Chart of the Day: Mainland Stocks Worth About Five Apples
The Chinese mainland stock market has continued to lose value and is now only worth 5.3 times smartphone-maker Apple Inc.’s market capitalization.
Graphic: Gao Baiyu/Caixin
On Wednesday, the Chinese mainland’s total stock market capitalization stood at $5.79 trillion, while Apple’s market value climbed to $1.09 trillion in the wake of the launch of its latest iPhones.
The mainland’s stock market slid into bear territory in June amid weak domestic growth and ongoing trade frictions with the U.S. Its current market capitalization is worth about half of its peak value of more than $10 trillion in June 2015.
Earlier this week, Hong Kong stocks also entered a bear market. The benchmark Hang Seng Index is down more than 20% from a recent high in January.
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