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Stocks

Asia300's share of global market cap slips

SHANGHAI -- Last summer's Chinese stock market crash dented the combined value of Nikkei Inc.'s Asia300, a selection of the region's leading listed companies outside Japan.

The 331 names had a total market capitalization of $5.94 trillion as of June 30, down 2.2% from the end of 2015. The Asia300's contribution to the total value of listed companies worldwide fell to 9% from the year-end figure of 9.1% and the 9.8% logged at the end of June 2015.

A decade ago, it was only 4.9%. The Asia300's share of global stock market value topped 9% for the first time at the height of the emerging-market boom around 2011. Thirteen Asia300 names now rank among the world's 100 most valuable companies, up from just five in June 2006.

Chinese enterprises can take credit for much of this advance, but their own rise is stalling. The 10 biggest market cap declines in the six months to June were all by mainland- or Hong Kong-listed companies. China's economic slowdown and lack of transparency in corporate management worry investors.

Whether Asian companies' global standing continues to rise will depend to a large extent on China's ability to change how it does business.

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