v256.0 · stock markets · CN · verified 2026-04
China stock markets + capital markets
Stock markets in China — main exchanges, total market cap, major indices, listing requirements, trading hours, foreign-investor access, IPO market, dividend + capital-gains tax, regulator, custody + clearing.
Main exchanges
Shanghai Stock Exchange (SSE) — large-cap, USD 5T+ market cap · Shenzhen Stock Exchange (SZSE) — innovation + tech focus, USD 4T+ · Beijing Stock Exchange (BSE) launched 2021 for SMEs · Hong Kong Stock Exchange (HKEX) separate but China-overlap · STAR Market (Shanghai sci-tech)
Market cap + indices
| Total market cap | USD 12T+ combined SSE+SZSE+BSE · World's 2nd-largest equity market (after US) · Hong Kong USD 5T+ separate · Foreign investor participation via Stock Connect (Shanghai-HK + Shenzhen-HK) |
| Major indices | SSE Composite (all Shanghai stocks) · CSI 300 (top 300 Shanghai+Shenzhen) · STAR 50 (Shanghai sci-tech) · ChiNext Index (Shenzhen growth) · Hang Seng (Hong Kong, separate) · Hang Seng China Enterprises · MSCI China (offshore) |
Listing + trading mechanics
| Listing requirements | Main board (SSE): CNY 50M+ profit (cumulative 3-yr), CNY 30B revenue (cumulative 3-yr), profitable last 3-yr · STAR Market (Shanghai sci-tech): tier-based (revenue, market cap, R&D investment) — innovation focus · BSE: SMEs · Variable Interest Entity (VIE) structure complex for offshore listings |
| Trading hours | 9:30 AM - 11:30 AM (morning) · 1:00 PM - 3:00 PM (afternoon) · 1-hour lunch break · China Standard Time · Open Mon-Fri · Holidays per CSRC calendar (Chinese New Year, Labour Day, National Day) |
Foreign investor access
QFII (Qualified Foreign Institutional Investor) since 2002 · RQFII (RMB QFII) · Stock Connect (Shanghai-HK Nov 2014, Shenzhen-HK Dec 2016) · Bond Connect for fixed income · STAR Market accessible via Stock Connect since 2023 · Capital controls remain · 10% dividend withholding · Capital-gain tax variable
IPO market (2024)
CNY 70B raised 2024 IPOs (PitchBook — significant decline from CNY 230B 2022 peak) · Regulatory tightening 2023-24 · Major: Geely Zeekr USD 22B (Hong Kong May 2024) · 2024 Beijing Sci-tech Innovation IPO accelerating · Some shift to Hong Kong for sci-tech
Dividend + capital-gains tax
Chinese individual investors: 5%/10%/20% dividend tax based on holding period (5%-1 yr) · Capital gain on A-shares: 0% for residents · QFII/RQFII: 10% dividend withholding + 10% capital gain (with treaty reductions) · Pillar Two affecting multinational subs
Regulator + custody/clearing
| Regulator | CSRC (China Securities Regulatory Commission) primary · PBOC for monetary + bond market · NDRC for major IPOs · State Council Financial Stability + Development Commission · Listing approval moved to registration system 2023 (vs prior approval) |
| Custody + clearing | CSDC (China Securities Depository + Clearing) central · T+1 settlement for A-shares · Direct settlement via CCASS-CN (Stock Connect) · HKEX CCASS for HK side · Hong Kong custodians for foreign access |
Recent changes (2023-2026)
2024-25: Registration-based IPO system fully implemented 2023 · CSRC opening up STAR Market to foreign investors via Stock Connect 2023 · Capital outflows concerns 2022-23 · Some IPO market revival 2024 · Beijing Sci-tech innovation push · Pillar Two adoption · IPO of Geely Zeekr HKEX major
Source: official China securities regulator · Last verified 2026-04
See also: China country profile · stock markets atlas