Something interesting just unfolded in China's equity markets. The private sector's footprint among the nation's top 100 listed companies by market cap has climbed to 40% during the latter half of 2025—a notable shift. What's driving this? High-flying tech giants, plain and simple. The AI wave sweeping through the country has supercharged valuations across the technology landscape. Companies that were once overshadowed by state-owned heavyweights are now commanding serious capital attention. It's a structural rebalancing worth tracking if you care about how capital flows and market leadership evolve. The private sector's growing share signals something deeper: where innovation and growth narratives are taking hold, investor capital follows. Whether this momentum sustains depends largely on how aggressively these tech firms continue pushing the AI frontier.