Top 10 Largest Companies in China 2024

Understanding the largest companies in China and their role in global indices trading is essential for investors, economists, and business leaders. China’s economic landscape is dominated by influential corporations across a range of industries, from technology giants like Tencent and Alibaba to financial powerhouses such as ICBC and China Construction Bank. These companies not only drive China’s economic growth but also play significant roles in global markets, influencing everything from stock indices to international trade. By knowing the key players in China’s corporate world and understanding their impact on stock market indices, individuals and institutions can make more informed decisions in trading, investment strategies, and economic forecasting.

According to CompaniesMarketCap.com, as of 7/10/2024

1. Tencent Holdings Limited (SEHK: 0700)

Notable Products/Services: WeChat, QQ, Tencent Games, Tencent Music, Tencent Cloud, WeChat Pay, online advertising, and fintech services.

Tencent Holdings Limited is a Chinese multinational conglomerate specialising in various internet-related services and products, entertainment, artificial intelligence, and technology both in China and globally. Tencent offers a diverse range of services including social networking platforms like WeChat and QQ, which are integral to daily communication for millions. The company is also a dominant player in the gaming industry through Tencent Games, and it provides a variety of digital content services, cloud computing, and fintech solutions.

Founded in 1998 by Pony Ma and his partners, Tencent initially gained prominence with its instant messaging service QQ. The launch of WeChat in 2011 further solidified Tencent’s influence in the social media landscape. Over the years, Tencent has expanded through strategic investments and acquisitions, including stakes in companies like Epic Games and Spotify. The company’s ecosystem continues to grow, impacting various aspects of digital life and establishing Tencent as a key player in the global tech industry.

2. Kweichow Moutai Co., Ltd. (SHA: 600519)

Notable Products/Services: Moutai baijiu (Chinese liquor) and other premium alcoholic beverages.

Kweichow Moutai is a Chinese state-owned enterprise renowned for producing Moutai, a premium brand of baijiu, which is a traditional Chinese distilled spirit. Considered China’s national liquor, Moutai holds significant cultural importance and is often served at state banquets and gifted as a symbol of respect and prestige. The company’s products are highly sought after for their unique flavour and quality, both domestically and internationally.

With origins dating back to the Qing Dynasty, Kweichow Moutai’s production techniques have been preserved and passed down through generations. The company was officially established in 1999 and has since become one of the most valuable liquor companies globally. Its meticulous production process involves a complex fermentation and aging method, contributing to the exclusivity and high demand for its products. Kweichow Moutai continues to uphold traditional methods while exploring new markets, solidifying its status in the global spirits industry.

3. Industrial and Commercial Bank of China Limited (ICBC) (SEHK: 1398, SSE: 601398)

Notable Products/Services: Corporate banking, Personal banking, Treasury operations, Asset management, and Financial services.

Industrial and Commercial Bank of China (ICBC) is one of the largest banks in the world by total assets, offering a wide range of financial products and services to corporate, government, and individual customers. ICBC provides services including corporate banking, personal banking, and treasury operations, with a strong presence both domestically in China and internationally through branches and subsidiaries.

Established in 1984, ICBC was formed with the approval of the State Council and the People’s Bank of China. The bank has grown exponentially, becoming a cornerstone of China’s financial system. ICBC was listed simultaneously on the Shanghai Stock Exchange and the Hong Kong Stock Exchange in 2006, marking one of the world’s largest initial public offerings at the time. The bank’s extensive network and comprehensive services have solidified its position as a leading global financial institution.

4. Alibaba Group Holding Limited (NYSE: BABA, SEHK: 9988)

Notable Products/Services: E-commerce platforms (Taobao, Tmall), Alibaba Cloud, Alipay (through Ant Group), Digital media and entertainment, and Logistics services (Cainiao).

Alibaba Group is a Chinese multinational conglomerate specialising in e-commerce, retail, Internet, and technology. The company operates various online marketplaces for both retail and wholesale trade, cloud computing services, digital media platforms, and logistics services. Alibaba’s ecosystem connects consumers, merchants, and service providers, facilitating commerce and digital services across China and globally.

Founded in 1999 by Jack Ma and a team of 17 others, Alibaba started as a B2B e-commerce platform. The company expanded rapidly, launching consumer-focused platforms like Taobao and Tmall. Alibaba’s 2014 initial public offering on the New York Stock Exchange was the world’s largest at the time, raising $25 billion. The company’s continuous innovation and expansion into new sectors, such as cloud computing and digital entertainment, have established it as a global leader in technology and commerce.

5. Agricultural Bank of China Limited (ABC) (SEHK: 1288, SSE: 601288)

Notable Products/Services: Corporate banking, Personal banking, Agro-related services, Wealth Management, and Financial market operations.

Agricultural Bank of China (ABC) is one of the “Big Four” banks in China, providing comprehensive financial services to agricultural, industrial, commercial, and personal sectors. The bank offers a range of products including corporate and personal banking, treasury operations, and wealth management services. With an extensive network covering urban and rural areas, ABC plays a crucial role in China’s economic development, particularly in supporting agricultural and rural economies.

Founded in 1951, ABC was established to serve China’s rural and agricultural communities. The bank underwent significant restructuring and modernisation over the decades, culminating in its simultaneous listing on the Shanghai and Hong Kong Stock Exchanges in 2010, which was one of the world’s largest initial public offerings at the time. ABC’s commitment to innovation and expanding financial inclusion has solidified its position as a leading banking institution in China.

6. PetroChina Company Limited (SEHK: 0857, SSE: 601857, NYSE: PTR)

Notable Products/Services: Exploration and production of crude oil and natural gas, Refining, marketing and distribution of petroleum products, and Petrochemicals.

PetroChina is China’s largest oil and gas producer and distributor, and one of the world’s major oil companies. The company engages in a broad range of activities including the exploration, development, production, and sale of crude oil and natural gas, as well as refining, marketing, and distribution of petroleum products. PetroChina plays a vital role in meeting China’s energy needs and contributes significantly to the global energy market.

Established in 1999 as part of the restructuring of China National Petroleum Corporation (CNPC), PetroChina was created to be the publicly listed arm of CNPC. The company was listed on the New York Stock Exchange, Hong Kong Stock Exchange, and Shanghai Stock Exchange. PetroChina has since expanded its operations domestically and internationally, investing in energy projects worldwide. The company’s focus on technological advancement and sustainable development aims to address energy demands while considering environmental impacts.

7. China Mobile Limited (SEHK: 0941)

Notable Products/Services: Mobile voice and data services, Fixed-line broadband services, IoT solutions, and Digital content services.

China Mobile is the world’s largest mobile telecommunications company by total subscribers, providing mobile voice and multimedia services through its nationwide network in China. The company offers a variety of services including mobile voice and data, fixed-line broadband, and value-added services such as digital content and IoT solutions. China Mobile plays a significant role in advancing China’s telecommunications infrastructure.

Founded in 1997, China Mobile was spun off from the former monopoly China Telecom. The company has been pivotal in developing and deploying advanced telecommunications technologies, moving from 2G to 5G networks. China Mobile focuses on network expansion, technological innovation, and service diversification to maintain its market leadership. The company is also exploring international markets and partnerships to expand its global presence.

8. Pinduoduo (NASDAQ: PDD)

Notable Products/Services: E-commerce platform, Group buying deals, Agricultural products marketplace, and Pinduoduo app.

Pinduoduo is a Chinese e-commerce platform that offers a unique social shopping experience by combining online shopping with social media. The platform encourages users to participate in group buying deals, where friends and family can purchase products together at discounted prices. Pinduoduo focuses on offering value-for-money merchandise, including a wide range of products from daily necessities to fresh produce.

Founded in 2015 by Colin Huang, Pinduoduo rapidly grew to become one of China’s largest e-commerce platforms. The company’s innovative approach to social commerce leverages China’s high smartphone penetration and social media usage. Pinduoduo went public on the NASDAQ in 2018, raising significant capital to fuel its expansion. The platform’s emphasis on affordability and interactive shopping experiences has attracted hundreds of millions of users, challenging established e-commerce giants in China.

9. China Construction Bank Corporation (CCB) (SEHK: 0939, SSE: 601939)

Notable Products/Services: Corporate banking, Personal banking, Treasury operations, Wealth Management, and Credit cards.

China Construction Bank (CCB) is one of China’s “Big Four” banks, offering a wide range of financial services to corporate and individual customers. The bank provides products such as corporate loans, personal loans, deposits, wealth management services, and treasury operations. CCB has an extensive domestic network and a growing international presence through branches and subsidiaries abroad.

Established in 1954 as the People’s Construction Bank of China, the bank was initially focused on government-funded infrastructure projects. It was renamed China Construction Bank in 1996 and restructured as a joint-stock commercial bank in 2004. CCB was listed on the Hong Kong Stock Exchange in 2005 and the Shanghai Stock Exchange in 2007. The bank’s strategic emphasis on innovation, risk management, and international expansion has strengthened its position in the global financial market.

10. Bank of China Limited (BOC) (SEHK: 3988, SSE: 601988)

Notable Products/Services: Corporate banking, Personal banking, International trade settlements, Foreign exchange transactions, Investment banking

Bank of China (BOC) is one of the oldest and most internationalised banks in China, providing a wide range of financial services including corporate and personal banking, investment banking, and international trade services. BOC plays a significant role in China’s foreign exchange and international trade, offering services that facilitate cross-border transactions.

Founded in 1912, BOC has a long history of serving as China’s central bank and later as a specialised international trade bank. The bank was restructured in 2004 and listed on the Hong Kong and Shanghai Stock Exchanges in 2006. BOC has established a global network covering more than 60 countries and regions. Its focus on internationalisation and innovation supports China’s economic development and integration into the global economy.

Conclusion

The takeaway from this blog is that staying informed about China’s largest companies and their impact on global indices is crucial for investors and traders. Companies like Tencent, Alibaba, and ICBC play a significant role in both China’s economy and international markets, making them key indicators for future investment opportunities and global financial trends.

Learn more about the biggest companies in different countries and regions around the world by reading our other articles:

• Top 10 Largest US Companies by Market Capitalisation
• Top-10 largest non-US companies by market capitalisation
• 10 Biggest UK-based Companies
• Africa’s Top-10: Leading Companies by Market Capitalisation
• Top 10 Largest Latin American Companies
• Economic Powerhouses: Trillion-Dollar Companies Club

Also, we recommend you to find out with our Trader’s Guide to the 10 Major Global Economies by GDP.