By the end of 2025, Asia’s economic landscape continues to be shaped by companies operating in the semiconductor, energy, and banking sectors. Based on market capitalization data compiled through the end of December, several major corporations in the region recorded substantial valuations amid ongoing global economic uncertainty.

The ranking of Asia’s largest companies by market value shows Taiwan Semiconductor Manufacturing Company (TSMC) at the top, with a market capitalization of US$1.56 trillion. The Taiwanese chipmaker has retained its leading position thanks to its critical role as the world’s primary supplier of advanced semiconductors supporting artificial intelligence infrastructure and modern electronics.

Closely following in second place is Saudi Aramco, valued at approximately US$1.52 trillion. As Saudi Arabia’s state-owned oil and gas giant, the company’s market value is closely tied to global energy prices and oil production levels. Despite the global push toward energy transition, Saudi Aramco remains a key anchor of market capitalization in Asia.

China contributes the largest number of companies to the top ten list. From the technology sector, Tencent Holdings ranks third with a valuation of US$695.6 billion, while Alibaba Group holds seventh place at US$354.3 billion. These two firms represent the backbone of China’s digital economy, encompassing internet services and cloud computing.

Beyond technology, China’s state-owned banking sector also demonstrates strong capital stability. Agricultural Bank of China, Industrial and Commercial Bank of China (ICBC), and China Construction Bank occupy the middle ranks of the list, each valued between US$340 billion and US$380 billion. Their presence highlights the vast scale of financial assets managed within China’s domestic banking system.

South Korea is represented by two major players in the hardware and memory chip industry: Samsung Electronics and SK Hynix. Samsung ranks fourth with a market capitalization of US$562.1 billion, while SK Hynix stands ninth at US$313.2 billion. Growing global demand for high-performance memory chips used in data centers and AI applications has been a key driver of their valuations.

Meanwhile, Toyota Motor Corporation is the only Japanese automotive company to make the top ten list, with a market value of US$282.0 billion. Toyota’s position reflects its resilience within the global automotive manufacturing industry, even as competition intensifies in the electric vehicle segment.

Overall, the list of Asia’s ten largest companies by market capitalization in 2025 illustrates how capital remains concentrated in strategic sectors that dominate global supply chains. These figures provide an objective snapshot of corporate market values based on closing prices at the end of 2025.