This paper provides a first systematic analysis of urban vibrancy in human capital supply in explaining persistent geographic firm valuation dispersion in China. We find persistent, significant city-to-city differences in Tobin’s q, especially among large, mature, or high labor-intensive firms. To explain such geographic differences in firm valuations, we identify several factors of the endowed city competitive advantages in creating human capital that play important roles in explaining the persistent geographic firm valuation premia. Our evidence suggests that city geographic location and initial cumulated human capital supply have created long-lasting, and growing, shareholder wealth by attracting and retaining talents and human resources in local firms.