Markets
Ranked: The 20 Top Chinese Stocks by Market Cap, and Performance YTD
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The Top 20 Chinese Stocks by Market Cap
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It has been widely reported that Chinese stocks have underperformed in recent years, with both the Hang Seng Index and the SSE Composite Index down from their 2021 highs.
Despite this broader trend, some Chinese companies have appreciated significantly in price over the past year.
To learn more, we’ve visualized the market capitalizations of the 20 top Chinese stocks. In addition, the color scale in this graphic represents each company’s one-year price change in percentage terms. All figures are as of March 7, 2024.
Company | Sector | Market Cap ($B) | 1-Yr Change (%) |
---|---|---|---|
Tencent | Technology | $328 | -22.5 |
Kweichow Moutai | Food & Beverage | $294 | -4.9 |
ICBC | Financial Services | $245 | -2.7 |
PetroChina | Energy | $221 | 37.1 |
Agricultural Bank of China | Financial Services | $203 | 15.2 |
China Mobile | Technology | $190 | 8.8 |
Alibaba | Technology | $181 | -16.6 |
Bank of China | Financial Services | $167 | 4.4 |
China Construction Bank | Financial Services | $159 | -3.8 |
Pinduoduo | Technology | $156 | 25.9 |
CNOOC | Energy | $110 | 42.9 |
CM Bank | Financial Services | $109 | -11.1 |
China Shenhua Energy | Energy | $106 | 27.8 |
Sinopec | Energy | $99 | -20.4 |
CATL | Energy | $98 | -27.5 |
Ping An Insurance | Financial Services | $98 | -34.9 |
China Life Insurance | Financial Services | $93 | -31.2 |
China Yangtze Power | Energy | $88 | 23.6 |
Wuliangye Yibin | Food & Beverage | $75 | -30.6 |
BYD | Conglomerate | $74 | -13.3 |
Tencent Holds the #1 Spot, Despite Ongoing Slump
China’s most valuable company, Tencent, is a technology conglomerate with operations in social media, gaming, music, and e-commerce. The firm’s share price peaked in early 2021, but has been in downward trend ever since (there was a brief rally during the tail end of 2022).
Another Chinese tech conglomerate, Alibaba, has fared even worse. Over a five-year period, its share price is down over 60%.
Energy Stocks on the Rise
Two stocks that have outperformed the index over this period are PetroChina (one of Asia’s largest oil and gas producers) and CNOOC (China National Offshore Oil Corporation).
In October 2023, PetroChina posted a record quarterly profit of $6.3B thanks to growing output and fuel sales.
See how China’s stock market stacks up against other countries in this ranking of global market capitalization.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
---|---|---|
EURO STOXX 50 | 14.9 | 2.2 |
STOXX Europe 600 | 14.4 | 2 |
U.S. | 25.9 | 4.7 |
Canada | 16.1 | 1.8 |
Japan | 15.4 | 1.6 |
Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
---|---|---|---|---|---|---|
EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
Canada | 1.00 | 0.22 | 0.40 | |||
Japan | 1.00 | 0.88 | ||||
Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
Index | Description | Market Cap |
---|---|---|
STOXX Europe 600 | Pan-regional, broad market | €10.5T |
STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
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