An aerial view of Hangzhou urban areas [Photo/zj.zjol.com.cn]

The aggregate market value of listed companies in Hangzhou reached more than 6 trillion yuan ($864 billion) in 2019, a record high, according to a research report released on Jan 5 by ChinaDataPay, a stock market big data service provider affiliated with Security Times, in partnership with China Fund newspaper.

The report shows that the total market value of Hangzhou listed companies was even more than the total market value of listed companies in Nanjing, Tianjin, Chengdu, Ningbo, Wuhan, Changsha and Suzhou.

According to the report, the total market value of listed companies in cities across the country (Hong Kong, Macao and Taiwan not included) exceeded 85 trillion yuan in 2019, a year-on-year increase of 25 trillion yuan.

Beijing ranked top among Chinese cities, with the market value of listed companies in the city in 2019 totaling 23.83 trillion yuan; Shenzhen was second, with a market value of 12.11 trillion yuan; then Shanghai with a market value of 7.9 trillion yuan, and finally Hangzhou, with a market value of 6.086 trillion yuan.

The other cities in the top 10 were Guangzhou, Renhuai, Foshan, Nanjing, Tianjin and Chengdu.

Alibaba Group was a major reason that Hangzhou ranked so highly in the report. The company went public on Hong Kong Exchanges and Clearing Limited in late November 2019.

The total market value of Alibaba increased 1.55 trillion yuan in 2019, growth of which was largely spurred by Alibaba.

The number of Hangzhou listed companies in 2019 was 172, 61 more than the next city on the list.