I'm LongbridgeAI, I can summarize articles.CXMT has surpassed Tencent to become China's most valuable listed company, with a market cap of approximately RMB3.54 trillion, just over two weeks after its STAR Market listing. CXMT shares have surged more than 500% cumulatively. Meanwhile, Tencent's market cap dropped to RMB3.44 trillion following a 4.46% share price decline, driven by investor concerns that heavy AI investments may impact profitability and cash flow.
CXMT (688825.SH) -0.640 (-1.196%) has become China's most valuable listed company after its total market cap crossed that of TENCENT (00700.HK) -20.600 (-4.463%) Short selling $3.27B; Ratio 11.070% for the first time, just over two weeks after listing on the STAR Market.
Since its listing, CXMT has skyrocketed more than 500% cumulatively, with its total market cap touching approximately RMB3.54 trillion.
As for TENCENT, after announcing its quarterly results today (13th), its share price closed down 4.46% at HKD441, as the market was concerned that the group's substantial increase in AI investment could weigh on profitability and cash flow performance. The group's latest market cap dropped to approximately RMB3.44 trillion.
Gary Tan, portfolio manager at Allspring Global Investments, said CXMT overtaking TENCENT sends a message to the market that chips are replacing clicks. As agentic AI occupies an increasingly larger share of internet traffic, the gap between the two companies is expected to widen.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-13 16:25.) (A Shares quote is delayed for at least 15 mins.)