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Banks down, spirits up: Coronavirus reshapes China stock values

Consumer goods and technology edge out old economy shares related to investment

ICBC lost its crown to liquor giant Kweichow Moutai. (Nikkei montage/Reuters)

HONG KONG -- After more than 12 straight years as China's most valuable stock, Industrial & Commercial Bank of China lost its crown to liquor giant Kweichow Moutai in June. It is just one example of the changes shaking the world's second-largest economy as the coronavirus pandemic fuels a shift in investor interest.

In the first six months of the year, the old economy sectors -- finance, industry, property and energy -- have all ceded ground to consumer staples, technology and health care, which have attracted customers and investors alike amid lockdowns to contain the virus.

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