SOEs saw biggest fall in A-share market value

A China Business News report on Thursday picked out the top 10 Chinese companies whose A-share market value has evaporated most since 2007.

Eight of the 10 biggest losers are State-owned enterprises (SOEs), according to the report. Their losses plus that of other SOEs, such as China Communications Bank, Baoshan Iron & Steel Co Ltd and Air China Ltd, come to around 10 trillion yuan, it said.

Market value of China National Petroleum Corporation's A-shares fell the most, 3.79 trillion yuan ($609.81 billion). It is followed by Sinopec Group (1.17 trillion yuan) and the Industrial and Commercial Bank (1.13 trillion yuan).

Analysts attribute their losses to their lack of competitiveness and shortfall of capital in the market.

China's centrally-administrated SOEs churned out 24.2 trillion yuan in operating revenues in 2013, with their profits climbing 3.8 percent to 1.3 trillion yuan, according to statistics from the State-owned Assets Supervision and Administration Commission

The country's stock market reached its peak of 6,124 points in 2007, and has since dived all the way through the following years. The Shanghai Compose Index closed at 2.063.23 points on Thursday.