(ECNS) -- Technology stocks now make up more than one-quarter of the total market capitalization of China's A-share market, surpassing the combined value of banking, non-bank financial and real estate sectors, officials said Monday at a State Council press conference.
At the press conference, Chairman of CSRC Wu Qing said that at the end of the 13th Five-Year Plan period, only 18 of the top 50 listed companies by market capitalization were technology firms, and that today, the number had grown to 24, nearly half of the total.
Rising tech enterprises are inseparable from sustained policy support.
China Securities Regulatory Commission (CSRC) has introduced measures to optimize Initial Public Offerings, as well as mergers and acquisitions.
This June, the STAR Market rolled out its "1+6" reform policies, introducing a new Growth Tier. Since then, three unprofitable sci-tech firms have registered under the revived fifth set of listing standards, while the Second-board Market has accepted its first case under the third set of standards.
Market vitality continues to be unleashed through reform.
In August, the total market capitalization of A-shares surpassed 100 trillion yuan for the first time, according to Wind statistics. AI chipmaker Cambricon's share price even exceeded that of Kweichow Moutai, making it the new temporary king of A-share stocks.
Wu said that listed companies distributed a total of 10.6 trillion yuan (about $1.49 trillion) in red packets through dividends and share buybacks, more than 80% higher than during the 13th Five-Year Plan period.
These figures show that during the 14th Five-Year Plan period, China's capital market has achieved not only steady quantitative growth but also qualitative improvement.
The shift in A-shares from finance and real estate to technology signals China's growing innovation capacity.
According to SCIO's press conference on Thursday, in 2024, total R&D investment nationwide exceeded 3.6 trillion yuan, up 48% from 2020, with China ranking first globally in the total number of R&D personnel. Its comprehensive innovation capacity ranking rose from 14th in 2020 to 10th in 2024.
As China shifts to innovation-driven growth and its capital market channels more resources into sci-tech, diverse high-quality enterprises are thriving, shaping a new economic ecosystem.
（By Gong Weiwei）
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