Shanghai Stock Exchange
TypeStock exchange
LocationShanghai, China
Coordinates31°14′12.3″N 121°30′31.5″E / 31.236750°N 121.508750°E / 31.236750; 121.508750
Founded26 November 1990
Key peopleGeng Liang (Chairman)
Zhang Yujun (President)
No. of listings2,005 (July 2021)[1]
Market capUS$7.26 trillion (Jan 2023)[2]
IndicesSSE Composite
SSE 50
In 1992, the SSE issued its first stock warrant.

The Shanghai Stock Exchange (Chinese: 上海证券交易所, SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock Exchange. The Shanghai Stock Exchange is the world's third largest stock market by market capitalization. It is also Asia's biggest stock exchange.[3] Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors and often affected by the decisions of the central government,[4] due to capital account controls exercised by the Chinese mainland authorities.[5]

In 1891, Shanghai founded China's first exchange system. The current stock exchange was re-established on November 26, 1990, and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC).


The formation of the International Settlement (foreign concession areas) in Shanghai was the result of the Treaty of Nanking of 1842 (which ended the First Opium War) and subsequent agreements between the Chinese and foreign governments were crucial to the development of foreign trade in China and of the foreign community in Shanghai. The market for securities trading in Shanghai begins in the late 1860s. The first shares list appeared in June 1866 and by then Shanghai's International Settlement had developed the conditions conducive to the emergence of a share market: several banks, a legal framework for joint-stock companies, and an interest in diversification among the established trading houses (although the trading houses themselves remained partnerships).

In the 1880s and 1890s, during the boom in mining shares, foreign businessmen founded the "Shanghai Sharebrokers' Association" headquartered in Shanghai as China's first stock exchange. In 1904, the Association applied for registration in Hong Kong under the provision of the Companies ordinance and was renamed as the "Shanghai Stock Exchange". The supply of securities came primarily from local companies. In the early days, banks dominated private shares but, by 1880, only the Hong Kong and Shanghai local banks remained.

Later in 1920 and 1921, "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" started operation respectively. An amalgamation eventually took place in 1929, and the combined markets operated thereafter as the "Shanghai Stock Exchange". Shipping, insurance, and docks persisted to 1940 but were overshadowed by industrial shares after the Treaty of Shimonoseki of 1895, which permitted Japan, and by extension other nations which had treaties with China, to establish factories in Shanghai and other treaty ports. Rubber plantations became the staple of stock trading beginning in the second decade of the 20th century.

By the 1930s, Shanghai had emerged as the financial center of the Far East, where both Chinese and foreign investors could trade stocks, debentures, government bonds, and futures. The operation of Shanghai Stock Exchange came to an abrupt halt after Japanese troops occupied the Shanghai International Settlement on December 8, 1941. In 1946, the Shanghai Stock Exchange resumed its operations before closing again 3 years later in 1949, after the Communist revolution took place.

After the Cultural Revolution ended and Deng Xiaoping rose to power, China was re-opened to the outside world in 1978. During the 1980s, China's securities market evolved in tandem with the country's economic reform and opening up and the development of socialist market economy. On 26 November 1990, the Shanghai Stock Exchange was re-established and operations began a few weeks later on 19 December.[6]

The Shanghai Stock Exchange was under municipal control and termed an "experimental point" until 1997.[7]: 102–103  In 1997, the central government brought the exchange (as well as the Shenzhen stock exchange) under central government control and affirmed that the exchanges had a legitimate role in the socialist market economy.[7]: 102 

In 2019, the Shanghai Stock Exchange launched the STAR Market, featuring only technology-related companies, as a rival to the NASDAQ.[8][9][10][11]


The Shanghai (SSE) Composite Index: 1991 to start of 2009.


See also: Qualified Foreign Institutional Investor

The securities listed at the SSE include the three main categories of stocks, bonds, and funds. Bonds traded on SSE include treasury bonds (T-bond), corporate bonds, and convertible corporate bonds. SSE T-bond market is the most active of its kind in China. There are two types of stocks being issued in the Shanghai Stock Exchange: "A" shares and "B" shares. A shares are priced in the local renminbi yuan currency, while B shares are quoted in U.S. dollars. Initially, trading in A shares are restricted to domestic investors only while B shares are available to both domestic (since 2001) and foreign investors. However, after reforms were implemented in December 2002, foreign investors are now allowed (with limitations) to trade in A shares under the Qualified Foreign Institutional Investor (QFII) program which was officially launched in 2003. Currently, a total of 98 foreign institutional investors have been approved to buy and sell A shares under the QFII program. Quotas under the QFII program were US$30 billion and increased to US$80 billion as of April, 2012.[21][22] There has been a plan to eventually merge the two types of shares in the future.[23]

The SSE is open for trading every Monday to Friday from 09:15 to 15:00. The morning session begins with centralized competitive pricing from 09:15 to 09:25, and continues with consecutive bidding from 09:30 to 11:30. This is followed by the afternoon consecutive bidding session, which starts from 13:00 to 14:57. The centralized competitive pricing starts again from 14:57 to 15:00. The market is closed on Saturday and Sunday and other holidays announced by the SSE.[24]

This article needs to be updated. Please help update this article to reflect recent events or newly available information. (April 2022)


Main article: SSE Composite Index

The SSE Composite Index (also known as Shanghai Composite) Index is the most commonly used indicator to reflect SSE's market performance. Constituents for the SSE Composite Index are all listed stocks (A shares and B shares) at the Shanghai Stock Exchange. The Base Day for the SSE Composite Index is December 19, 1990. The Base Period is the total market capitalization of all stocks of that day. The Base Value is 100. The index was launched on July 15, 1991. At the end of 2006, the index reaches 2,675.47. Other important indexes used in the Shanghai Stock Exchanges include the SSE 50 Index and SSE 180 Index.

SSE's Top 10 Largest Stocks

Source: Shanghai Stock Exchange[25] (market values in RMB/Chinese Yuan). Data arranged by market value. Updated on Aug 27 2020.

  1. Kweichow Moutai (2,174 billion)
  2. Industrial and Commercial Bank of China (1,339 billion)
  3. Agricultural Bank of China (1,027 billion)
  4. China Life (897 billion)
  5. Ping An Insurance (829 billion)
  6. China Merchants Bank (761 billion)
  7. PetroChina (717 billion)
  8. Bank of China (691 billion)
  9. Haitian Flavouring & Food (593 billion)
  10. Hengrui Medicine (499 billion)

Listing requirements

According to the regulations of Securities Law of the People’s Republic of China and Company Law of the People’s Republic of China, limited companies applying for the listing of shares must meet the following criteria:

Other conditions stipulated by the State Council.

The conditions for applications for the listing of shares by limited companies involved in high and new technology are set out separately by the State Council.


The SSE is housed at the Shanghai Securities Exchange Building since 1997.

See also



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  2. ^ "Market Statistics – March 2023 – World Federation of Exchanges".
  3. ^ "". Archived from the original on 2011-02-09. Retrieved 2010-08-19.
  4. ^ China Briefing – Foreigners Now Allowed to List on Shanghai Stock Exchange Archived 2018-09-11 at the Wayback Machine – retrieved on January 21, 2009.
  5. ^ International Herald Tribune – China further loosens its capital controls Archived 2008-06-12 at the Wayback Machine – retrieved on January 21, 2009.
  6. ^ William Arthur Thomas, Western Capitalism in China: A History of the Shanghai Stock Exchange. Aldershot: Ashgate Pub Ltd (2001, hardcover). xii + 328 pp. ISBN 0-7546-0246-X.
  7. ^ a b Heilmann, Sebastian (2018). Red Swan: How Unorthodox Policy-Making Facilitated China's Rise. The Chinese University of Hong Kong Press. doi:10.2307/j.ctv2n7q6b. ISBN 978-962-996-827-4. JSTOR j.ctv2n7q6b.
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  9. ^ "Chinese tech shares leap up to 500% as Nasdaq-style market launches | Stock markets | The Guardian". Archived from the original on 2023-01-11. Retrieved 2019-12-16.
  10. ^ "Shares soar at 'China's Nasdaq' market debut". BBC News. July 22, 2019. Archived from the original on December 16, 2019. Retrieved December 16, 2019.
  11. ^ "Analysts urge caution as stocks on Shanghai's new Nasdaq-style tech board surge". CNBC. July 22, 2019. Archived from the original on December 16, 2019. Retrieved December 16, 2019.
  12. ^ Walter, Carl E. (2014). "Was Deng Xiaoping Right? An Overview of China's Equity Markets". Journal of Applied Corporate Finance. 26 (3): 8–19. doi:10.1111/jacf.12075. ISSN 1745-6622. S2CID 153763863.
  13. ^ "邓小平南巡讲话:奠定中国证券市场发展的春天_中国改革论坛网". Archived from the original on 2020-06-23. Retrieved 2020-05-02.
  14. ^ "国务院办公厅关于将上海证券交易所和深圳证券交易所划归中国证监会直接管理的通知". (in Chinese). Archived from the original on 2020-05-22. Retrieved 2020-05-03.
  15. ^ BusinessWeek – China's ICBC: The World's Largest IPO Ever Archived 2006-11-17 at the Wayback Machine – retrieved on March 2, 2007.
  16. ^ BBC News – Share sale knocks Chinese market Archived 2023-01-11 at the Wayback Machine – retrieved on March 2, 2007.
  17. ^ MSNBC – China shares tumble as panic spreads – retrieved on June 4, 2007.
  18. ^ Financial Times on – Asian stock markets go into retreat Archived 2023-01-11 at the Wayback Machine – retrieved on January 20, 2009.
  19. ^ International Herald Tribune – Chinese shares end 2008 down 65 percent Archived 2012-10-19 at the Wayback Machine – retrieved on January 20, 2009.
  20. ^ "AgBank IPO officially the world's biggest". Financial Times. 13 August 2010. Archived from the original on 17 August 2010. Retrieved 14 August 2010.
  21. ^ "Legg Mason Seeks China License to Trade Yuan-Denominated Stocks". Bloomberg. 2009-03-10. Retrieved 2009-03-10.
  22. ^ "Qualified Foreign Institutional Investor – QFII". Investopedia. 2018-05-31. Archived from the original on 2023-01-11. Retrieved 2018-05-31.
  23. ^ "Merger talk spurs B-shares". International Herald Tribune. 2006-09-18. Retrieved 2009-01-21.
  24. ^ Market Hours, Shanghai Stock Exchange via Wikinvest
  25. ^ Shanghai Stock Exchange, Market Value Archived 2023-01-11 at the Wayback Machine, Aug 27 2020.