Shanghai Stock Exchange marks its 35th anniversary

November 26th marks the 35th anniversary of the establishment of Shanghai Stock Exchange (SSE). Established in 1990 as the first securities exchange approved in the Chinese mainland, the SSE has grown into a cornerstone of China's capital market, carrying out core functions including centralized trading, market supervision and self-regulation.

When the exchange first opened, the market had only 30 listed securities. Thirty-five years on, the SSE has transformed into one of the world's major exchanges. It now hosts more than 2,300 listed companies with a total market capitalization exceeding 60 trillion yuan ($8.5 trillion), spanning equities, bonds, ETFs, REITs and the STAR Market.

A major milestone was achieved in 2014 with the launch of Shanghai–Hong Kong Stock Connect, opening a new chapter for China's capital-market internationalization.

The program allows overseas investors to access A-shares via Hong Kong, and has paved the way for global index providers, including MSCI, FTSE Russell and S&P Dow Jones to expand the weight of A-shares in their benchmarks.

In 2019, SSE launched the STAR Market, introducing a registration-based IPO system designed to serve high-tech and strategic emerging industries such as advanced manufacturing, semiconductors, biomedicine and artificial intelligence.

Later the same year, the Shanghai–London Stock Connect began operation, enabling companies in China and the UK to issue depository receipts and achieve cross-border listings, further broadening two-way openness.

During the 14th Five-Year Plan period (2021-2025), the STAR Market continued expanding its role as China's hub for tech enterprises. A total of 379 new companies were listed, with STAR Market firms generating more than 120,000 patents.

The market's total capitalization now stands at around 10 trillion yuan, reinforcing its position as the preferred listing destination for Chinese innovation-driven companies.

Shanghai's broader business ecosystem has also strengthened its openness. By September this year, the city had recognized 1,060 regional headquarters of multinational companies and 631 foreign-funded R&D centers.

As China advances its financial-power strategy, Shanghai is building a more open and mature regulatory framework, providing global capital with an "Eastern option" for risk hedging and shared growth. Looking ahead, the SSE is expected to play an even more strategic role under the 15th Five-Year Plan.