-house development capabilities, NetEase partners with global IP holders such as Microsoft and Marvel to develop and publish titles based on established franchises, including World of Warcraft, Diablo Immortal, and Marvel Rivals, further strengthening its global presence. | $26 | -5% | $83B | $60B | ||||
| Cambricon Technologies Corp Ltd is engaged in designing and selling artificial intelligence core chips in various cloud servers, edge computing equipment, terminal equipment, providing customers with rich chip products and system software solutions. | $126 | 0% | $79B | $78B | ||||
| Semiconductor Manufacturing International Corporation is a semiconductor foundry providing wafer-fabrication and technology services to chip-design customers. It manufactures integrated circuits across multiple process nodes and earns revenue from contracted production, masks, testing, and related foundry services. The company serves customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its economics are driven by services, while its competitive position depends on sector expertise, asset quality, customer relationships, and disciplined capital allocation. The company is classified in Semiconductors because those categories best represent its principal activity at the transaction date. This profile is intended to identify the legal or operating business involved in the deal, including a historical name where the company was later renamed, merged, privatized, or reorganized. | $6 | -32% | $77B | $91B | ||||
| China Citic Bank, headquartered in Beijing, ranks as China's ninth-largest commercial lender. The bank operates a nationwide network of 1,459 branches across 153 cities, supplemented by offshore presence in Hong Kong, Macao, New York, Los Angeles, and Singapore as of mid-2024. Founded in 1987, it serves as a core subsidiary of Citic Group, a premier state-owned conglomerate. | $1 | +26% | $72B | $72B | ||||
| Wuxi AppTec Co Ltd provides a portfolio of research and manufacturing services throughout the discovery, development, and manufacturing spectrum for small molecule drugs, development of computer software and databases as well as consulting services for combinatorial chemistry and pharmaceuticals. The services offered by the company include drug research and development testing, clinical research services, an end-to-end CRDMO platform for peptide, oligonucleotide, and small molecules, and integrated biology services and solutions for drug discovery. The company's reportable segments are WuXi Chemistry, which derives maximum revenue, WuXi Testing, WuXi Biology, and Others. Geographically, it derives key revenue from the United States of America, followed by China, Europe, and other regions. | $23 | +75% | $70B | $63B | ||||
| Bank of China Hong Kong, or BOCHK, is a subsidiary of Bank of China. It is the second-largest bank in Hong Kong in terms of loan and deposit market shares. Although BOCHK is legally separate from its parent, it maintains close relationships with it in management, administration, and business relations. The two companies also cooperate in several areas, including the reselling of Bank of China's insurance and securities services. Bank of China holds a 66% stake in BOCHK. | $7 | +36% | $69B | $69B | ||||
| Hygon Information Technology Co Ltd is engaged in the research and development, design, and sales of high-end processors used in computing and storage devices such as servers and workstations. The company's products include Hygon central processing unit (CPU) and Hygon drive control unit (DCU). | $29 | -7% | $66B | $67B | ||||
| Founded in 1996, Nongfu Spring is a leading beverage producer with products primarily in the packaged water, ready-to-drink tea, juice, coffee, and functional beverages sectors in China. It holds the number-one share in the bottled water market; this segment contributed approximately 40% of the firm’s revenue and EBIT in 2024. | $6 | -7% | $65B | $61B | ||||
| Industrial Bank was founded in 1988 and started as a regional bank in Fujian province. It has grown to become the second-largest joint-stock bank in China with more than CNY 10 trillion in assets as of December 2024. The bank offers a full range of commercial banking services. Its specialty is bank-bank cooperation. It also operates a proprietary “Yinyin platform” that offers complete financial service solutions to other financial institutions such as payments and settlements, wealth management, and technology output services. | $3 | -1% | $62B | $62B | ||||
| Founded in 2004, Luxshare Precision is one of the world’s largest manufacturers of cables and connectors and is a major supplier to Apple, which accounts for over 50% of revenue. Of Luxshare’s 2025 sales, 80% is derived from the consumer electronics end market, while the remaining 20% is spread across the computer, communication, and automobile verticals. In nonconsumer businesses, Luxshare supplies cooling systems, optical interconnects, cables, power supplies, and other electric hardware. Luxshare employs almost 420,000 people. It has 105 manufacturing bases in 29 countries, with the largest clusters in China and Vietnam. | $8 | -5% | $59B | $72B | ||||
| Despite intense competition, Meituan remains the largest food delivery platform in China as of April 2026, according to our estimates. In 2025, the firm generated 72% of its revenue from the core local commerce segment, which includes on-demand food delivery and retail, in-store services (such as visiting beauty and entertainment stores after purchasing deals on Meituan), and hotel and travel booking. The remaining revenue came from the new initiatives segment, such as the community group purchase business Meituan Select and the overseas food delivery business. | $10 | -27% | $59B | $49B | ||||
| NAURA Technology Group Co Ltd engages in the research, development, manufacture, sale, and service of electronic equipment and components in the People's Republic of China. The company offers semiconductor equipment, including etching equipment, PVD and CVD equipment, oxidation/diffusion equipment, cleaning equipment, novel display equipment, gas mass flow controllers, etc., and vacuum heat treatment equipment and technical solutions for the semiconductors, photovoltaic equipment, vacuum electronic devices, magnetic materials, aerospace, and smart power grid sectors. | $81 | +34% | $59B | $59B | ||||
| CITIC Securities Co Ltd is a brokerage and investment group that provides brokerage, underwriting and sponsoring, proprietary trading, investment banking, asset management, investment advisory, Margin financing and securities lending, Stock option market-making, and other services. The company has five reportable segments, namely Investment Banking, Brokerage, Trading, Asset Management, and Others. It derives maximum revenue from the Trading segment. | $4 | -2% | $56B | $56B | ||||
| Shanghai Pudong Development Bank Co Ltd provides various banking services such as corporate banking, personal banking, and business services related to financial markets. The bank has its branches and business offices in China and other countries. | $2 | -6% | $51B | $51B | ||||
| PICC P&C is headquartered in Beijing. The company is the largest nonlife insurer in China, commanding nearly 33% market share in the country. It was founded by the People's Bank of China in 1949. The company is a flagship subsidiary of the PICC Group, a state-owned insurance group, which owns 69% of PICC P&C. The company offers a wide range of nonlife insurance products, including auto, commercial property, liability, credit and surety bond, accidents and health, energy and aerospace, and agricultural insurance. | $2 | -1% | $50B | $50B | ||||
| Jiangsu Hengrui Pharmaceuticals Co Ltd is a biopharmaceutical company that engages in the research, development, manufacture, and sale of drugs. It is engaged in the field of cancer treatment drugs, surgical medicines, endocrine therapy drugs, cardiovascular drugs, and anti-infection medications. The company specializes in the research and development of new medicines in areas of antineoplastics, endocrine system, cardiovascular, and the immune system. Geographically, the company is segmented as Chinese mainland and Other countries generating majority revenue from the Chinese region. | $7 | -17% | $48B | $42B | ||||
| Hangzhou Hikvision Digital Technology is the world’s largest manufacturer of video surveillance equipment. Since then, the company has been growing its software and analytics offerings, as customers are increasingly seeking customized total solutions. Hikvision is also developing its Innovative businesses, which accounted for 21% of overall 2023 revenue. The smart-home business is powered by the EZVIZ consumer brand. Innovative business includes the development of industrial robotics, automotive electronics, X-ray sensors, infrared sensors, memory products and medical systems. Hikvision employs more than 58,000 people. | $5 | +23% | $48B | $45B | ||||
| CITIC Ltd is a Hong Kong-based conglomerate. The company has comprehensively deepened reforms, promoted high-quality development and continuously enhanced its value creation capability and shareholder returns. Along with its subsidiaries, it operates in the following reportable segments: Comprehensive Financial Services, Advanced Intelligent Manufacturing, Advanced Materials, New Consumption, and New-type urbanisation. Maximum revenue is generated from the Advanced Materials segment, which includes exploration, processing, and trading of resources and energy products, including iron ore, copper, and crude oil, and the manufacturing of special steels. Geographically, the group generates maximum revenue from the Chinese mainland, followed by Hong Kong, Macau and Taiwan, and Overseas markets. | $2 | +5% | $48B | $348B | ||||
| Yushu Technology Co Ltd is engaged in the research, development, production and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components and embodied intelligent models. | $114 | -- | $46B | $45B | ||||
| East Money Information Co Ltd is engaged in securities business, financial e-commerce service business, financial data service business, and Internet advertising service business. It mainly provides paid financial data services, financial e-commerce services, and Internet advertisement services through its Website, eastmoney.com. It generates majority of ots revenue from the securities business. | $3 | -15% | $45B | $15B | ||||
| PICC Group, headquartered in Beijing, is the largest state-owned insurance group in China. It holds a 69% stake in PICC Property and Casualty, an 80% stake in PICC Life, and a 69% stake in PICC Health Insurance. The P&C subsidiary is the largest nonlife insurer in the country, with approximately one-third of market share. The life insurance and health insurance subsidiaries hold about 2.9% and 1.3% of market share, respectively. The Ministry of Finance is the largest shareholder with a 61% stake, while China's Social Security Fund is the second-largest shareholder, holding nearly 13%. | $1 | -46% | $44B | $44B | ||||
| Wuliangye Yibin is China's second-largest baijiu producer by revenue, with sales of CNY 89 billion in 2024 compared with CNY 171 billion for Moutai. Founded in the 1950s, Wuliangye is located in Yibin, Sichuan province, in southwest China. Its core product, 52-degree Wuliangye, is widely known as the best rice-flavored baijiu in the market. The high-quality products, extensive history and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins. | $11 | -33% | $43B | $27B | ||||
| CMOC Group Ltd is engaged in the mining and processing smelting, deep processing, trade, research and development of molybdenum, tungsten, copper, gold, and other precious and base metals. The company has both upstream and downstream operations including molybdenum mining, processing, roasting, molybdenum chemical products, and molybdenum metal processing. The company has operating segments, namely Molybdenum Tungsten related products, Niobium and Phosphorus related products, Copper and Cobalt related products, metal trading and others. It derives a majority of its revenue from China. | $2 | -31% | $42B | $42B | ||||
| Established in 1988, China Pacific Insurance is China's third-largest life insurer and third-largest general property and casualty insurer, with headquarters in Beijing. The company strives to create an integrated financial services platform that encompasses insurance, banking, and asset management. CPIC's major shareholders are state-owned companies related to the Shanghai government. | $5 | -4% | $42B | $42B | ||||
| Guotai Haitong Securities Co Ltd Formerly Guotai Junan Securities Co Ltd is engaged in providing brokerage services, corporate finance, asset management services, and loans and financing services. Its segments include wealth management, investment banking, institutional and trading, investment management, international business, and other segments. The company derives the majority of its revenue from the institutional and trading segment, which consists of research, institutional brokerage, trading and investment, and equity investment. | $2 | +22% | $40B | $40B | ||||
| JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2025. It offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace, and omnichannel businesses. | $14 | -4% | $39B | $31B | ||||
| Beijing-Shanghai High Speed Railway Co Ltd is a provider of rail passenger transportation. The company is engaged in the investment, construction, and operation of the Beijing-Shanghai High-Speed Railway and its stations. | $1 | +10% | $39B | $47B | ||||
| China CSSC Holdings Ltd is a China-based company engaged in the business activities of shipbuilding and ship repair. Its main products are a Capesize bulk carrier, Floating production storage and offloading, Aframax tanker, and others. In addition, the company is also involved in the business activities of the power business, marine engineering, and electromechanical equipment. | $5 | +6% | $39B | $21B | ||||
| Eoptolink Technology Inc Ltd is engaged in the research & development, production, and sales of optical modules. The company's main products include point-to-point optical modules; and passive optical network optical modules. | $28 | -21% | $38B | $37B | ||||
| Shaanxi Coal Industry Co Ltd is a China-based company, principally engaged in the mining, dressing by washing, transportation, and sales of coal. The company's coal products are mainly applied in power, chemical engineering, and metallurgy, among others. The company distributes its products mainly within domestic markets. | $4 | +23% | $38B | $41B | ||||
| Muyuan Foods Group Co Ltd is engaged in pig farming and pig sales. Its business activities include livestock breeding, the production and trading of breeding livestock and poultry, the trading of live livestock and poultry for Hong Kong and Macao, feed production, livestock slaughtering, food production and sales, and animal treatment services. | $7 | -9% | $38B | $46B | ||||
| Bank Of Jiangsu is a Chinese financial institution based in Jiangsu province. It provides banking or credit services to corporate and individual clients in its regional market. Its disclosed activities include corporate lending, and it supplied loans to the Rundong automobile dealership group over a continuing business relationship. The institution earns income through the provision of financial services and financing to its customers. Rundong reacquired a minority equity interest in the institution in December 2013 after previously holding the shares as nominee for another beneficial owner. The acquired holding comprised 10 million shares and represented approximately 0.11 percent of its issued equity. The transaction reflected an existing banking relationship rather than an acquisition of control over the financial institution. Rundong described it as a business partner in Jiangsu and stated that it did not plan a broader financial-institution investment programme. | $2 | +27% | $35B | $35B | ||||
| Advanced Micro-fabrication Equipment Inc is engaged in the development, production, and sales of equipment such as plasma etching equipment, deep silicon etching equipment, and metal organic chemical vapor deposition (MOCVD) equipment for microelectronic devices such as integrated circuits and LED chips. | $37 | +45% | $35B | $34B | ||||
| Ping An Bank has its headquarters in Shenzhen, China. The bank is a leading countrywide joint-stock commercial bank. Its parent, Ping An insurance Group, the second-largest insurance company in China, owns about a 58% stake in Ping An Bank. The bank was formerly known as Shenzhen Development Bank and was merged with Ping An Bank in mid-2012. The bank offers a full range of commercial banking services, operating 109 branches and 1,180 outlets in China. | $2 | +8% | $35B | $35B | ||||
| Bank of Ningbo is the fifth largest city commercial bank in China by total assets. Established in 1997 and listed on the Shenzhen Exchange in 2007, the bank has a headquartered in Ningbo, a vice provincial city in Zhejiang province. It has a differentiated positioning in SME and nonmortgage retail loan business. The bank has established 16 branches in Zhejiang Province, Jiangsu Province, Shanghai, Beijing, and Guangdong Province. These regions contributed about 64%, 22%, 4.5%, 3.6%, and 4.6%, respectively, to total loans in 2024. It has a diversified shareholding structure, with SASAC of Ningbo Municipal Government, Singapore’s OCBC Bank, and Youngor Group holding 19%, 17.8%, and 10% of the shares, respectively, as of end-2024. | $5 | +28% | $34B | $34B | ||||
| Wanhua Chemical Group Co Ltd is engaged in the development, production, and sales of polyurethane and additives, isocyanate and derivative products; the sales of liquefied petroleum gas, propylene, acrylic acid, and other petrochemical products. | $11 | +13% | $34B | $49B | ||||
| Gree Electric Appliances is one of the largest heating, ventilating, and air conditioning, or HVAC, product manufacturers in China, with key products such as residential and commercial air conditioners. Gree generates over 80% of sales domestically and is backed by China’s Zhuhai local government. Air conditioners remain the biggest contributor to Gree’s earnings, with an over 70% representation over the years. The company has also made forays into industrial component parts, photovoltaic equipment, new energy vehicles, and battery production. As of March 2025, Chairwoman Dong Mingzhu and privately owned investment entity Zhuhai Mingjun collectively held 18% of its total equity interest, while state-owned Zhuhai Gree Group owned about 3.5%. | $6 | +3% | $33B | $23B | ||||
| Shenzhen Mindray Bio-Medical Electronics Co Ltd is a developer, manufacturer, and supplier of medical devices. The company is focused on the medical industry in the fields of Patient Monitoring & Life Support, InVitro Diagnostics, and Medical Imaging. | $27 | -7% | $33B | $30B | ||||
| CGN Power is a major nuclear power producer in China. It operates 28 nuclear power generating units (total installed capacity of 31.8 gigawatts), with 14 units in Guangdong and the rest in Guangxi, Fujian, and Liaoning provinces as of end-2025. State-owned China General Nuclear Power, controls about 58.9% of CGN Power. | $0 | -18% | $32B | $89B | ||||
| MetaX Integrated Circuits (Shanghai) Co Ltd is engaged in the research, design, and sale of high-performance GPU chips and computing platforms. Its business activities include technical services, technology development, consulting, and technology transfer in the areas of integrated circuit, electronic, communication, computer software and hardware, and network technologies. The company also provides integrated circuit design, software development, and sells electronic products. | $76 | -- | $31B | $29B | ||||
| Foshan Haitian Flavouring and Food Company was founded in 1955 through the consolidation of 25 condiment producers in Foshan, Guangdong province of China. The company mainly manufactures soy sauces, oyster sauces, dipping sauces, and seasoning sauces. It is the leading condiment manufacturer with number-one market share in soy sauces and oyster sauces in China. | $5 | +2% | $31B | $26B | ||||
| Huaneng Lancang River Hydropower Inc is engaged in the development and operation of the Lancang River and the surrounding areas of hydropower resources. The company is also engaged in the exploration of solar photovoltaic, wind power, shale gas, and other new energy construction. | $2 | +22% | $31B | $51B | ||||
| Lenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 23% of overall sales in fiscal 2025, from 6% in 2015. | $2 | +96% | $30B | $32B | ||||
| Z.ai is an advanced artificial intelligence platform known for its GLM model series, multimodal creation tools, and cost-efficient agentic coding environments like ZCode. It provides high-performance reasoning, real-time web search capabilities, and versatile utilities for building full-stack applications and data dashboards. | $61 | -- | $30B | $30B | ||||
| China National Nuclear Power Co Ltd is engaged in the development, investment, construction, operation, and management of nuclear power projects in China. It also engages in technical research in the operation of nuclear power plants and the provision of related technical and consultancy services. | $1 | +19% | $30B | $117B | ||||
| China International Capital Corporation, known as CICC, is a Beijing-based investment banking and financial services group established in 1995. Its activities include investment banking, equity sales and trading, fixed income, currency and commodities services, investment management and wealth management. The company provides financial advice and capital markets services to businesses and institutions, while its wealth management operations also serve individual investors. Its investment banking activities support securities offerings, corporate transactions and access to domestic and international capital markets. Investment management services and research capabilities complement its securities and advisory businesses. CICC earns revenue through financial services, securities activities and the management of client investments rather than manufacturing or selling physical products. The company converted into a joint stock company in June 2015 and listed on the Hong Kong Stock Exchange in November of that year. | $2 | -53% | $30B | $30B | ||||
| Inner Mongolia Yili Industrial Group is the largest dairy products producer in China, with the majority of revenue (around 70%) coming from the liquid milk segment. The company also manufactures ice cream, milk powder, and cheese products. Some flagship lineups include Satine, Yili Pure Milk, Ambrosial, and Changqing. The company also expands its overseas presence through setting up R&D centers and acquiring foreign dairy brands such as Westland in New Zealand and Chomthana in Thailand. | $5 | +12% | $30B | $37B | ||||
| China Resources Land, or CR Land, is a leading real estate developer with nationwide coverage in China. Aside from the core development business, CR Land differentiates itself from peers with a significant investment property portfolio with luxury focused MixC malls, and it holds a 74% stake in listed property management company China Resources Mixc Lifestyle Services. CR Land is a subsidiary of China Resources Holdings, or CR Holdings, a sizable state-owned conglomerate with a diverse presence in the utilities, consumer goods, medical, and property sectors. CR Holdings holds about a 60% stake in CR Land. | $4 | +5% | $29B | $72B | ||||
| China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management. | $1 | -5% | $29B | $171B | ||||
| Hua Hong Semiconductor is the second-largest Chinese foundry and the seventh-largest globally. Its current form is a result of an intragroup restructuring completed in 2013. Hua Hong is headquartered in Shanghai with another plant in Wuxi, China, and has sales offices in Japan, Taiwan, and the US. It employs more than 7,700 employees as of June 30, 2026. Hua Hong’s products are used on smartphones, PCs, for the Internet of Things, data centers, and for automotive and industrial purposes, among others, but it focuses on more mature process technologies. | $9 | -1% | $29B | $31B | ||||
| Shanghai Enflame Technology Co Ltd is engaged in the research, design and sales of cloud-based AI chips and related products. | $67 | -- | $29B | $28B | ||||
| AVIC Chengdu Aircraft Co Ltd is engaged in the research and production of complete aviation weapons and equipment and their accessories and mainly focuses on the aviation industry. | $11 | -- | $29B | $26B | ||||
| Montage Technology Co Ltd provides chip-based solutions for cloud computing and artificial intelligence. The company operates two main product lines: interconnection chips and the Jindai Server Platform. Its interconnection chip portfolio covers memory interface chips, memory module support chips, PCIe retimers, and related products. The Jindai Server Platform includes the Jindai CPU and Hybrid Secure Memory Module. | $23 | +39% | $28B | $26B | ||||
| Haier Smart Home is one of the largest household appliance manufacturers globally, with key products spanning refrigerators, washing machines, kitchen appliances, air conditioners, and water solutions. It has been consistently among the top three in China by retail sales in most home appliance categories. The company has also established a footprint in distribution channel services and commercial refrigeration business. Haier generates around 50% of sales outside China. As of December 2025, Haier Group and its subsidiaries are the largest shareholders of Haier Smart Home with around 29% equity interest in aggregate. | $3 | -17% | $28B | $30B | ||||
| NARI Technology Co Ltd is engaged in providing power & automation technologies in China. It operates in areas of power system automation, smart grid, renewable energy, railway automation, industrial control, & energy conservation & environment protection. | $4 | +12% | $28B | $27B | ||||
| Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel, as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of the revenue comes from package tours and corporate travel. Before the pandemic in 2019, the firm generated 25% of revenue from international travel, which is important to its margin expansion.Most of its sales come from its domestic platform, but the company is expanding its overseas business. It competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003. | $45 | -35% | $28B | $21B | ||||
| Anta Sports is a leading Chinese sportswear company. The company designs, manufactures, and markets sportswear, footwear, and accessories, spanning from value-driven offerings to premium segments. Beyond their core Anta brand, the business operates a multibrand portfolio including Fila (China), Descente (China), and Kolon (China), and holds a major stake in Amer Sports, parent company to globally recognized brands like Salomon, Arc'teryx, and Wilson. This diverse portfolio allows Anta to cater to a broad spectrum of consumers, from professional athletes to athleisure enthusiasts. | $10 | -7% | $28B | $27B | ||||
| Most of Baidu's revenue comes from Baidu core, with the rest coming from video-streaming subsidiary iQiyi. The firm’s main businesses include online marketing services from its search engine, AI cloud infrastructure, AI applications, AI marketing, and autonomous driving. | $10 | -30% | $28B | $23B | ||||
| Shandong Hongqiao Aluminum Industry Holding Co Ltd is engaged in the research and development, production, and sale of aluminum products, including aluminum plates, strips, foils, alumina, electrolytic aluminum, and deep-processed aluminum materials. Its business activities include non-ferrous metal rolling and processing, non-ferrous metal alloy manufacturing, and the development and sale of new metal functional materials. | $2 | -26% | $28B | $28B | ||||
| Hansoh Pharmaceutical Group Co Ltd is a research and development-driven pharmaceutical company in China. The company holds a broad, diversified drug portfolio in CNS diseases, oncology, anti-infectives, and diabetes. Further, it also focuses on metabolic diseases and anti-tumor. The majority of revenue is generated from the sale of pharmaceutical products in Mainland China. | $4 | -14% | $27B | $22B | ||||
| China Everbright Bank is a publicly listed commercial bank headquartered in Beijing, China. It was founded in 1992 and operates a nationwide banking network as a member of China Everbright Group. The organization serves retail customers, companies and institutions with banking and wealth products. Its principal activities include net interest income, service fees, commissions and investment income. Revenue is generated mainly through deposits, corporate and consumer loans, payments, cards, treasury services, custody and wealth management. Its ownership and regulatory position make it a significant participant in its market, while its operating results remain tied to the performance and risk profile of the financial services it provides. China Everbright Bank serves B2B and B2C customers through activities spanning Commercial Banking and Wealth Management. | $0 | -6% | $27B | $27B | ||||
| CRRC Corp Ltd is engaged in research and development, design, manufacturing, refurbishment, sales, leasing and technical services of railway locomotives, MUs, urban rail transit vehicles, engineering machinery, various electromechanical equipment, electronic equipment and components, as well as electronic devices and environmental protection equipment; information consultation; industry investment and management; asset management; import and export business. Its business operations are spread across Mainland China which derives the highest revenue, and a few other countries. | $1 | -6% | $26B | $28B | ||||
| WuXi Biologics is one of the largest biologics contract development and manufacturing organizations in the world. Incorporated in 2014 following the reorganization of WuXi PharmaTech, WuXi engages in full-lifecycle services beginning from drug discovery, clinical trials, and commercial manufacturing. It focuses on developing, refining, and manufacturing processes to increase scalability and efficiency for pharmaceutical companies looking to outsource and access specialized knowledge. As of 2024, WuXi derives more than 60% of its revenue from US companies and focuses its operations on high-growth, late-stage, and commercial projects in the biologics sector. WuXi competes with Samsung Biologics, Lonza, and Fujifilm for contracts. | $6 | +58% | $26B | $25B | ||||
| GigaDevice Semiconductor Inc is engaged in the domestic storage and Internet of Things (IoT) chip industry. Its product portfolio comprises of flash memories and microcontrollers. Some of its products are SPI NOR flash, SPI NAND flash, and ARM Cortex-M3, among others. The products are for use in embedded, consumer, and mobile communications applications. | $37 | +28% | $26B | $23B | ||||
| Shengyi Technology Co Ltd is engaged in the design, production, and sales of copper-clad laminates, bonding sheets, and printed circuit boards. | $11 | +31% | $26B | $26B | ||||
| SF Holding was the largest logistics integrated service provider in China and Asia, and the fourth largest globally in 2025 by revenue, according to Frost & Sullivan. It is the only large integrated logistics service provider in Asia that has direct control of its operations with minimal reliance on network partners. It is also independent of any e-commerce platforms. The company is equipped with full-product service capabilities in time-definite express delivery, economic express delivery, freight, cold chain and pharmaceutical, intracity on-demand delivery, international express delivery, international freight and forwarding, and supply chain. | $5 | -6% | $25B | $29B | ||||
| Sany Heavy Industry Co Ltd is a construction machinery manufacturer in China. Its products range from concrete and crane machinery to excavators, road construction, piling machinery, and others. The company operates its businesses through seven segments: Concrete Machinery, Excavator Machinery, Hoisting Machinery, Piling Machinery, Road Machinery, Financial Services, and Others. It generates the majority of its revenue from the Excavator Machinery segment, which engages in research, development, manufacture, and sale of excavator machinery products. | $3 | -2% | $25B | $21B | ||||
| Weichai Power is a Chinese industrial group with businesses spanning powertrains, commercial vehicles, agricultural equipment and intelligent logistics. Established in 2002, the company originated from the Weifang diesel engine business. Its powertrain operations supply engines and related components, including transmissions and axles, for vehicles and industrial applications. Other group businesses manufacture commercial vehicles and agricultural machinery. Through holdings including KION and Dematic, the group also participates in forklift trucks, warehouse automation and supply chain technology. Customers include vehicle and equipment manufacturers, industrial operators and logistics businesses in China and international markets. Revenue comes from manufactured products and associated aftermarket services. The group's activities therefore extend beyond automobile manufacturing to a wider range of industrial equipment and components sold under several established brands. | $3 | +19% | $25B | $24B | ||||
| BOE Technology Group Co Ltd is an investment holding company. Along with its subsidiaries, the company operates in the following business segments: Display business, Internet of Things (IoT) innovation business, Sensor business, MLED business, Smart medicine and engineering business, and Others. A majority of its revenue is generated from the Display business segment, which integrates design and manufacturing of display devices and offers TFT-LCD, AMOLED, Microdisplay, and other intelligent interface devices. This business focuses on providing high-quality smartphones, tablet PCs, laptops, monitors, TVs, vehicles, VR/AR, and other display devices for customers. Geographically, the group generates maximum revenue from Mainland China, followed by other regions. | $1 | +24% | $25B | $46B | ||||
| China-based Sungrow manufactures and sells power supply equipment for the new energy industry. It offers a wide range of products, including solar inverters, energy storage systems, wind power converters, electric vehicle drives, among others. It is one of the largest suppliers of solar inverters and energy storage systems globally. It is also one of the largest new energy project developers in the world. Solar inverters, energy storage systems, and new energy investment and development segment each accounted for 37%, 32%, and 27% of revenue in 2024, respectively. | $12 | -54% | $25B | $22B | ||||
| Huadian New Energy Group Corp Ltd is engaged in Development, investment and operation of new energy projects, mainly wind power generation and solar power generation. | $1 | -33% | $25B | $81B | ||||
| Pop Mart was founded in 2010 by entrepreneur Wang Ning and his partners to design, create, and sell pop-culture figure toys based on intellectual properties, or IPs. The company develops toy products by acquiring and self-incubating IPs, as well as collaborating with IP owners thorough exclusive and nonexclusive licensing agreements. Its products have gained widespread popularity in China and have rapidly expanded into overseas markets, such as Southeast Asia and North America, in recent years. To diversify its revenue streams, Pop Mart has also tapped into accessories, building blocks, and theme park operations. | $19 | -35% | $25B | $23B | ||||
| Median | $5 | -2% | $43B | $48B | 2.6x | 10.4x |
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