Shanghai Stock Exchange (SSE): Listing Requirements and IPO Guide

Headquarters

Shanghai, China

Region

Asia-Pacific

Market Focus

Large Cap & Technology

Overview

The Shanghai Stock Exchange was founded in 1990 and is the larger of mainland China's two main exchanges. Its main board lists many of China's largest state-owned banks, energy and industrial companies.

The STAR Market, launched in 2019, was China's first test of registration-based IPOs and focuses on technology and innovation companies. Registration-based IPOs were extended across China's exchanges in 2023.

Known For

Large state-owned enterprises in banking, energy and infrastructure
The STAR Market for semiconductor, biotech and advanced manufacturing companies
Stock Connect trading links with Hong Kong
A largely domestic, retail-heavy investor base

Listing Considerations

The China Securities Regulatory Commission oversees listings
Primarily a venue for companies incorporated in mainland China
Foreign investors access shares through Stock Connect and qualified investor schemes
The pace of IPO approvals can shift with policy priorities

Key Facts

Founded

1990

Operator

Shanghai Stock Exchange

Regulator

China Securities Regulatory Commission (CSRC)

Main Index

SSE Composite, STAR 50

Currency

Chinese yuan (CNY)

Trading Hours

9:30 – 11:30 a.m. and 1:00 – 3:00 p.m. China time

Market Segments

Main Board, STAR Market

Official website →

Listing Requirements

Main Board: positive net profit over the past three years, plus minimum cumulative profit and cash flow or revenue tests (raised in 2024)
STAR Market: market-capitalisation-based standards, including routes for technology companies that are not yet profitable
Shares held by the public of at least 25%, or 10% if total share capital exceeds RMB 400 million
Registration-based IPOs, reviewed by the exchange and registered with the CSRC
Primarily for companies incorporated in mainland China

Summary of SSE listing structure under China's registration-based IPO system, checked November 2026. Exact financial thresholds are set in the SSE listing rules.

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