The National Financial Regulatory Administration issued a notice lowering risk factors for multiple businesses of insurance companies, a move aimed at encouraging long-term investments to support the capital market. The adjustments include reductions in risk factors for specific stock holdings and insurance businesses.
According to industry analysts, the reduction of risk factors for insurance companies' equity investments is expected to encourage greater market participation by insurers, supporting a stable and active capital market.
Shanghai Stock Exchange
Newsletter - December 2025
Newsletter - December 2025
Source: SSE, Wind, as of Dec 31, 2025
SSE Monthly News Highlights
China's Financial Regulator Lowers Risk Factors for Insurers' Stock Investment
2025/12/5
https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1236186&itemId=861&generaltype=1 (original source in Chinese)
China Mulls First Regulation on Supervision, Administration of Listed Companies
2025/12/5 Source: Xinhua
The China Securities Regulatory Commission released a draft regulation on the supervision and administration of listed companies, with the intention of soliciting opinions from the public. The release of the draft paves the way for China's first dedicated administrative regulation on the supervision of listed companies.
Aimed at preventing risks, strengthening supervision and promoting the high-quality development of listed firms, the draft focuses on consolidating the foundations for regulatory enforcement and investor protection, and on improving the quality of listed companies.
http://english.sse.com.cn/news/newsrelease/voice/c/c_20251208_10801072.shtml
https://www.csrc.gov.cn/csrc/c100028/c7599878/content.shtml (original source in Chinese)
Aimed at preventing risks, strengthening supervision and promoting the high-quality development of listed firms, the draft focuses on consolidating the foundations for regulatory enforcement and investor protection, and on improving the quality of listed companies.
Bond Repurchase Becomes Accessible to Foreign Investors
2025/12/19
On September 26 this year, the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to further support overseas institutional investors in conducting bond repurchase transactions in the Chinese bond market.
On December 19, the SSE, together with China Securities Depository and Clearing (CSDC), issued an notice to support overseas institutional investors in conducting exchange-traded bond repurchase transactions, marking a further expansion of investment options for overseas institutional investors in the Chinese capital market.
https://www.sse.com.cn/lawandrules/sselawsrules2025/bond/trading/currency/c/c_20251219_10802253.shtml (original source in Chinese)
On December 19, the SSE, together with China Securities Depository and Clearing (CSDC), issued an notice to support overseas institutional investors in conducting exchange-traded bond repurchase transactions, marking a further expansion of investment options for overseas institutional investors in the Chinese capital market.
SSE Issues Review Guidelines for Commercial Rocket Companies under the Fifth Set of STAR Market Listing Standards
2025/12/26
The government work reports of 2024 and 2025 both proposed promoting the development of commercial space industry clusters. Due to challenges in technical complexity, capital requirements, and R&D cycle, Chinese commercial rocket companies are in urgent need of support from capital markets on the cusp of large-scale commercialization.
The Guideline, following the requirements of the fifth set of STAR Market listing standards and taking into account the innovation needs in the commercial rocket sector, lays out specific criteria on determining leading technological strength, milestone achievements, approvals obtained from relevant national authorities, and market potential.
https://english.sse.com.cn/news//newsrelease/c/c_20251229_10803308.shtml
The Guideline, following the requirements of the fifth set of STAR Market listing standards and taking into account the innovation needs in the commercial rocket sector, lays out specific criteria on determining leading technological strength, milestone achievements, approvals obtained from relevant national authorities, and market potential.
SSE Solicits Public Opinions on Revisions to Rules for Listing of Stocks and Guidelines for Standardized Operation for the Main Board and the STAR Market
2025/12/31
This revision aims to further regulate the conduct of key minority groups, including directors, senior management, controlling shareholders and actual controllers of listed companies, guide board secretaries to actively perform their duties, promote listed companies to optimize internal governance, and effectively protect the legitimate rights and interests of minority investors.
https://english.sse.com.cn/news//newsrelease/c/c_20260105_10804132.shtml
https://www.sse.com.cn/lawandrules/publicadvice/c/c_20251231_10803809.shtml (original source in Chinese)
SSE Monthly Data
Equity Market Overview
| Market | No. of Listed Companies | Total Market Cap. (RMB tn) | Average Daily Trading Value (RMB bn) | MoM Change (%) |
|---|---|---|---|---|
| Main Board A | 1699 | 54.37 | 590.74 | -5.51 |
| STAR Market | 600 | 10.32 | 184.47 | 0.96 |
| Total (A Shares) | 2299 | 64.69 | 775.20 | -4.05 |
Index Performance
Note: the indexes are rebased to November 28, 2025
| Indexes | Closing Price | Monthly Performance | YTD Performance | PE* |
|---|---|---|---|---|
| SSE Composite | 3968.84 | 2.06 | 18.41 | 16.30 |
| SSE 50 | 3031.13 | 2.07 | 12.90 | 12.25 |
| STAR 50 | 1344.20 | 1.28 | 35.92 | 63.62 |
| CSI 300 | 4629.94 | 2.28 | 17.66 | 15.12 |
| CSI 500 | 7465.57 | 6.17 | 30.39 | 28.20 |
*Based on previous year's annual report, excluding loss-making companies
Capital Raised through IPO
| Market | 2025 December | 2025 Total | ||
|---|---|---|---|---|
| No. of IPO | Capital Raised (RMB bn) | No. of IPO | Capital Raised (RMB bn) | |
| SSE Main Board | 1 | 1.01 | 23 | 43.23 |
| STAR Market | 7 | 20.10 | 19 | 38.06 |
| Total | 8 | 21.11 | 42 | 81.29 |
Shanghai-Hong Kong Stock Connect
| Average Daily Trading Value (RMB bn) | MoM Change (%) | |
|---|---|---|
| Northbound | 95.09 | -9.15 |
| Southbound | 49.38 | -17.38 |
Bond Market Overview
| Bond Types | Market Value (RMB bn) | MoM Change (%) | Average Daily Trading Value (RMB bn) | MoM Change (%) |
|---|---|---|---|---|
| Treasury bonds | 1274.95 | -1.78 | 38.41 | 72.97 |
| Local government bonds | 2304.02 | 0.09 | 2.36 | 45.55 |
| Financial bonds | 56.00 | -0.07 | 0.12 | -57.02 |
| Corporate bonds & Enterprise bonds | 13908.68 | 0.81 | 77.35 | 0.64 |
| Convertible bonds | 450.29 | 0.33 | 36.17 | 19.16 |
| Asset-backed securities | 1734.02 | 3.53 | 4.44 | 20.66 |
| Total* | 19727.96 | 0.77 | 158.85 | 17.66 |
*Bond repo not included
Fund Market Overview
| Fund Types | No. of Listed Products | Market Value (RMB bn) | MoM Change (%) | Average Daily Trading Value (RMB bn) | MoM Change (%) |
|---|---|---|---|---|---|
| ETF | 797 | 4215.22 | 3.42 | 304.42 | -6.61 |
| LOF | 119 | 10.60 | 3.34 | 0.21 | -21.93 |
| REITs | 52 | 146.17 | -1.07 | 0.33 | -20.41 |
| Total | 968 | 4371.99 | 3.26 | 304.97 | -6.64 |
Derivatives Market Overview
| Options | Average Daily No. of Contracts Traded (mn) | MoM Change (%) | Volume Put/Call Ratio (%) | Total Open Interest | MoM Change (%) | Open Interest Put/Call Ratio (%) |
|---|---|---|---|---|---|---|
| SSE 50ETF Options | 0.77 | -13.75 | 96.35 | 1.01 | -11.90 | 89.58 |
| CSI 300 ETF Options | 0.99 | -11.60 | 96.74 | 1.09 | -5.18 | 87.43 |
| CSI 500 ETF Options | 1.26 | -17.70 | 101.01 | 1.07 | -5.67 | 107.29 |
| ChinaAMC STAR 50 ETF Options | 1.15 | -17.73 | 80.05 | 1.86 | -3.19 | 76.71 |
| E FUND STAR 50 ETF Options | 0.22 | -21.16 | 86.51 | 0.48 | -12.29 | 87.89 |
SSE New Listed Companies
| Code | Name | Industry | Market Cap. (RMB bn) | PE (TTM) | Listing Day Performance (%) |
|---|---|---|---|---|---|
| Main Board | |||||
| 603248.SH | Jiangsu Xihua New Energy Technology Co., Ltd. | Capital Goods | 10.11 | 50.68 | 264.46 |
| STAR Market | |||||
| 688809.SH | Maxone Semiconductor (Suzhou) Co., Ltd. | Technology Hardware And Device | 33.27 | 94.57 | 165.61 |
| 688805.SH | Ningbo Jansen Superconducting Technologies Co., Ltd. | Medical Health Care Device And Service | 7.07 | 102.36 | 212.81 |
| 688807.SH | Xiamen Ux Ic Co., Ltd. | Semiconductors | 14.98 | 169.27 | 346.57 |
| 688802.SH | Metax Integrated Circuits (Shanghai) Co., Ltd. | Semiconductors | 232.10 | -238.59 | 692.95 |
| 688790.SH | Beijing Onmicro Electronics Co., Ltd. | Technology Hardware And Device | 14.71 | -127.28 | 160.11 |
| 688796.SH | Biocytogen Pharmaceuticals (Beijing) Co., Ltd. | Pharmaceuticals, Biotechnology & Life Sciences | 21.21 | 94.05 | 146.63 |
| 688795.SH | Moore Threads Technology Co., Ltd. | Semiconductors | 276.33 | -190.34 | 425.46 |
Edited by LI Tianfang, FANG Yuqin, Dept. of International Affairs, Shanghai Stock Exchange.
Global Investor Services Team
Dept. of International Affairs
Shanghai Stock Exchange | 上海证券交易所
Dept. of International Affairs
Shanghai Stock Exchange | 上海证券交易所
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