The explosive growth in market capitalization has directly led to a geometric increase in the wealth of controlling shareholders of leading ChiNext companies, making this AI bull market a veritable feast of wealth creation.

On June 3, the A-share market witnessed a historic moment as the ChiNext Index hit a new intraday record high, with the optical communications index also reaching a new peak. The continuous valuation expansion within the AI industry chain over the first five months of the year has led to a disruptive restructuring of the ChiNext market cap rankings, with the top ten positions undergoing a massive shift compared to the start of the year.

Contemporary Amperex Technology Co.,Ltd. (SZSE: 300750) remains firmly in the top spot. Zhongji Innolight Co.,Ltd. (SZSE: 300308) has seen its market cap surge past 1.42 trillion yuan to claim second place. Companies from the optical module and PCB industry chain, including Eoptolink Technology Inc.,Ltd. (SZSE: 300502), Suzhou Tfc Optical Communication Co.,Ltd. (SZSE: 300394), and Victory Giant Technology(Huizhou) Co.,Ltd. (SZSE: 300476), have collectively broken into the top ten. AI computing power-related enterprises now occupy half of the seats among the ChiNext's most valuable firms.

As capital embraces the AI wave, thousand-yuan stocks are continuously emerging in the technology sector. On June 3, Semight Instruments Co.,Ltd. (SHSE: 688808) closed at 2,204 yuan, becoming the fourth stock in A-share history to reach the 2,000-yuan mark. Yuanjie Semiconductor Technology Co.,Ltd. (SHSE: 688498) surged 16.41% to 1,405 yuan. With Cambricon Technologies Corporation Limited (SHSE: 688256) at 1,378 yuan, the long-reigning "stock king" Kweichow Moutai Co.,Ltd. (SHSE: 600519) has fallen to fourth place. Notably, Zhongji Innolight also briefly surpassed Moutai's market cap during the trading session.

Simultaneously, semiconductor leaders on the STAR Market have also surged. Semiconductor Manufacturing International Corporation (SHSE: 688981) has solidified its market cap above the trillion-yuan mark, while Cambricon is approaching that threshold. Together with the AI leaders on the ChiNext, they form the core narrative of the current bull market.

Major Reshuffle in ChiNext Market Cap Rankings

As of the close on June 3, 2026, the latest top ten rankings by market capitalization on the ChiNext have completely moved away from the new energy and healthcare-dominated landscape seen at the start of the year, with the AI computing power industry chain now taking center stage.

The latest data shows that Contemporary Amperex Technology maintains its position as the largest ChiNext company with a market cap of 1.97 trillion yuan, a 17.71% increase from 1.68 trillion yuan at the start of the year, a gain that significantly lags behind the leaders of the AI sector. Zhongji Innolight hit another record high on June 3, securing the second spot with a market cap of 1.42 trillion yuan, a staggering 109.73% surge from its 677.782 billion yuan market cap at the beginning of the year. The valuation gap with Contemporary Amperex, which was nearly one trillion yuan at the start of the year, has narrowed significantly to around 550 billion yuan.

The optical module sector continues its strong performance. Eoptolink Technology holds the third position with a market cap of 779.04 billion yuan, an 81.89% increase from 428.299 billion yuan at the start of the year. In the same sector, Suzhou Tfc Optical Communication has jumped to fourth place with a market cap of 387.539 billion yuan, a massive 145.53% increase, or 229.7 billion yuan, from its value at the beginning of the year.

PCB leader Victory Giant Technology ranks sixth with a total market cap of 347.355 billion yuan, up 38.78% year-to-date. Memory chip leader Dapustor Corporation (SZSE: 301666), which listed this year, has entered the top ten, taking the seventh spot with a market cap of 334.491 billion yuan, becoming a new force in the ChiNext's market cap hierarchy.

The MLCC sector, whose demand logic has also been fundamentally altered by AI, has seen the emergence of Chaozhou Three-Circle(Group)Co.,Ltd. (SZSE: 300408) as a dark horse this year. The company's market cap has surged 194.84% year-to-date, with its stock price breaking through powerfully in the second quarter, gaining 156.6% in that quarter alone. As of June 3, Three-Circle Group's total market cap reached 258.5 billion yuan, an increase of approximately 170.8 billion yuan since the start of the year.

The shift towards AI tech companies dominating the ChiNext market cap rankings is underpinned by the explosive growth of the AI industry and a change in style within the capital markets. Since 2025, the global demand for AI computing power has continued to surge, leading to a dual boost in both performance and valuation for core AI hardware segments like optical modules, PCBs, and memory chips. Consequently, the market capitalization of related companies has experienced exponential growth. In contrast, traditional sectors such as new energy, healthcare, and consumer goods, affected by industry cycles and policy changes, have seen slowing earnings growth and sustained valuation pressure, ultimately causing them to collectively fall behind in the market cap rankings.

Looking back to June 3, 2025, a year ago, the ChiNext Index was only around 2,000 points, and the composition of its top ten market caps was vastly different from today.

On June 3, 2025, the top ten companies by market cap on the ChiNext were: Contemporary Amperex Technology, East Money Information Co.,Ltd. (SZSE: 300059), Shenzhen Mindray Bio-Medical Electronics Co.,Ltd. (SZSE: 300760), Avic Chengdu Aircraft Company Limited (SZSE: 302132), Shenzhen Inovance Technology Co.,Ltd. (SZSE: 300124), Yihai Kerry Arawana Holdings Co.,Ltd. (SZSE: 300999), Hithink Royalflush Information Network Co.,Ltd. (SZSE: 300033), Sungrow Power Supply Co.,Ltd. (SZSE: 300274), Aier Eye Hospital Group Co.,Ltd. (SZSE: 300015), and Wens Foodstuff Group Co.,Ltd. (SZSE: 300498). Not a single AI-related company was in the top ten at that time. That list was dominated by new energy, healthcare, and consumer stocks, which were the multi-bagger winners of the previous new energy and consumer goods rally.

In just one year, the ChiNext market cap landscape has undergone a revolutionary change. In stark contrast to the triumphant advance of the AI industry chain, leaders from traditional sectors have collectively slipped down the rankings. Among the top ten companies from June 2025, only three—Contemporary Amperex Technology, East Money Information, and Sungrow Power Supply—remain in the top ten today. The other seven have all been replaced by companies from the AI industry chain.

Healthcare leaders like Shenzhen Mindray Bio-Medical Electronics and Aier Eye Hospital Group, which ranked second and sixth on the ChiNext in June 2025, now rank thirteenth and thirty-first, respectively. Avic Chengdu Aircraft's stock price has fallen 23.3% year-to-date, placing it fifteenth. Consumer and agriculture leaders Yihai Kerry Arawana Holdings and Wens Foodstuff Group have completely dropped out of the ChiNext's top tier by market cap.

In terms of sector distribution changes, the top ten ChiNext companies in June 2025 consisted of four new energy firms, two healthcare companies, two consumer companies, one defense enterprise, and one financial firm, representing a relatively balanced mix. By June 2026, AI computing power-related companies occupy six seats, significantly increasing industry concentration. AI has become the absolute investment theme and the core support for the ChiNext's overall market capitalization.

Controlling Shareholders of Optical Communication Leaders See Billions in Gains

The explosive growth in market capitalization has directly led to a geometric increase in the wealth of controlling shareholders of leading ChiNext companies, making this AI bull market a veritable feast of wealth creation.

Benefiting from the explosive growth in the optical module sector, the controlling shareholders of the three leading optical module firms—often referred to collectively as "Yi Zhong Tian"—have seen their wealth multiply several times over, becoming one of the most watched wealth creation benchmarks in this bull market.

Wang Weixiu, the controlling shareholder of Zhongji Innolight, directly holds 6.28% of the company's shares. As of June 3, his stake is worth 39.706 billion yuan. Since 2025, Zhongji Innolight's stock price has surged 9.39 times, with a 109% gain this year alone, effectively doubling his wealth in less than six months.

The controlling shareholder family of Suzhou Tfc Optical Communication, led by Zou Zhinong, holds 37.56% of the company's shares through Suzhou TFC Renhe Investment Management Co., Ltd. (the largest shareholder, hereinafter "TFC Renhe"). This higher ownership stake has translated into a greater wealth effect. As of the close on June 3, TFC Renhe's stake is valued at 88.064 billion yuan. At the end of 2024, the Zou family's stake was worth less than 20 billion yuan, meaning their wealth has surged by approximately 68 billion yuan in just a year and a half.

The controlling shareholders of Eoptolink Technology, Gao Guangrong and Huang Xiaolei, collectively hold 13.36% of the company's shares directly. Their latest stake is valued at approximately 58.8 billion yuan, a massive increase of 46.9 billion yuan, or 3.94 times, from 11.9 billion yuan at the end of 2024.

The wealth increase for Chen Tao, the controlling shareholder of PCB leader Victory Giant Technology, is no less impressive than that of the "Yi Zhong Tian" founders. The company's stock has risen over 12 times since the "September 24th" market rally and is up 917% since 2025.

According to Wind data, Chen Tao indirectly holds a 30.5% stake in Victory Giant Technology through the largest shareholder, Shenzhen Shenghua Xinye Investment Co., Ltd., and the second-largest shareholder, Victory Giant Technology (Hong Kong) Co., Ltd. This corresponds to a latest market value of 66.833 billion yuan, representing an increase of approximately 54.5 billion yuan from his stake's value in 2024.

The sharp rally in Three-Circle Group over the past two months has significantly increased the wealth of its controlling shareholder, Zhang Wanzhen. According to disclosures, Zhang Wanzhen is the company's third-largest shareholder, directly owning a 2.8% stake worth 2.832 billion yuan. The largest shareholder, Chaozhou Sanjiang Investment Co., Ltd., holds a stake worth 34.1 billion yuan, and Zhang Wanzhen directly owns 59.21% of Sanjiang Investment. Based on this rough calculation, Zhang Wanzhen's wealth amounts to at least 23.02 billion yuan. Since April, Three-Circle Group has surged 156.6%, adding roughly 14 billion yuan to the controlling shareholder's wealth in just over two months.