Shanghai Stock Exchange
Mainland China’s largest exchange, dominated by state-owned banks, energy companies and industrials. It runs a main board plus the STAR Market, a technology board with relaxed profitability requirements and a registration-based listing system. Access for foreign investors is possible through the Stock Connect link with Hong Kong and the QFII quota scheme.
- Location
- Pudong, Shanghai, China
- Trading currency
- Chinese renminbi (CNY)
- Trading hours
- 09:30 to 11:30 and 13:00 to 15:00, Monday to Friday
- Trading days
- Monday to Friday, excluding mainland public holidays (Spring Festival and Golden Week are long closures)
- Time zone
- China Standard Time (UTC+8, no daylight saving)
- Market capitalisation
- Approximately USD 7 trillion (2025)
- Listed companies
- Approximately 2,300 (2025)
- Settlement
- Shares are delivered on trade date and cash settles on T+1, through China Securities Depository and Clearing Corporation. Northbound Stock Connect trades settle on the Hong Kong side through HKSCC.
Top performing companies today
Ranked by the current session’s percentage move, strongest first, from the companies this platform covers on this venue.
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What trades here
Major indices
- SSE Composite
- SSE 50
- CSI 300 (jointly with Shenzhen)
- STAR 50
Major listed companies
- Industrial and Commercial Bank of China
- PetroChina
- Kweichow Moutai
- China Life Insurance
- SMIC
Major sectors
- Banking and financials
- Energy
- Industrials
- Consumer staples
- Semiconductors
How the market works
Market structure
An electronic order-driven market with a main board and the STAR Market, a technology board with relaxed profitability requirements and a registration-based listing system. Shares are divided into A shares (renminbi-denominated, principally for domestic investors and approved foreign channels) and a small residual B-share market.
Trading mechanisms
Two sessions, 09:30 to 11:30 and 13:00 to 15:00, with a call auction from 09:15. Main-board shares are subject to a daily price limit of ±10% (±20% on STAR and ±5% for shares under special treatment), and A shares bought today cannot be sold until the next session under the T+1 trading rule.
Listing requirements
The main board applies profitability and cash-flow tests together with a minimum share capital and public float. The STAR Market offers five alternative standards, several of which allow pre-profit companies to list on market value and research spending, and permits weighted voting rights.
Settlement
Shares are delivered on trade date and cash settles on T+1, through China Securities Depository and Clearing Corporation. Northbound Stock Connect trades settle on the Hong Kong side through HKSCC.
Regulatory authority
China Securities Regulatory Commission (CSRC).
How to invest in this market
What it takes to open an account and deal on SSE, separated by where you live — the two answers are rarely the same, and on some markets they are not even the same process.
Domestic investors
Residents of China
Mainland residents open an A-share account with a CSRC-licensed securities company, linked to a China Securities Depository and Clearing account.
- A securities account with a CSRC-licensed brokerage, opened with a mainland identity card.
- A linked third-party depository bank account for funds.
- STAR Market and ChiNext trading require an appropriateness assessment: a minimum asset balance and a minimum period of trading experience.
- Tax: dividends are taxed on a sliding scale by holding period — exempt beyond one year, and taxed more heavily on short holdings. Individual capital gains on A shares have been exempt from income tax; stamp duty applies on sales.
Foreign investors
Open through a defined route
Foreign investors cannot simply open a local account. Access runs through defined channels: Northbound Stock Connect from Hong Kong for eligible shares, which is what most international investors use, or the QFII/RQFII licence route for institutions.
- The practical route for most: a Hong Kong or international broker offering Northbound Stock Connect, which covers eligible Shanghai and Shenzhen listings.
- The institutional route: a Qualified Foreign Institutional Investor licence, obtained through a licensed custodian, with CSRC approval.
- Stock Connect trades in renminbi (offshore CNH) and only in eligible securities — not every A share is included.
- Tax: dividends to foreign investors through Stock Connect are withheld at 10%. Capital gains for Stock Connect investors have been exempt under a standing arrangement — confirm it is still in force before relying on it.
- Daily quota limits apply to Northbound flows, and trading is suspended when the Hong Kong or mainland market is closed, so the two calendars must be checked together.
Foreign ownership limits
A single foreign investor may hold no more than 10% of a listed company's shares, and all foreign investors combined no more than 30%. Additional restrictions apply in sectors on the negative list for foreign investment.
Currency considerations
A shares are quoted in onshore renminbi (CNY); Stock Connect settles in offshore renminbi (CNH). The renminbi is managed rather than freely floating, and capital-account controls apply to mainland residents.
Regulated routes to an account
- HSBC Hong KongNorthbound Stock Connect access.
- Interactive BrokersOffers China A shares via Stock Connect.
- Hong Kong Exchanges — Stock ConnectOfficial programme information.
Licensed intermediaries and official exchange platforms, listed to show the regulated routes into this market. This is not a recommendation and not an exhaustive list — check any firm against the regulator’s register before opening an account.
Verify before you act
Why this market matters
Why investors follow it
It is the primary equity market of the world’s second-largest economy and reflects domestic policy and credit conditions more directly than offshore Chinese listings. For investors with exposure to commodities or global manufacturing, it is an important leading signal.
Interesting facts
- Daily price moves in individual main-board shares are limited to plus or minus 10 per cent, which caps single-session volatility.
- Retail investors account for an unusually large share of turnover compared with developed markets.
- The STAR Market was launched in 2019 to keep domestic technology listings onshore rather than losing them to New York or Hong Kong.
Official sources