After soaring 466 per cent in its Shanghai trading debut on Monday, ChangXin Memory Technologies (CXMT) became the most valuable company on mainland China’s stock market – the first semiconductor firm to hold the top spot in the market’s 35-year history. The state-backed maker of memory chips saw its market capitalisation surpass 4 trillion yuan (US$592 billion) on Friday amid a broader chip stock surge. It first ascended to the top of the list on Monday, ending its first trading day with a value of 3.28 trillion yuan after hitting 3.68 trillion yuan amid unprecedented turnover during the day. CXMT’s top ranking ends two decades of market-cap dominance by state-owned energy conglomerates, lenders and traditional consumer brands on China’s onshore stock market. Below are some of the defining corporate giants that have held the top spot among mainland-listed, yuan-denominated stocks, also known as A shares. Industrial and Commercial Bank of China The state-controlled commercial lender had the largest onshore market capitalisation in 2006, from 2015 to 2019, and again in 2024. As a pillar of China’s banking system, its landmark 2006 IPO featured simultaneous offerings of A shares and Hong Kong-listed H shares, ushering in an era of credit-supported infrastructure investment. In 2007, ICBC surpassed Citigroup to become the world’s most valuable bank. It hit its all-time combined A+H market capitalisation peak of US$387.9 billion in July 2025. Two of China’s other state-owned banks, Agricultural Bank of China and China Construction Bank, have also held the top spot in market capitalisation at various times. Kweichow Moutai The state-owned baijiu distiller, controlled by Guizhou State-owned Assets Supervision and Administration Commission, dethroned state industrial and financial titans to hold the top spot in market capitalisation from 2020 through 2023. Dubbed “liquid gold”, the high-proof sorghum spirit is China’s national liquor. Famously used to toast foreign dignitaries like Richard Nixon, it blends deep political heritage with elite social status. At its peak in February 2021, when its overall market capitalisation hit US$453.9 billion, the luxury spirit producer became the single most heavily bought stock among domestic mutual funds. PetroChina The state-owned energy giant claimed the top market-cap spot upon its Shanghai debut in November 2007, as China’s heavy industrialisation drive pushed the benchmark Shanghai Composite Index to a record high. At its intraday peak, the dual-listed oil major reached a combined A-share and H-share market capitalisation of US$1.22 trillion, surpassing ExxonMobil as the world’s most valuable company and accounting for more than 23 per cent of the Shanghai benchmark’s weight. Sinopec The state-owned refining giant went public in August 2001 and was one of the most influential blue chips in the early growth phase of the mainland stock market. Following its debut, the refiner became the first onshore enterprise to break 1 trillion yuan in peak total valuation, ending each year from 2001 to 2003 as the most valuable listed company on the A-share market.