China, among the world’s fastest-growing digital economies, has accumulated a massive stock of data, which has been formally designated as a “factor of production.” Capitalizing these data assets is now pivotal for unlocking their value and sustaining digital-economic growth. This study examines the practices of listed Chinese firms in data-factor capitalization. Drawing on firm-level evidence, we show that although early progress has been achieved in recognizing data on balance sheets, persistent challenges remain in rights confirmation, valuation, market circulation, and cross industry penetration. To foster the sound capitalization of data factors, future efforts must simultaneously refine policy and regulatory frameworks, harmonize technical standards, advance technological innovation, and cultivate specialized talent.