Most of China’s Top 20 Stocks are Down Over the Past Year 🇨🇳
What we’re showing
China’s 20 largest publicly traded companies, based on market cap. This chart also visualizes each company’s 1-year price change. All figures are as of March 7, 2024.
Note: Wherever applicable, % change is based on H-Shares performance. H-Shares are shares of Chinese companies listed on the Hong Kong Stock Exchange. A-Shares, on the other hand, trade on the Shanghai or Shenzhen exchanges.
Tencent holds the #1 spot, despite 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, and has been in downward trend ever since (there was a brief rally at the tail end of 2022).
This underperformance reflects a broader trend across the Chinese equity market, with the Hang Seng Index down 19%, and the SSE Composite Index down 8% (also over the 1-year period ending March 7, 2024).
Energy stocks on the rise
Two stocks that have greatly outperformed over this period are PetroChina (one of Asia’s largest oil & 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.