The combined market capitalization of the top 50 companies in the Asia-Pacific region surged to $8.3 trillion as of March 31, 2025, reflecting a 14-percent year-on-year increase, according to GlobalData, a leading data and analytics company.
Technology firms led the charge, with Taiwan Semiconductor Manufacturing Co. (TSMC) and Tencent Holdings dominating the rankings, while traditional sectors like automotive and energy faced valuation headwinds, it said.
The technology sector topped the list with 15 companies contributing a total market value of $3.1 trillion. Geographically, China led the rankings with 21 companies collectively valued at $3.9 trillion, followed by Japan with 13 companies at $1.5 trillion, and India with six companies accounting for $0.8 trillion.
“In the first quarter of 2025, APAC equities delivered mixed results, driven by contrasting macroeconomic conditions. China led gains amid policy support and tech resurgence, with Xiaomi (+246 percent), BYD (+98 percent), and Alibaba (+71 percent) outperforming. India sustained momentum on strong fundamentals, while Japan and South Korea lagged due to currency volatility and sector headwinds, with Toyota Motor (-31 percent) and Samsung Electronics (-34 percent) declining. Overall, the growth was concentrated in China and India, offset by softness in North Asia’s developed markets,” said Murthy Grandhi, company profiles analyst at GlobalData.
Taiwan Semiconductor Manufacturing Co. (TSMC) maintained its top position with a $746.3 billion market cap, despite a 12 percent quarter-on -quarter dip. The decline, though notable, reflects the sector’s frothy valuations and temporary demand normalization after a strong fourth quarter of 2024 driven by global AI and high-performance computing chip demand.
TSMC grew 18 percent year-on-year, supported by the structural global chip shortage and geopolitical demand shifts from China to Taiwan.
Meanwhile, Tencent Holdings saw an impressive 64-percent year-on-year and 22 percent quarter-on-quarter growth, reaching $602.9 billion.
The surge is attributed to the rapid monetization in its AI-powered cloud services and international gaming segments, coupled with easing of China’s regulatory crackdown on tech conglomerates — restoring investor confidence.
Xiaomi was the quarter’s dark horse, skyrocketing 246 percent year-on-year. The sharp rebound stems from the aggressive market share gains in Europe and Southeast Asia, capitalizing on Huawei’s persistent export restrictions. Moreover, its foray into electric vehicles and AIoT (AI + IoT) platforms is now yielding monetizable results.
Alibaba Group surged from 11th to fourth in market cap rankings due to strong e-commerce recovery, strategic business reintegration, AI-driven cloud momentum and easing regulatory pressures in China — boosting investor confidence and triggering valuation re-rating.
Samsung Electronics, despite holding the seventh position, witnessed a sharp 34-percent decline in market capitalization, driven by weak demand for its artificial intelligence chips, ongoing losses in its contract chip manufacturing division and investor concerns stemming from a leadership reshuffle following the unexpected death of co-CEO Han Jong-Hee in late March.
Toyota Motor, once a pillar of stability, fell from second to fifth as its market cap dropped 31 percent year-on-year. While the firm remains operationally sound, investors are punishing its perceived lag in EV innovation relative to BYD and Tesla. Toyota’s hybrid-focused strategy, although profitable, has not matched the sentiment-driven momentum of full EV plays.
