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China's Private Firms Reclaim 40% of Top Listings

1/22/2026

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Summary

Story summary

In the second half of 2025, private sector firms accounted for 40% of China's top-100 listed firms, with Tencent Holdings Ltd and Alibaba Group among contributors, per the Peterson Institute for International Economics.
This marks a 2.4-point rise from earlier in 2025.
The rebound followed a mid-2024 low of 33.5%, showing the 2021–2024 decline was not permanent.
Chinese leaders have praised private firms as key players in the evolving economy.

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Story summary

In the second half of 2025, private sector firms accounted for 40% of China's top-100 listed firms, with Tencent Holdings Ltd and Alibaba Group among contributors, per the Peterson Institute for International Economics.
This marks a 2.4-point rise from earlier in 2025.
The rebound followed a mid-2024 low of 33.5%, showing the 2021–2024 decline was not permanent.
Chinese leaders have praised private firms as key players in the evolving economy.