Integrated Multi-asset Market
| Equity | Fixed Income | Fund | Derivatives | |||
|---|---|---|---|---|---|---|
| Stock Exchange | Shanghai Stock Exchange | √ | √ | √ | ETF Options | |
| Shenzhen Stock Exchange | √ | √ | √ | |||
| Futures Exchange | Commodity | Shanghai Futures Exchange | Commodity Futures and Options | |||
| Dalian Futures Exchange | Commodity Futures and Options | |||||
| Zhengzhou Futures Exchange | Commodity Futures and Options | |||||
| Financial | China Financial Futures Exchange | Equity Index and Bond Futures | ||||
Large and Active
Ranking Among World Top Exchanges (equity market, 2018)
Multi-tiered Blue-chip Market
- SSE
- The most representative 50 stocks in terms of scale and liquidity
- P/E (LYR): 12.95
- SSE 180
- Big market cap, good performance, high liquidity, stable development and strong dividend yield
- Finance, energy, manufacture, food/beverage
- Pillar of national economy with significant market influence
- P/E (LYR): 12.58
- SSE 380
- Medium market cap, strong growth and high profitability
- Segment leader in the new energy, biotech, TMT, high-end equipment industries, which represent the direction of China’s economic restructuring
- P/E (LYR): 19.96
- Others
- Have potential to become the classic and emerging blue-chip
- Small market cap, fast development and growth, high P/E ratio
Source: SSE, Wind, as of the end of 2018. Note that SSE 180 and SSE 380 are mutually exclusive.
High Quality Blue-chip Stocks
Improving Corporate Governance
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In 2002, the CSRC published the guidelines of corporate governance for listed companies, which set explicit requirements for corporate governance. The guidelines were mainly built upon OECD Principles of Corporate Governance.
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In Sep. 2018, the CSRC revised the guidelines to adapt to the dramatic changes in domestic and overseas markets, and several new rules are added:
Establish the basic framework for ESG information disclosure;
Encourage institutional investors to participate in the corporate governance of listed companies, and that brokerage companies should pay more attention to listed companies' corporate governance when offering service. -
In Oct. 2020, the State Council issued the Opinions on Further Improving the Quality of Listed Companies. The SSE subsequently formulated the Three-year Action Plan for Advancing the Quality Improvement of the Companies Listed on the Shanghai Stock Exchange to implement the Opinions of the State Council and the work arrangements of the CSRC, and to effectively support the healthy development of the capital market and the real economy.