Changxin Technology Opens at 3.3 Trillion RMB on STAR Market, Becomes New A-Share Market Cap Leader
Changxin Technology listed on the STAR Market on July 27, 2026, with an opening market capitalization of 3.3 trillion RMB, making it the new A-share market cap champion, surpassing ICBC. The milestone reflects the shifting economic focus over 35 years, as the top spot has rotated among industrial, financial, and technology companies.
On July 27, 2026, Changxin Technology listed on the STAR Market with an opening market capitalization of 3.3 trillion RMB, becoming the new A-share market cap champion. Over the 35-year history of A-shares, the changing market cap leader has reflected the shifting economic focus of different periods.
In 1991, the A-share market cap champion was China Baoan, with a market cap of 2.7 billion RMB. In 1992, Chlor-Alkali Chemical, Huayi Group and Jinbei Auto ranked in the top three. In 1993, Sinopec Shanghai Petrochemical jumped to first place with 20.4 billion RMB. In 1994, Lujiazui took the top spot with 12.4 billion RMB. From 1995 to 1996, Sinopec Shanghai Petrochemical held the top spot consecutively. From 1997 to 1998, Sichuan Changhong was the market cap champion for two consecutive years, with a market cap of 59.3 billion RMB in 1997.
In 1999, Shanghai Pudong Development Bank took first place. In 2000, Baoshan Iron & Steel became the champion. From 2001 to 2005, Sinopec held the top market cap position for five consecutive years, with a market cap of 656.8 billion RMB in 2003. In 2004, Huaneng International with 136.6 billion RMB and Baoshan Iron & Steel with 75.1 billion RMB ranked second and third respectively.
In 2006, ICBC became the champion in its first year of listing with a market cap of 1.95 trillion RMB. In 2007, PetroChina took first place with a market cap of 5.28 trillion RMB. From 2007 to 2014, PetroChina dominated the top spot for eight consecutive years, with ICBC and China Construction Bank often ranking second and third.
From 2015 to 2019, ICBC held the top spot for five consecutive years, with its market cap fluctuating between 1.5 trillion RMB and 2.1 trillion RMB. From 2020 to 2023, Kweichow Moutai was the market cap champion for four consecutive years, with a market cap of 2.57 trillion RMB in 2021. In 2023, China Mobile ranked third with 1.29 trillion RMB.
From 2024 to 2025, ICBC regained the top market cap position. In 2024, Kweichow Moutai was second, and Agricultural Bank of China was third with 1.83 trillion RMB. In 2025, the top three were all state-owned large banks, with Agricultural Bank of China at 2.61 trillion RMB in second place and China Construction Bank in third.
As of July 24, 2026, the total market cap of A-shares exceeded 120 trillion RMB. Among the top 20 by market cap, ICBC led with 2.76 trillion RMB, followed by China Construction Bank and China Mobile. CATL ranked seventh with 1.77 trillion RMB, Kweichow Moutai eighth with 1.62 trillion RMB, SMIC entered the top ten with 1.23 trillion RMB, Foxconn Industrial Internet was eleventh with 1.20 trillion RMB, Zhongji Innolight twelfth with 1.17 trillion RMB, Cambricon with 769.6 billion RMB and Hygon Information with 730.4 billion RMB entered the top twenty, and BYD ranked eighteenth with 837.7 billion RMB. After its listing, Changxin Technology replaced ICBC as the new market cap champion with 3.3 trillion RMB.