If China's stock market were a massive ship, 2025 would undoubtedly mark its year of smooth sailing and bountiful harvest. The December 2025 Statistical Monthly Report released by the China Association of Public Companies clearly charts this vessel's course: the total market capitalization of A-share listed companies reached a five-year high of 109 trillion yuan ($15.3 trillion), signaling not just numerical growth but profound structural transformation in China's capital markets.
A-Share Market Overview: Steady Growth and Structural Optimization
By the end of 2025, the A-share market comprised 5,477 listed companies , distributed across the Shanghai Stock Exchange (2,302), Shenzhen Stock Exchange (2,887), and Beijing Stock Exchange (288). The vast majority (5,229 companies) primarily issued A-shares. The year saw 116 new IPOs raising 134.14 billion yuan ($18.9 billion), injecting fresh vitality into the market. Notably, 78 companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange, demonstrating these platforms' strong appeal to innovative enterprises. Meanwhile, 31 companies delisted, with 26 coming from the Shanghai and Shenzhen main boards, indicating the market's improving survival-of-the-fittest mechanism.
Hard Tech Emerges as Market Leader
2025 witnessed remarkable growth in market share for hard technology sectors like optical modules and semiconductors. Companies such as Zhongji Innolight and Cambricon Technologies emerged as standouts, ranking among the top ten private enterprises by market capitalization with annual growth exceeding 100%. This performance underscores both the growth potential of hard tech firms and their increasing market recognition, marking China's accelerating shift toward innovation-driven capital markets that support high-quality economic development.
Market Capitalization Distribution: Healthier and More Dynamic
The A-share market displayed improved health and vitality in its capitalization structure during 2025. The year saw one additional company surpass trillion-yuan valuation, 44 new entrants to the 100-billion-yuan club, and 427 new companies crossing the 10-billion-yuan threshold - clear evidence of quality enterprises emerging. Concurrently, 379 companies with sub-2-billion-yuan valuations disappeared from the market, reflecting stronger elimination of underperformers. The year-end median market capitalization reached 6.51 billion yuan, up nearly 30% year-over-year, further validating overall market quality improvement.