After China Life Insurance Co. exceeded AT&T Inc. in market value, China became home to half of the world’s 10 largest companies, dropping the United States’ total to three, Bloomberg reported.

The Chinese stock market’s benchmark index has almost tripled this year, and securities regulators said on Oct. 16 that the market holds “great risks.” To help combat inflation and benefit from growth, the nation’s people are spending more of their $2.3 trillion in savings to buy shares of stock.

Shares of China Life, based in Beijing, increased 1.1 percent in Hong Kong and 6.7 percent in Shanghai prior to the company’s third-quarter earnings announcement. The company is now valued at $259.1 billion; AT&T, based in San Antonio, is valued at $252.9 billion.

China Life, PetroChina Co., China Mobile Ltd., Industrial and Commercial Bank of China Ltd. and China Petroleum and Chemical Corp. now make up five of the world’s 10 biggest companies by market value.

Exxon Mobil Corp., General Electric Co. and Microsoft Corp. are the three U.S. companies in the top 10 by market value. Exxon held its first-place position. Russian-based Gazprom OAO and Netherlands-based Royal Dutch Shell Plc fill the other two spots on the list.