Private companies just hit a major milestone—they now represent 40% of China's top 100 listed firms by market cap in the second half of 2025. What's driving this shift? Tech giants riding the AI wave. As artificial intelligence deployment accelerates across sectors, these high-growth technology companies are reshaping the market leadership landscape. This structural shift tells us something important: the investment narrative is moving toward innovation-driven entities. Whether you're tracking macro trends for portfolio positioning or just monitoring where capital flows in major markets, this 40% private sector threshold marks a turning point in how wealth concentrates among listed blue-chips. The dominance of tech firms in this mix underscores how AI adoption has become a primary value driver—not just for specific companies, but for entire market structures.