On April 24, the Shanghai Stock Exchange revised and published the “Shanghai Stock Exchange Trading Rules (2026 Revision)”; the Shenzhen Stock Exchange revised the “Stock Listing Rules” and “Guidelines for Standardized Operations” for the main board and ChiNext; and the Beijing Stock Exchange revised and published the “Beijing Stock Exchange Trading Rules.”

Shanghai Stock Exchange Revised and Published

“Shanghai Stock Exchange Trading Rules”

Recently, with approval from the China Securities Regulatory Commission, the Shanghai Stock Exchange revised and published the “Shanghai Stock Exchange Trading Rules (2026 Revision).” This revision aims to optimize securities trading systems, promote stable market operations, enhance market pricing efficiency and liquidity, and better meet investor trading needs.

The main revisions to the Trading Rules include:

First, the scope of securities applicable to the after-hours fixed-price trading method has been expanded from STAR Market stocks to all A-shares and exchange-traded open-end funds.

Second, the trading method for the fund closing phase has been adjusted from continuous auction to closing call auction, with the closing price determined through call auction.

Third, the price fluctuation limit for risk-warning stocks on the main board has been adjusted from 5% to 10%.

Additionally, adaptive revisions have been made based on rule changes and business needs, including optimizing disciplinary measures and improving certain rule expressions. The Trading Rules will officially take effect on July 6, 2026, providing a transition period for market participants to make adaptive adjustments and prepare technically.

Shenzhen Stock Exchange Revised and Published

Business Rules such as “Stock Listing Rules”

The Shenzhen Stock Exchange revised the “Stock Listing Rules” and “Guidelines for Standardized Operations” for the main board and ChiNext, officially publishing them on April 24. The main revisions include:

First, strengthening the responsibilities of the board secretary. Further detailing the board secretary’s duties in organizing company information disclosure, promoting corporate governance compliance, and facilitating effective internal and external communication.

Second, improving safeguards for the board secretary’s performance. Requiring that the board secretary’s duties be integrated into the company’s daily management processes, clarifying that directors, executives, and relevant departments must actively cooperate with the board secretary, and improving reporting mechanisms for ineffective performance.

Third, enhancing management of directors and executives. Strictly regulating the qualifications of the board secretary, requiring them to possess necessary work experience. Standardizing the selection, appointment, and removal procedures for directors and executives to prevent unqualified individuals from holding positions.

Fourth, strengthening supervision over directors and executives. Detailing the duties of loyalty and diligence for directors and executives, reinforcing management of concurrent roles for the board secretary, and enhancing internal constraints and accountability mechanisms for the board secretary’s performance.

Fifth, regulating the conduct of controlling shareholders and actual controllers. Clarifying that controlling shareholders, actual controllers, and other units under their control must not engage in horizontal competition that may have a significant adverse impact on the listed company, and strengthening disclosure requirements for horizontal competition without significant adverse effects.

Additionally, based on higher-level regulations, the notice clarifies transitional arrangements for the board secretary’s qualifications and concurrent roles, as well as other arrangements for applying new and old rules.

Beijing Stock Exchange Revised and Published

“Beijing Stock Exchange Trading Rules”

To implement the deployment of the new “Nine National Guidelines” and build a high-quality Beijing Stock Exchange, on April 24, 2026, under the guidance of the China Securities Regulatory Commission, the Beijing Stock Exchange revised and published the “Beijing Stock Exchange Trading Rules,” specifying relevant implementation arrangements.

The Beijing Stock Exchange trading rules were first published and piloted in November 2021. This revision, based on summarizing the pilot situation, further improves the stock trading mechanism and optimizes trading supervision arrangements, helping to better meet market trading needs, enhance market transparency, and strengthen investor protection. Specific revisions include introducing after-hours fixed-price stock trading, adjusting the price range for block trades of stocks without price fluctuation limits, clarifying trading regulations for risk-warning stocks and stocks delisted for rectification, and adding supervision arrangements for severe abnormal fluctuations. Additionally, the Trading Rules adjust expressions and structural format.

Previously, the Beijing Stock Exchange publicly solicited market opinions on the Trading Rules, extensively listening to suggestions from small and medium investors. The Beijing Stock Exchange highly values the valuable opinions raised by all market participants and has carefully studied and fully incorporated reasonable suggestions. Next, the Beijing Stock Exchange will guide market institutions to complete business and technical preparations for rule implementation. At the same time, based

Shanghai Stock Exchange

The Shanghai Stock Exchange (SSE), established in 1990, is one of the two main stock exchanges in mainland China and a key financial hub in Asia. It was reopened as part of China’s economic reforms under Deng Xiaoping, replacing the original exchange that had closed in 1949. Today, it lists a wide range of companies, including many state-owned enterprises, and plays a critical role in China’s capital markets.

Shenzhen Stock Exchange

The Shenzhen Stock Exchange (SZSE) is one of China’s two major stock exchanges, established in 1990 to support the country’s economic reform and market-oriented development. It initially focused on smaller, high-growth companies and later expanded to include the ChiNext board for innovative startups. Located in the financial hub of Shenzhen, the exchange plays a crucial role in China’s capital markets, with its iconic headquarters building symbolizing the city’s rapid economic transformation.

Beijing Stock Exchange

The Beijing Stock Exchange (BSE), established on September 2, 2021, and officially opened on November 15, 2021, is China’s newest stock exchange, created to serve innovative small and medium-sized enterprises (SMEs), particularly those in the “specialized, new, and sophisticated” sectors. It evolved from the former National Equities Exchange and Quotations (NEEQ) Select Tier, aiming to improve financing access for tech-focused firms and reduce reliance on bank loans. As part of China’s broader capital market reforms, the BSE complements the Shanghai and Shenzhen exchanges by focusing on early-stage, high-growth companies.

STAR Market

The STAR Market, officially the Shanghai Stock Exchange Science and Technology Innovation Board, is a Chinese stock market segment launched in July 2019 to support high-tech and innovative companies. It was designed to ease listing requirements for startups, particularly in sectors like artificial intelligence, biotechnology, and semiconductors, while implementing stricter disclosure rules. This initiative aims to reduce China’s reliance on foreign capital markets and foster domestic technological advancement, similar to NASDAQ’s role in the U.S.

ChiNext

ChiNext is a stock market board launched by the Shenzhen Stock Exchange in China in 2009, designed to provide financing opportunities for high-growth, innovative, and technology-oriented enterprises. It was established to support the development of startups and small-to-medium enterprises (SMEs), similar to the NASDAQ in the United States, with lower listing requirements to encourage innovation. Over the years, ChiNext has become a key platform for emerging industries, fostering the growth of China’s tech and green energy sectors.

main board

The “Main Board” typically refers to the flagship listing board of the Hong Kong Stock Exchange (HKEX), established in 1980 to provide a regulated market for larger, more established companies. It has played a pivotal role in Hong Kong’s rise as a global financial hub, hosting major listings from both domestic and international firms, including many from mainland China. Over time, it has evolved to include sectors like technology and biotech, reflecting changing market dynamics.

China Securities Regulatory Commission

The China Securities Regulatory Commission (CSRC) is the national regulatory authority for China’s securities and futures markets, established in 1992 to oversee market operations and protect investors. Originally part of the State Council’s Securities Committee, it became an independent ministry-level institution in 1998. The CSRC plays a key role in enforcing laws, regulating stock exchanges, and managing initial public offerings (IPOs) within China’s evolving financial system.

National Guidelines

“National Guidelines” is not a specific place or cultural site, but rather a term referring to official standards or policies set by a national government or organization. These guidelines often provide frameworks for education, healthcare, or other sectors to ensure consistency and quality across a country. Their history varies by context, typically emerging from legislative acts or expert committees to address national needs or challenges.