Mainland China markets follow US in embracing tech stock dominance

AI boom sees long-time bellwether Kweichow Moutai cede top spot in CSI 300 Index weightings to Zhongjin Innolight Mainland China’s stock markets are converging with those in the US when it comes to the concentration of technology companies, with the sector becoming the biggest constituent of key equity benchmarks. The weightings of CSI 300 companies are based on the valuations of free-float stocks, rather than the total number of shares. AI trades have dominated global equity markets over the past month after strong results from hyperscalers – massive cloud service providers – heightened expectations about data centre buildouts and the de-escalation of tensions in the Middle East boosted risk appetite.

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