China Europe International Exchange AG

What China Europe International Exchange AG does

China Europe International Exchange AG (CEINEX) is a Frankfurt-based joint venture established in 2015 between Shanghai Stock Exchange (40%), Deutsche Börse Group (40%), and China Financial Futures Exchange (20%), created as the first dedicated trading venue for China- and RMB-related investment products outside mainland China. CEINEX does not hold its own exchange license; it completely outsources trading, clearing, settlement, and custody to Deutsche Börse Group's integrated infrastructure - Xetra for trading, Eurex Clearing for clearing, and Clearstream (which holds more than EUR 13 trillion in assets under custody) for settlement and custody. The platform supports multi-currency trading in CNY (offshore RMB), EUR, and USD, and hosts approximately 200 products including D-Shares (shares of Chinese-incorporated companies listed in Frankfurt), RMB-denominated bonds (including green bonds supporting the Belt and Road Initiative), ETFs tracking Chinese indices such as SSE 50, CSI 300, and S&P China 500 under the UCITS framework, ETF derivatives, and Global Depositary Receipts.

CEINEX serves two primary customer groups: international institutional investors (central banks, sovereign wealth funds, asset managers, and banks) seeking exposure to Chinese underlyings during European trading hours under European regulation, and Chinese issuers - blue-chip companies, policy banks, and SOEs - seeking access to European capital markets for D-Share listings and bond issuances. Marquee issuers include Qingdao Haier (the first D-Share in 2018), China Development Bank (first quasi-sovereign green bond), Agricultural Development Bank of China, Bank of China, China Construction Bank, and asset managers such as VanEck. Revenue is generated through listing and admission fees, trading and transaction fees routed via Frankfurt Stock Exchange membership, and marketplace product fees on ETFs, bonds, and derivatives, with reported average monthly trading volume of approximately RMB 500 million.

The go-to-market model combines enterprise field sales to institutional issuers and members with an event-driven strategy anchored on high-level bilateral government platforms - notably the China-Germany High Level Financial Dialogue (where CEINEX was a direct outcome of the 1st dialogue in 2015 and is reaffirmed in subsequent joint statements), the annual China Europe Finance Summit, and Belt and Road / Silk Road seminars. Distribution occurs exclusively through Deutsche Börse Group's channels: ~200 Xetra participants have automatic eligibility to trade CEINEX products, while indirect access is available via brokers and service providers.

Name

China Europe International Exchange AG

Legal name

China Europe International Exchange AG

Website

https://ceinex.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

CEINEX is a Frankfurt-based joint venture of Shanghai Stock Exchange, Deutsche Börse Group, and CFFEX that operates the first dedicated offshore trading venue for China- and RMB-related investment products, serving Chinese issuers and international institutional investors on Deutsche Börse's Xetra/Eurex/Clearstream infrastructure.

Ownership category

akta.pro rank

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Listing and Admission Fees: CEINEX charges issuers for listing and admission of securities on its marketplace. Chinese companies listing D-Shares and bonds on the CEINEX marketplace pay listing fees under Deutsche Börse's regulatory framework.
2. Trading and Transaction Fees: Exchange membership fees and trading fees are collected through Frankfurt Stock Exchange memberships. Deutsche Börse members are automatically eligible for CEINEX product trading.
3. Marketplace Product Fees: Fees for ETFs, bonds, and other China-related products traded on the CEINEX platform through Xetra and Eurex infrastructure.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

CEINEX operates a Sino-German offshore trading venue for China- and RMB-related investment products, listing and admitting securities such as D-Shares, Global Depositary Receipts, ETFs/ETPs tracking Chinese indices, RMB-denominated and green bonds, and ETF derivatives. Products trade under European regulation on Deutsche Börse's Xetra platform with multi-currency settlement via Clearstream and clearing through Eurex Clearing AG. Issuer, member, and investor services cover the full value chain including issuance support, listing admission, trading access, clearing, settlement, custody, and training.

Product overview

CEINEX is a platform-plus-services model offering the first dedicated trading venue for China- and RMB-related investment products outside mainland China. The core product portfolio includes Global Depositary Receipts, D-Shares (Chinese company shares listed in Frankfurt), ETFs/ETPs tracking Chinese indices, Bonds (including RMB, green, and Euro-denominated bonds), and ETF Derivatives. These products are supported by a full-service infrastructure comprising Issuance, Listing, Trading, Clearing, and Settlement & Custody services. CEINEX operates on Deutsche Börse Group's infrastructure (Xetra for trading, Eurex Clearing for clearing, Clearstream for settlement) under European regulatory standards. All products are tradable in RMB and/or Euro, enabling international investors to access Chinese capital markets during European time zones with European regulatory oversight.

Differentiator

Problem solved

Functional benefit

Brands

• D-Share Market: Market segment for shares issued by companies incorporated in China and listed on Frankfurt Stock Exchange through CEINEX
• CEINEX Academy
• CEINEX D-Share Market

Products and services

• D-Shares
• Global Depositary Receipts (GDR)
• ETF/ETP
• Bonds
• ETF Derivatives
• Issuance Services
• Listing Services
• Trading Services
• Clearing Services
• Settlement & Custody
• CEINEX Academy

Quantifiable outcome

• RMB 170 million traded within first two weeks of market launch in November 2015
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

15 partnerships are on record, tiered minor and core.

• VanEckminorChannel Partner/ Reseller/ Distributor · 29 September 2021VanEck launched the VanEck Vectors New China ESG UCITS ETF on CEINEX's marketplace in Frankfurt on September 29, 2021. The ETF tracks the MarketGrader New China ESG Index and is the 16th ETF on CEINEX. VanEck manages approximately $83 billion USD worldwide.
• Sino-German Center of Frankfurt School of Finance & ManagementminorStrategic or Co-development Partner · 20 October 2020CEINEX co-organized the China Europe Finance Summit with the Sino-German Center of the Frankfurt School of Finance & Management and Maleki Corporate Group. The 2020 virtual event attracted over 500 registrants from around the world.
• Maleki Corporate GroupminorStrategic or Co-development Partner · 20 October 2020CEINEX co-organized the China Europe Finance Summit with Maleki Corporate Group and the Sino-German Center of Frankfurt School of Finance & Management.
• Bank of ChinacoreStrategic or Co-development Partner · 1 December 2018Bank of China signed MoU with CEINEX in December 2018 to support Chinese enterprises to be listed in the CEINEX D-Share Market in Frankfurt. The MoU was explicitly welcomed in the Joint Statement of the 2nd China-Germany High Level Financial Dialogue.
• Deutsche BankcoreChannel Partner/ Reseller/ Distributor · 24 October 2018Deutsche Bank acted as global coordinator for the Qingdao Haier D-Share IPO on CEINEX. Deutsche Bank and Baader Bank serve as designated sponsors in Xetra trading for D-Shares. Deutsche Bank is a key GTM partner for CEINEX D-Share Market listings.
• Baader BankcoreChannel Partner/ Reseller/ Distributor · 24 October 2018Baader Bank serves as designated sponsor in Xetra trading and as the specialist on Börse Frankfurt for D-Share listings. Baader Bank is a key market participant facilitating CEINEX product trading.
• J.P. MorganminorChannel Partner/ Reseller/ Distributor · 24 October 2018J.P. Morgan served as joint bookrunner for the Qingdao Haier D-Share IPO on CEINEX D-Share Market, along with Deutsche Bank, UBS, and CICC.
• UBSminorChannel Partner/ Reseller/ Distributor · 24 October 2018UBS served as joint bookrunner for the Qingdao Haier D-Share IPO on CEINEX D-Share Market.
• CICC (China International Capital Corporation)minorChannel Partner/ Reseller/ Distributor · 24 October 2018CICC served as joint bookrunner for the Qingdao Haier D-Share IPO on CEINEX D-Share Market. CICC UK later became the first German GDR cross-border conversion institution on November 17, 2022.
• China Development Bank (CDB)coreChannel Partner/ Reseller/ Distributor · 15 November 2017China Development Bank issued its first quasi-sovereign international green bond on CEINEX marketplace in Frankfurt. The issuance included USD 500 million (5-year, 2.75% coupon) and EUR 1 billion (4-year, 0.375% coupon) green bonds supporting Belt & Road Initiative green projects. CDB is the world's largest development finance institution.
• Research Institute of Machinery, Industry, Economy & Management (RIMIEM)minorStrategic or Co-development Partner · 16 September 2017CEINEX and RIMIEM signed MoU in Beijing to enhance mutual cooperation in areas of Sino-German manufacturing industry and financial markets research. The cooperation aims to promote how financial markets can enhance mutual real economy development, initially catering for 'Made in China 2025' and Germany's 'Industry 4.0'.
• China Construction Bank (CCB)coreStrategic or Co-development Partner · 30 October 2015CCB signed MoU with CEINEX to jointly develop RMB-denominated financial instruments for trading on CEINEX, including Chinese securities, offshore RMB bonds, and RMB-denominated ETFs. CCB Frankfurt Branch became the first Chinese direct clearing member at Eurex Clearing for both cash and derivatives markets, enabling direct participation in CEINEX.
• Shanghai Stock Exchange (SSE)coreStrategic or Co-development Partner · 27 May 2015Shanghai Stock Exchange holds 40% ownership in CEINEX as one of three founding joint venture partners. SSE is China's leading stock market (founded 1990) with total market capitalization of RMB 28.9 trillion at time of CEINEX founding. SSE contributes expertise in Chinese financial markets and products, and is instrumental in the 'A plus D-model' strategy for D-Share listings.
• Deutsche Börse GroupcoreStrategic or Co-development Partner · 27 May 2015Deutsche Börse Group holds 40% ownership in CEINEX as one of three founding joint venture partners. Provides the complete market infrastructure covering trading (Xetra), clearing (Eurex Clearing), settlement, custody (Clearstream), and market data. CEINEX completely outsources its market structure and operational infrastructure to Deutsche Börse Group.
• China Financial Futures Exchange (CFFEX)coreStrategic or Co-development Partner · 27 May 2015China Financial Futures Exchange holds 20% ownership in CEINEX as one of three founding joint venture partners. CFFEX contributes derivatives expertise and has launched products including CSI 300 stock index futures, SSE 50, CSI 500 futures, and government bond futures. CFFEX supports CEINEX's derivatives product development.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Others

• Shanghai Stock Exchange (SSE): CEINEX's 40% parent and China's leading mainland stock exchange (RMB 28.9 trillion market cap at founding). Comparable as the upstream source of D-Share issuers and as a peer venue for Chinese blue-chip listings, though it operates onshore under CSRC regulation rather than EU rules.
• Deutsche Börse Group: CEINEX's 40% parent and the operator of Xetra, Eurex, and Clearstream — the same infrastructure on which CEINEX is built. Comparable as the underlying exchange venue that hosts CEINEX's products, though Deutsche Börse operates the broader European cash and derivatives markets rather than specializing in China/RMB.
• China Financial Futures Exchange (CFFEX): CEINEX's 20% parent and China's primary derivatives exchange offering CSI 300, SSE 50, CSI 500, and Treasury futures. Comparable as the upstream source of Chinese index expertise and derivatives product support for CEINEX, though CFFEX operates onshore under CSRC regulation.

Broad incumbents

• Hong Kong Exchanges and Clearing (HKEX): Hong Kong's primary exchange operator and the dominant offshore venue for China-related listings via Stock Connect, Northbound and Southbound trading. Directly comparable to CEINEX as a major offshore access point for Chinese equities and RMB-denominated products, but with vastly deeper liquidity and broader product coverage.
• Euronext: Pan-European exchange operator running equity, bond, and derivatives markets across Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris. Comparable to CEINEX as a European exchange venue potentially competing for Chinese blue-chip listings and serving institutional investors seeking exposure to international products.
• London Stock Exchange Group (LSE): Operates the London Stock Exchange, which has hosted RMB bond listings, GDR programs, and Chinese company admissions. Comparable to CEINEX as a European venue bridging into Chinese capital markets, though at significantly greater scale and with broader asset class coverage.

Regional players

• SIX Swiss Exchange: Swiss exchange operator hosting bond and ETF listings including some China-related products under Swiss regulation. Comparable to CEINEX as a European regulated venue with multi-currency capability, though SIX primarily focuses on Swiss domestic listings rather than offshore RMB specialization.
• Boerse Stuttgart: German exchange operator with retail-focused cash market and corporate bond listings. Comparable to CEINEX as a Germany-based venue with bond listing capabilities, though Stuttgart focuses on German Mittelstand and retail structured products rather than China/RMB specialization.

Direct peers

• Singapore Exchange (SGX): Singapore Exchange offers RMB and China-related products including offshore RMB bond listings and China A-share index derivatives. Comparable to CEINEX as a regional Asian offshore venue competing for the same pool of Chinese issuers and RMB-denominated investor demand.
• Luxembourg Stock Exchange (LuxSE): LuxSE is the leading European venue for RMB-denominated bond listings and has been instrumental in RMB internationalization efforts. Directly comparable to CEINEX as a competing European listing venue for the same RMB bond issuers that CEINEX targets.

Market position

Weaknesses1 record

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/china-europe-international-exchange-ag-ceinex
• Facebookfacebook.com/CeinexAG

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about China Europe International Exchange AG