China lender ICBC topples Moutai as Shanghai market cap leader

SHANGHAI -- Major Chinese state-owned lender Industrial and Commercial Bank of China (ICBC) overtook liquor maker Kweichow Moutai for the highest market capitalization on the mainland stock market for the first time in four years on Friday.

The Shanghai Composite Index fell below 3,000 on Friday for the first time in about three months, due to sluggishness in high-end consumption represented by Kweichow Moutai's baijiu liquor, which can cost 2,260 yuan ($310) per 500-milliliter bottle.