On March 27, the SSE revised the Criteria for Identifying “Light-Asset, High R&D Investment”. The update primarily introduces, for the first time, identification criteria for “light-asset, high R&D investment” companies on the SSE Main Board, while the existing standards for the STAR Market remain unchanged.
The guidelines aim to encourage technology companies listed on the Main Board to use refinancing proceeds for research and development.
Shanghai Stock Exchange
Newsletter - March 2026
Newsletter - March 2026
Source: SSE, Wind, as of March 31, 2026
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 | 53.49 | 794.23 | 6.17 |
| STAR Market | 606 | 10.36 | 229.02 | -2.35 |
| Total (A Shares) | 2308 | 63.85 | 1023.26 | 4.14 |
Index Performance
Note: the indexes are rebased to February 27, 2026
| Indexes | Closing Price | Monthly Performance | YTD Performance | PE* |
|---|---|---|---|---|
| SSE Composite | 3891.86 | -6.51 | -1.94 | 16.10 |
| SSE 50 | 2826.12 | -7.02 | -6.76 | 11.77 |
| STAR 50 | 1256.33 | -15.57 | -6.54 | 62.58 |
| CSI 300 | 4450.05 | -5.53 | -3.89 | 14.68 |
| CSI 500 | 7617.33 | -12.02 | 2.03 | 29.16 |
*Based on previous year's annual report, excluding loss-making companies
Capital Raised through IPO
| Market | 2026 March | 2026 Total | ||
|---|---|---|---|---|
| No. of IPO | Capital Raised (RMB bn) | No. of IPO | Capital Raised (RMB bn) | |
| SSE Main Board | 0 | 0 | 4 | 6.43 |
| STAR Market | 2 | 3.32 | 6 | 8.92 |
| Total | 2 | 3.32 | 10 | 15.35 |
Shanghai-Hong Kong Stock Connect
| Average Daily Trading Value (RMB bn) | MoM Change (%) | |
|---|---|---|
| Northbound | 139.37 | -2.05 |
| Southbound | 84.61 | 36.69 |
Bond Market Overview
| Bond Types | Market Value (RMB bn) | MoM Change (%) | Average Daily Trading Value (RMB bn) | MoM Change (%) |
|---|---|---|---|---|
| Treasury bonds | 1293.34 | -1.43 | 60.98 | 40.56 |
| Local government bonds | 2362.44 | 1.65 | 2.32 | 85.03 |
| Financial bonds | 36.14 | -20.99 | 0.00 | -97.02 |
| Corporate bonds & Enterprise bonds | 14304.62 | 0.21 | 77.67 | 11.13 |
| Convertible bonds | 413.48 | -11.17 | 37.31 | -13.80 |
| Asset-backed securities | 1785.93 | -0.82 | 3.89 | 42.89 |
| Total* | 20195.94 | -0.13 | 182.17 | 13.41 |
*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 | 841 | 3385.62 | -7.73 | 378.73 | 0.47 |
| LOF | 119 | 11.73 | -0.09 | 2.18 | 263.62 |
| REITs | 53 | 147.82 | -2.70 | 0.38 | 7.87 |
| Total | 1013 | 3545.17 | -7.50 | 381.29 | 0.90 |
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 | 0.99 | 25.10 | 83.98 | 1.29 | 18.21 | 72.21 |
| CSI 300 ETF Options | 1.20 | 25.20 | 95.79 | 1.18 | -1.00 | 65.40 |
| CSI 500 ETF Options | 1.85 | 23.16 | 118.67 | 1.28 | 13.92 | 91.58 |
| ChinaAMC STAR 50 ETF Options | 1.23 | 3.82 | 105.09 | 1.64 | -6.51 | 67.21 |
| E FUND STAR 50 ETF Options | 0.21 | 16.50 | 87.38 | 0.40 | -2.06 | 62.02 |
SSE New Listed Companies
| Code | Name | Industry | Market Cap. (RMB bn) | PE (TTM) | Listing Day Performance (%) |
|---|---|---|---|---|---|
| STAR Market | |||||
| 688813.SH | Xi'an Taijin New Energy&Materials Sci-Tech Co., Ltd. | Diversified Metals & Mining | 7.92 | 38.78 | 88.24 |
| 688781.SH | Seeya Technology Corp. | Electronic Equipment & Instruments | 35.70 | -168.13 | 102.82 |
Monthly News Highlights
SSE Introduces “Light-Asset, High R&D Investment” Criteria for Main Board Companies
2026/3/27
https://www.sse.com.cn/lawandrules/sselawsrules2025/stocks/review/refinancing/c/c_20260327_10813273.shtml (in Chinese)
SSE Releases Sustainability Disclosure Casebook to Enhance ESG Governance of Listed Companies
2026/3/27
To enhance the quality, standardization, and effectiveness of sustainability disclosure among companies listed on the SSE, the SSE has compiled and released a Collection of Representative Practices on Sustainability Disclosure of SSE-listed Companies.
Aligned with relevant guidelines, the collection selects 56 exemplary cases from SSE-listed companies with high CSI ESG ratings, showcasing best practices across disclosure frameworks, key elements, and critical topics, providing practical references for the preparation of high-quality sustainability reports.
https://www.sse.com.cn/aboutus/research/latest/ (in Chinese)
Aligned with relevant guidelines, the collection selects 56 exemplary cases from SSE-listed companies with high CSI ESG ratings, showcasing best practices across disclosure frameworks, key elements, and critical topics, providing practical references for the preparation of high-quality sustainability reports.
China Releases Draft Financial Law for Public Consultation
2026/3/20 Source: Xinhua
China unveiled a draft financial law to gather public feedback. The draft, published on the websites of the Ministry of Justice, the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, is open for public comment until April 19.
As the first comprehensive basic law in China's financial sector, the draft seeks to strengthen financial regulation across the board, prevent and defuse financial risks, promote high-quality financial development, address prominent issues constraining such development, and better leverage the rule of law to consolidate foundations, stabilize expectations and deliver long-term benefits.
https://english.news.cn/20260321/742cd9624beb4447a16f323100babd00/c.html
As the first comprehensive basic law in China's financial sector, the draft seeks to strengthen financial regulation across the board, prevent and defuse financial risks, promote high-quality financial development, address prominent issues constraining such development, and better leverage the rule of law to consolidate foundations, stabilize expectations and deliver long-term benefits.
SSE Holds the "Post-Two Sessions Outlook" Virtual Roadshow
2026/3/16
The SSE held the "Focus on SSE: Post-Two Sessions Outlook 2026" on March 16, 2026. Around 40 foreign institutions from Europe, North America, the Asia-Pacific, and the Middle East participated online.
The event aimed to promptly convey the positive signals released by the “Two Sessions” to international investors, highlighting the improving performance of China’s macroeconomy and the investment opportunities in its capital markets.
https://english.sse.com.cn/events/conference/past/c/c_20260323_10812750.shtml
The event aimed to promptly convey the positive signals released by the “Two Sessions” to international investors, highlighting the improving performance of China’s macroeconomy and the investment opportunities in its capital markets.
CSRC Releases Short-Swing Trading Rules
2026/3/6
China’s securities regulator has issued new rules on short-swing trading, which will take effect on April 7, 2026, clarifying the scope of applicable investors, securities and calculation standards.
The rules introduce exemption scenarios and allow holdings managed by professional institutions (including domestic and foreign public funds, pension funds, insurance funds, etc.) to be calculated separately on a per-product or per-portfolio basis, aiming to facilitate trading and encourage long-term capital participation in China’s capital markets.
https://www.csrc.gov.cn/csrc/c100028/c7618628/content.shtml (original source in Chinese)
The rules introduce exemption scenarios and allow holdings managed by professional institutions (including domestic and foreign public funds, pension funds, insurance funds, etc.) to be calculated separately on a per-product or per-portfolio basis, aiming to facilitate trading and encourage long-term capital participation in China’s capital markets.
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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