China’s sustained stock market rally in recent months, which has raised some analysts’ fears that a dangerous investment bubble is building, has been good news for the capitalisation values of its leading companies. A slew of impressive third-quarter earnings announcements has pushed share values even higher.
The result is that China now has five of the world’s top ten companies
in terms of market capitalisation. Energy giant PetroChina ranks second
on the list (valued at USD453.2 bn) trailing only the world’s largest
company, Exxon Mobil (USD511.4 bn). China Mobile places fourth
(USD413.7 bn), ICBC is fifth (USD333.3 bn), Sinopec is ninth (USD275.6
bn) and China life Insurance has leapfrogged AT&T into tenth place
(USD256.8 bn). The other companies on the top ten list are GE,
Microsoft, Gazprom and Royal Dutch Shell.
Interestingly, only two mainland Chinese companies are among the
world’s top 50 in terms of sales revenues, suggesting that investment
returns are pivotal to their company valuations.
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