As of the close on November 10, 2026, Agricultural Bank of China Limited (ASX: 601288) has seen its A-share price accumulate a gain of 231% since the start of 2021, the highest among banks, with an annualized return of 24%.
Its H-share price has risen 284% over the same period, the highest among state-owned major banks, with an annualized return of 26%.
From 2023 to 2025, the A-share and H-share prices of ABC (HKEX: 01288) gained 215% and 173%, respectively, and its total market value growth ranked first among the four major state-owned banks for three consecutive years. In 2025, it briefly achieved the top spot in both A-share market value and total market value among domestically listed companies.
In terms of total market value, at the beginning of 2021, ABC's total market value was 1.08 trillion yuan, only 63% of that of ICBC, which had the highest total market value among domestic banks at the time.
By 2025, ABC's total market value once surpassed ICBC's, making it the largest domestically listed bank by total market value. Since 2026, ABC's total market value has pulled back somewhat, but resumed its upward trend starting in July.
Currently, ABC's total market value stands at 2.53 trillion yuan, about 90% of ICBC's, with a price-to-book ratio of 0.9 times, the highest among state-owned major banks.
A-share and H-share price gains of state-owned major banks since the start of 2021 (unit: %) Data source: Wind
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