What Shanghai Stock Exchange does

Shanghai Stock Exchange (SSE) is a state-owned securities exchange established in 1990 in Shanghai's Pudong New District, operating under the regulatory oversight of the China Securities Regulatory Commission (CSRC). As one of China's two principal mainland exchanges alongside the Shenzhen Stock Exchange, SSE provides centralized trading infrastructure across two primary listing boards: the SSE Main Board for large-cap, established enterprises and the STAR Market (Science and Technology Innovation Board, launched 2019) for technology and innovation companies, which features a registration-based IPO system and the Fifth Listing Standard enabling unprofitable strategic technology firms — including AI large model enterprises — to list. The exchange operates a multi-product platform spanning equities, bonds (including China's first green railway bond issued by China State Railway Group), funds, REITs (59 listed on SSE raising RMB 176 billion across 86 market-wide), derivatives (SSE 50ETF Options, CSI 300ETF Options, CSI 500ETF Options), and ETFs, with an active pipeline of new product launches including commercial real estate REITs and Active ETFs in 2026.

SSE's core technology and infrastructure stack is anchored by its wholly owned China Securities Index (CSI) subsidiary providing equity, fixed income, and ESG indices; integrated clearing and depository partners including CSDC and HKSCC for cross-border settlement; and electronic trading platforms supporting member securities firms and international access channels. Cross-border connectivity is a defining feature: the Shanghai-Hong Kong Stock Connect (launched 2014) enables two-way trading with HKEX, complemented by China-Japan ETF Connectivity (2020), China-Singapore ETF Connectivity (expanded 2024), QFII/RQFII programs for foreign institutional investors, and a 2025–2026 expansion into Pakistan's Central Depository Company and National Clearing Company. SSE's regulatory function is also substantial, evidenced by active inquiry and sanction actions against listed companies including Country Garden, Ming Yang Smart Energy, Ronbay New Energy Technology, and AI-themed stocks with insufficient disclosure.

SSE is structured as a non-profit membership institution rather than a commercially listed entity, generating revenue across five primary streams: one-time listing fees, transaction-based trading fees, recurring market data subscriptions, CSI index licensing royalties, and annual membership fees from securities firms. With 5,001–10,000 employees and a combined Shanghai-Shenzhen margin financing balance of RMB 2.983 trillion, SSE serves a horizontally segmented customer base spanning listed companies, member securities firms, domestic institutional investors, retail investors, and international (QFII/RQFII) investors — supported by an international engagement stack including the SSE Global Investors Conference (5,000+ institutional attendees annually), Focus on SSE virtual roadshow series, monthly English newsletters, ESG webinars, and the Stock Exchange International Workshop co-hosted with FEAS.

Name

Shanghai Stock Exchange

Legal name

Shanghai Stock Exchange

Website

https://english.sse.com.cn

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The Shanghai Stock Exchange is China's state-owned premier securities exchange, operating the Main Board and STAR Market to provide trading infrastructure for equities, bonds, REITs, derivatives, and ETFs serving listed companies, member firms, and millions of domestic and international investors.

Ownership category

akta.pro rank

Product category

Securities Exchange and Capital Market Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Primary Listing Stock Exchanges (FSAFAAAA)

akta.pro secondary industries

Government Bond (Sovereign) Trading Platforms (FSAFACAA), Corporate Bond Trading Platforms (FSAFACAB)

Keywords

• Securities trading services
• Equity listing platform
• Stock exchange operations
• Bond and REIT markets
• Market data services

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Listing Fees: Fees charged to companies for initial public offerings and listing on the exchange, including both main board and STAR Market listings.
2. Trading Fees: Transaction fees collected from securities trading activities conducted on the exchange, including equities, bonds, funds, and derivatives.
3. Market Data Services: Revenue from providing market data products and information services to market participants and data vendors.
4. Index Licensing: Licensing fees from the use of China Securities Index (CSI) indices by asset management companies and financial institutions.
5. Membership Fees: Annual fees and charges from securities companies and financial institutions that are members of the exchange.

Distribution channels6 records

Marketing channels9 records

Core offering

The Shanghai Stock Exchange operates China's premier securities trading venue, providing listing platforms (Main Board and STAR Market), trading infrastructure, clearing and settlement services, and post-trade data products for equities, bonds, funds, REITs, ETFs, and derivatives. It enables capital raising for domestic and international issuers while offering investment access and market data services to member securities firms, institutional investors, retail investors, and foreign participants through QFII/RQFII and cross-border Stock Connect programs.

Product overview

The Shanghai Stock Exchange operates a multi-product platform serving China's capital markets with two primary listing boards (Main Board for established companies and STAR Market for technology/innovation companies), supported by extensive market infrastructure including equity indices, bonds, REITs, derivatives, and ETFs. The exchange provides cross-border connectivity through Stock Connect programs with Hong Kong, ETF connectivity with Japan and Singapore, and market access for foreign investors via QFII/RQFII programs. Recent product innovations include actively managed ETFs, commercial real estate REITs, and specialized listing standards for AI and emerging technology companies. The exchange also offers comprehensive data services and sustainable finance products including green securities.

Differentiator

Problem solved

Functional benefit

Brands

• STAR Market: Sci-Tech Innovation Board - a dedicated market segment for technology and innovation companies requiring high R&D investment with potential for profitability
• Shanghai-Hong Kong Stock Connect
• SSE 50 Index
• SSE Composite Index

Products and services

• SSE Main Board Primary listing and trading platform for large-cap, established companies on the Shanghai Stock Exchange, featuring standardized listing requirements and trading mechanisms for domestic and international issuers seeking primary capital market access.
• STAR Market (Science and Technology Innovation Board) A sci-tech focused board for innovative technology enterprises with a registration-based IPO system, supporting companies under the Fifth Listing Standard that allows unprofitable firms with strategic technology to list, including AI large model companies, quantum technology, robotics, hydrogen energy, brain-computer interfaces, and 6G.
• Shanghai-Hong Kong Stock Connect Two-way trading link between Shanghai and Hong Kong stock exchanges enabling cross-border investment, with qualified mainland China investors accessing eligible Hong Kong shares (Southbound) and Hong Kong/overseas investors trading eligible A shares (Northbound); scope expanded to include ETFs and small-cap stocks.
• Index Products Range of equity indices including SSE Composite, SSE 50, STAR 50, SSE 180, SSE 380, and CSI 300, providing market benchmarks and investment benchmarks for domestic and international investors; produced via subsidiary China Securities Index Company (CSI).
• Bond Market Exchange bond market offering various fixed income products including green bonds, commercial real estate bonds, and railway bonds, with bond list, bond repo, and direct access for overseas investors.
• REITs (Real Estate Investment Trusts) Real estate investment trust products listed on the exchange, covering expressways, industrial parks, energy, rental housing, and commercial real estate sectors, with expansion assets featuring cross-type and cross-regional innovation.
• Derivatives (Options) Options products including SSE 50ETF Options, CSI 300ETF Options, and CSI 500ETF Options, providing derivatives trading capabilities with daily and monthly statistics and stock option combination strategy unilateral closing functions.
• Exchange-Traded Funds (ETFs) Stock ETFs traded on the exchange with expanded connectivity including Northbound and Southbound ETF trading through Shanghai-Hong Kong Stock Connect, China-Japan ETF Connectivity, and actively managed ETF (Active ETF) offerings.
• Green Securities Sustainable and green financial products including green bonds supporting environmental projects, with China's first green railway bond issued on the exchange by China State Railway Group raising RMB 10 billion.
• Data Services Market data products providing information, significance indicators, transmission and dissemination services, along with company performance data and overseas client list services to member firms and data vendors.
• QFII/RQFII Access Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor programs enabling overseas investors to access the Chinese capital market with license, quota, and investment scope management.
• Active ETFs Actively managed exchange-traded funds combining professional investment research capabilities with standardized ETF operational advantages, featuring portfolio transparency and trading convenience.

Quantifiable outcome

• 86 REITs listed market-wide raising RMB 245 billion, demonstrating strong capital formation capabilities
• +2 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and flagship.

• Federation of Euro-Asian Capital Markets (FEAS)coreStrategic or Co-development Partner · 7 June 2026SSE co-hosted the Stock Exchange International Workshop 2026 with FEAS and Shanghai International Centre for Communication and Cooperation between Exchanges (SICCCE), bringing together exchange leaders and industry experts from stock exchanges around the world for dialogue and cooperation.
• Shanghai International Centre for Communication and Cooperation between Exchanges (SICCCE)coreStrategic or Co-development Partner · 7 June 2026SSE co-hosted the Stock Exchange International Workshop 2026 with SICCCE, supporting the development of international cooperation among exchanges in Eurasia.
• China Financial Futures ExchangecoreStrategic or Co-development Partner · 15 June 2025A Chinese consortium comprising China Financial Futures Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange expanded investment in Pakistan's capital markets. The consortium received approval to increase shareholding in the Central Depository Company and the National Clearing Company of Pakistan Limited, and discussed plans for cross-border ETFs and advanced trading technologies.
• Securities and Exchange Commission of PakistancoreStrategic or Co-development Partner · 15 June 2025The SSE partnered with SEC Pakistan to enable Chinese investment expansion in Pakistan's capital markets, including cross-border ETF launches and modernizing trading and settlement technologies. Regulatory approvals were issued enabling increased shareholding in Pakistani clearing and depository entities.
• Singapore Exchange GroupcoreStrategic or Co-development Partner · 22 July 2024China-Singapore ETF Connectivity program allowing cross-listing and trading of ETFs between SSE and SGX. The scope of eligible ETFs was further expanded under Stock Connect on July 22, 2024. Both parties continue to explore partnerships and cross-trading schemes.
• Hong Kong Exchanges and Clearing Limited (HKEX)flagshipStrategic or Co-development Partner · 17 November 2014The Shanghai-Hong Kong Stock Connect established a two-way trading link between SSE and HKEX, allowing qualified mainland China investors to access eligible Hong Kong shares (Southbound) as well as Hong Kong and overseas investors to trade eligible A shares (Northbound). The program was officially launched on November 17, 2014, and has been in smooth operation since its launch, expanding eligible stocks and ETFs over the years.
• China Securities Index Company (CSI)flagshipTechnology or IntegrationCSI, a subsidiary of SSE, provides comprehensive index services including equity indices, fixed income indices, and ESG indices. The company supports the exchange's index investing ecosystem and develops indices for domestic and international investors.
• China Securities Depository and Clearing Corporation Limited (CSDC)coreTechnology or IntegrationCSDC provides securities registration, custody, and clearing services for the Shanghai market as part of the Stock Connect infrastructure with Hong Kong.
• Hong Kong Securities Clearing Company Limited (HKSCC)coreTechnology or IntegrationHKSCC is the clearing house for Hong Kong Stock Connect transactions, working with CSDC to enable cross-border trading and settlement between Shanghai and Hong Kong markets.
• Singapore Exchange (SGX)coreStrategic or Co-development PartnerSGX is seeking to widen cross-listing schemes with Shanghai and Shenzhen and explore partnerships with HKEX and other exchanges. Plans include launching an international board with Nasdaq and expanding cross-trading schemes with mainland China.

Scale indicators14 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Shenzhen Stock Exchange: China's other primary mainland stock exchange, operating the ChiNext board for tech companies and competing directly with SSE for domestic IPOs, trading volume, and cross-border connectivity mandates.

Regional players

• Hong Kong Exchanges and Clearing (HKEX): Asia's leading publicly traded exchange operator and SSE's flagship Stock Connect partner; competes for Chinese company listings, particularly for dual-listed or H-share offerings, and serves as the offshore gateway to mainland capital.
• Singapore Exchange (SGX): Singapore's primary exchange and SSE's ETF connectivity partner; competes for ASEAN listings and cross-border ETF products while serving as an alternative offshore venue for Asian capital.
• Japan Exchange Group (JPX): Operates Tokyo Stock Exchange and Osaka Exchange; SSE's China-Japan ETF Connectivity partner and a comparable major Asian exchange serving the world's third-largest economy.
• Korea Exchange (KRX): Korea's sole securities exchange operator operating KOSPI and KOSDAQ markets; comparable in scale and Asian regional positioning, with a parallel KONEX board for smaller companies similar to SSE's STAR Market.

Broad incumbents

• Intercontinental Exchange (ICE): Global exchange operator owning NYSE and major derivatives venues; provides a benchmark for publicly traded exchange valuations and competes in cross-border data services and index licensing.
• Nasdaq Inc. Operates the Nasdaq Stock Market and a global exchange technology franchise; competes for Chinese ADRs and dual listings, with deep expertise in tech-company listings analogous to SSE's STAR Market.
• London Stock Exchange Group (LSEG): Global exchange and data infrastructure operator with FTSE Russell index business directly comparable to SSE's CSI subsidiary; competes in index licensing and international market data services.
• Deutsche Börse: German exchange operator running Frankfurt Stock Exchange and Xetra; comparable European incumbent offering equities, derivatives, and indices with international connectivity programs analogous to SSE's Stock Connect.

Emerging players

• Bombay Stock Exchange (BSE): Asia's oldest stock exchange operating from India with a comparable Main Board and SME platform structure; serves as a peer for emerging market exchange infrastructure development and SME listings frameworks.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shanghaistockexchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shanghai Stock Exchange