On January 14, 2026, upon the approval of the China Securities Regulatory Commission (CSRC), the Shanghai, Shenzhen and Beijing Stock Exchanges issued a notice to raise the minimum margin ratio required for leveraged purchase of securities from 80% to 100%.
It should be noted that this adjustment shall only apply to newly opened margin trading contracts. Outstanding margin trading contracts at the time of implementation of the adjustment and their roll-overs shall still be subject to the relevant provisions prior to the adjustment.
Shanghai Stock Exchange
Newsletter - January 2026
Newsletter - January 2026
Source: SSE, Wind, as of Jan 31, 2026
SSE Monthly News Highlights
SSE Raises Minimum Margin Requirement for Leveraged Trading
2026/1/14
https://english.sse.com.cn/news//newsrelease/c/c_20260115_10805262.shtml
China Extends Tax Exemption for Overseas Investors in Chinese Bond Market
2026/1/15 Source: Xinhua
China will continue to exempt overseas institutions from paying corporate income tax and value-added tax on bond interest income gained from the Chinese bond market, the Ministry of Finance and the State Taxation Administration announced on Thursday.
The policy will be effective from Jan. 1, 2026 to Dec. 31, 2027, according to a joint statement released by the two government departments.
https://english.news.cn/20260115/b1ca407064914b7ab7ce58e4ea0d2c54/c.html
https://szs.mof.gov.cn/zhengcefabu/202601/t20260115_3981930.htm (original source in Chinese)
The policy will be effective from Jan. 1, 2026 to Dec. 31, 2027, according to a joint statement released by the two government departments.
China's National Economy in 2025: A Review
2026/1/19 Source: National Bureau of Statistics of China
China's GDP grew 5% YoY in 2025, meeting the annual target of around 5%, with GDP reaching a record of 140.19 trillion yuan (about 20.01 trillion U.S. dollars). For a full review of China's national economic performance, please visit the link below:
https://www.stats.gov.cn/english/PressRelease/202601/t20260119_1962328.html
China Expands Futures Market Access, Adding 14 Varieties for Overseas Traders
2026/1/23 Source: Xinhua
The China Securities Regulatory Commission has expanded access for overseas investors to 14 new futures and options varieties in China's futures market, as part of ongoing efforts to deepen financial opening up.
The newly added specific domestic varieties include nickel futures and options on the Shanghai Futures Exchange, lithium carbonate futures and options on the Guangzhou Futures Exchange. They also cover select products on the Zhengzhou Commodity Exchange, as well as TSR 20 options, low-sulphur fuel oil options, and international copper options on the Shanghai International Energy Exchange.
https://english.news.cn/20260123/50aa6de719ac4ed5b442a8b072ad9367/c.htm
https://www.csrc.gov.cn/csrc/c100028/c7610910/content.shtml (original source in Chinese)
The newly added specific domestic varieties include nickel futures and options on the Shanghai Futures Exchange, lithium carbonate futures and options on the Guangzhou Futures Exchange. They also cover select products on the Zhengzhou Commodity Exchange, as well as TSR 20 options, low-sulphur fuel oil options, and international copper options on the Shanghai International Energy Exchange.
SSE Releases Three Annexes to the Guide on Sustainability Reporting to Promote High-Quality Disclosure by Listed Companies
2026/1/30
SSE recently released three annexes to the guide on compilation of sustainability reports, covering topics of pollutant emission, energy utilization, and water utilization. The annexes are available to the public in both Chinese and English languages.
https://english.sse.com.cn/news//newsrelease/c/c_20260130_10807624.shtml
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 | 1702 | 55.68 | 975.16 | 65.08 |
| STAR Market | 601 | 11.51 | 323.79 | 75.53 |
| Total (A Shares) | 2303 | 67.19 | 1298.95 | 67.56 |
Index Performance
Note: the indexes are rebased to December 31, 2025
| Indexes | Closing Price | Monthly Performance | YTD Performance | PE* |
|---|---|---|---|---|
| SSE Composite | 4117.95 | 3.76 | 3.76 | 16.90 |
| SSE 50 | 3066.50 | 1.17 | 1.17 | 12.18 |
| STAR 50 | 1509.40 | 12.29 | 12.29 | 71.20 |
| CSI 300 | 4706.34 | 1.65 | 1.65 | 15.18 |
| CSI 500 | 8370.52 | 12.12 | 12.12 | 31.62 |
*Based on previous year's annual report, excluding loss-making companies
Capital Raised through IPO
| Market | 2026 January | 2026 Total | ||
|---|---|---|---|---|
| No. of IPO | Capital Raised (RMB bn) | No. of IPO | Capital Raised (RMB bn) | |
| SSE Main Board | 3 | 5.71 | 3 | 5.71 |
| STAR Market | 1 | 1.56 | 1 | 1.56 |
| Total | 4 | 7.27 | 4 | 7.27 |
Shanghai-Hong Kong Stock Connect
| Average Daily Trading Value (RMB bn) | MoM Change (%) | |
|---|---|---|
| Northbound | 167.49 | 76.14 |
| Southbound | 74.55 | 50.99 |
Bond Market Overview
| Bond Types | Market Value (RMB bn) | MoM Change (%) | Average Daily Trading Value (RMB bn) | MoM Change (%) |
|---|---|---|---|---|
| Treasury bonds | 1295.84 | 1.64 | 40.91 | 6.53 |
| Local government bonds | 2331.40 | 1.19 | 1.69 | -28.24 |
| Financial bonds | 46.16 | -17.58 | 0.28 | 125.11 |
| Corporate bonds & Enterprise bonds | 14087.18 | 1.28 | 75.77 | -2.04 |
| Convertible bonds | 470.37 | 4.46 | 49.38 | 36.49 |
| Asset-backed securities | 1767.44 | 1.93 | 4.05 | -8.71 |
| Total* | 19998.38 | 1.37 | 172.08 | 8.33 |
*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 | 816 | 3705.46 | -12.09 | 428.37 | 40.72 |
| LOF | 119 | 11.58 | 9.21 | 0.38 | 83.40 |
| REITs | 52 | 152.18 | 4.12 | 0.46 | 37.73 |
| Total | 987 | 3869.22 | -11.50 | 429.22 | 40.74 |
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 | 1.15 | 48.60 | 77.34 | 1.16 | 14.99 | 74.46 |
| CSI 300 ETF Options | 1.41 | 42.11 | 87.19 | 1.28 | 17.03 | 82.35 |
| CSI 500 ETF Options | 2.08 | 65.57 | 91.65 | 1.27 | 19.10 | 123.65 |
| ChinaAMC STAR 50 ETF Options | 2.03 | 76.41 | 83.90 | 2.04 | 9.39 | 83.15 |
| E FUND STAR 50 ETF Options | 0.35 | 63.15 | 77.78 | 0.46 | -4.95 | 82.74 |
SSE New Listed Companies
| Code | Name | Industry | Market Cap. (RMB bn) | PE (TTM) | Listing Day Performance (%) |
|---|---|---|---|---|---|
| Main Board | |||||
| 601112.SH | Zhejiang Zhenshi New Materials Co., Ltd. | Materials | 37.73 | 48.44 | 121.65 |
| 603352.SH | Chongqing Zhixin Industrial Co., Ltd | Automobiles & Components | 10.05 | 43.13 | 213.44 |
| 603402.SH | Shaanxi Tourism Culture Industry Holding Co.,Ltd. | Media | 11.24 | 29.92 | 64.10 |
| STAR Market | |||||
| 688785.SH | Shenzhen CSL Vacuum Science and Technology Co., Ltd. | Semiconductors & Semiconductor Equipment | 28.25 | 249.95 | 302.8 |
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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