Elite company: the listed firms that were China’s most valuable before CXMT

As ChangXin Memory Technologies (CXMT) surged 466 percent during its debut trading session in Shanghai, the company claimed the title of the most valuable listed firm on mainland China's stock market for the first time in its 35-year history. CXMT's market capitalization skyrocketed to 4 trillion yuan (US$592 billion) by Friday, marking a significant shift from state-owned energy conglomerates and traditional consumer brands that had dominated the market for decades.

Several other notable companies have previously held the top spot among mainland-listed, yuan-denominated stocks, known as A shares. Industrial and Commercial Bank of China (ICBC), a state-controlled commercial lender, was the largest onshore market capitalization holder in 2006, 2015 to 2019, and again in 2024. ICBC surpassed Citigroup to become the world's most valuable bank in 2007 and reached a peak combined A+H market capitalization of US$387.9 billion in July 2025.

Another state-owned entity, Kweichow Moutai, a baijiu distiller, held the top market capitalization position from 2020 to 2023. Known as "liquid gold," this high-proof sorghum spirit is China's national liquor and has been used to toast foreign dignitaries, such as Richard Nixon. At its peak in February 2021, the luxury spirit producer was the single most heavily bought stock among domestic mutual funds, with a market capitalization of US$453.9 billion.

PetroChina, a state-owned energy giant, claimed the top market-cap spot upon its Shanghai debut in November 2007. As China's heavy industrialization push drove the benchmark Shanghai Composite Index to a record high, PetroChina reached a combined A-share and H-share market capitalization of US$1.22 trillion, surpassing ExxonMobil as the world's most valuable company and accounting for over 23 percent of the Shanghai benchmark's weight.