China, India, and Hong Kong have emerged as the only major stock markets worldwide where top companies account for a smaller share of market capitalization than a year ago, underscoring their lag in the global AI race.
In both China and India, the ten largest companies in each nation now account for about 19% of total market capitalization, down respectively from 26% and 22% a year ago, according to Bloomberg‑compiled data. Hong Kong remains the least top‑heavy market, with big-company concentration slipping to 9.8% from 10%, though the city is largely shaped by financials and mainland-firm listings.
