The Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), Beijing Stock Exchange (BSE), and Hong Kong Stock Exchange (HKEX) are the four main stock exchanges in Greater China.
Each has distinct characteristics and plays a different role in China’s capital markets.
Today we’re going through a top-line comparison of these mighty bourses to each other, as well as some major international exchanges.
China's 'Big 4' Stock Markets:A Comprehensive Comparison
Table of Contents
China & International Markets Compared (Chart)
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| Stock Exchange | Country/Region | Market Cap (USD) | Listed Companies | Share Trading Value (2023) | Established | Main Index | Trading Currency | Trading Hours (Local) | Settlement Cycle | Daily Price Limit | Foreign Access | Regulatory Body |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NYSE | United States | $25.24 trillion | 2,272 | $2.38 trillion | 1792 | DJIA | USD | 9:30-16:00 | T+2 | No limit | Full | SEC |
| Nasdaq | United States | $20.58 trillion | 3,432 | $2.10 trillion | 1971 | Nasdaq Composite | USD | 9:30-16:00 | T+2 | No limit | Full | SEC |
| Shanghai SE | China | $6.60 trillion | 2,263 | $971.79 billion | 1990 | SSE Composite | CNY | 9:30-11:30, 13:00-15:00 | T+1 | ±10% | Limited | CSRC |
| Euronext | Europe | $6.26 trillion | 1,936 | $267.05 billion | 2000 | Euronext 100 | EUR | 9:00-17:30 | T+2 | No limit | Full | AMF |
| Japan Exchange | Japan | $5.75 trillion | 3,825 | $534.97 billion | 1878 | Nikkei 225 | JPY | 9:00-15:00 | T+2 | ±10% | Full | FSA |
| Shenzhen SE | China | $4.38 trillion | 2,853 | $1.39 trillion | 1990 | SZSE Component | CNY | 9:30-11:30, 13:00-15:00 | T+1 | ±10% | Limited | CSRC |
| HKEX | Hong Kong | $4.10 trillion | 2,609 | $164.73 billion | 1891 | Hang Seng | HKD | 9:30-16:00 | T+2 | No limit | Full | SFC |
| NSE India | India | $3.59 trillion | 2,113 | $1.39 trillion | 1992 | NIFTY 50 | INR | 9:15-15:30 | T+2 | ±20% | Limited | SEBI |
| LSE Group | United Kingdom | $3.42 trillion | 1,964 | $213.52 billion | 1801 | FTSE 100 | GBP | 8:00-16:30 | T+2 | No limit | Full | FCA |
| Saudi Exchange | Saudi Arabia | $3.06 trillion | 223 | $418.28 billion | 2007 | TASI | SAR | 10:00-15:00 | T+2 | ±10% | Limited | CMA |
| Beijing Stock Exchange (BSE) | China | $63.59 billion | 239 | N/A | 2021 | BSE Composite | CNY | 9:30-11:30, 13:00-15:00 | T+1 | ±30% on debut, ±10% thereafter | Very limited | CSRC |
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Market Capitalization and Listed Companies
As of early 2024, the market capitalization of these exchanges are:
- Shanghai Stock Exchange (SSE): $6.60 trillion
- Shenzhen Stock Exchange (SZSE): $4.38 trillion
- Hong Kong Exchanges and Clearing (HKEX): $4.10 trillion
- Beijing Stock Exchange (BSE): $63.59 billion
The number of listed companies on each exchange:
- Shanghai Stock Exchange: 2,264
- Shenzhen Stock Exchange: 2,844
- Hong Kong Stock Exchange: 2,609
- Beijing Stock Exchange: 239
Establishment and Focus
- SSE (Shanghai): Established in 1990, focuses on large-cap companies and state-owned enterprises (SOEs).
- SZSE (Shenzhen): Established in 1990, known for its emphasis on smaller, private companies and technology firms.
- HKEX (Hong Kong): Established in 1891, serves as an international financial hub bridging mainland Chinese markets with global investors.
- BSE (Beijing): Established in 2021, focuses on serving small and medium-sized enterprises (SMEs).
Trading Mechanisms
- SSE and SZSE: Use a T+1 settlement system and have daily price limits of ±10% for most stocks.
- HKEX: Uses a T+2 settlement system and has no daily price limits.
- BSE: Uses a T+1 settlement system with a ±30% daily price limit on the first trading day, then ±10% thereafter.
Investor Access
- SSE and SZSE: Limited foreign access through programs like Stock Connect and Qualified Foreign Institutional Investor (QFII) schemes.
- HKEX: Fully open to international investors.
- BSE: Very limited foreign access, primarily aimed at domestic investors.
Regulatory Environment
- SSE, SZSE, and BSE: Regulated by the China Securities Regulatory Commission (CSRC).
- HKEX: Overseen by the Securities and Futures Commission (SFC) of Hong Kong.
Market Structure
- SSE: Operates the Main Board and the STAR Market for tech companies.
- SZSE: Operates the Main Board and ChiNext board for high-growth startups.
- BSE: Operates a single board focused on innovative SMEs.
- HKEX: Operates the Main Board and Growth Enterprise Market (GEM).
Investor Composition
- Mainland exchanges (SSE, SZSE, BSE): Higher retail investor participation.
- HKEX: More institutional investor-driven.
Trading Currency
- SSE, SZSE, BSE: Chinese Yuan (CNY).
- HKEX: Hong Kong Dollar (HKD).
Wrap Up
While the Shanghai and Shenzhen exchanges dominate in terms of market capitalization and cater primarily to domestic investors, the Hong Kong exchange serves as a crucial international gateway.
The newly established Beijing Stock Exchange, though smaller, plays a unique role in supporting China’s SMEs and innovation-driven enterprises.
Each exchange contributes to China’s diverse and rapidly evolving financial landscape, reflecting the country’s economic priorities and gradual market liberalization efforts.
References & Further Reading
The Shanghai Stock Exchange: An Introduction
Our Guide to The Shenzhen Stock Exchange (SZSE)
The Chinese Stock Markets: Terms & Acronyms Guide
A Complete China Stock Markets Vocab Guide (Chinese to English)
Visualizing the Biggest Companies on Major Stock Exchanges ➚
Total market capitalization of China’s stock market from 2013 to 2023 ➚
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