The Main Board

The Main Board traces its origins to 1986. It evolved and grew along with the shareholding system reform of state-owned enterprises (SOEs) and in response to their development needs. The Main Board underwent three stages of development: preparation and establishment, adjustment and rapid development, and deepening and improvement. Over the years, the Main Board has witnessed continuous improvement in quality thanks to the concerted efforts of market participants. Supported by enhanced financing function and improved corporate governance structure of issuers, the Main Board has continuously expanded its capacity to serve the real economy, playing an active role in promoting the modern enterprise system, optimizing resource allocation, advancing economic restructuring and facilitating economic growth.

In May 2004, the SME Board was inaugurated. In June 2004, eight companies, including Zhejiang NHU, made their debut on the SME Board. The launch of the SME Board was a major step toward the establishment of a multi-tiered capital market system and paved the way for a second-tier market. The SME Board witnessed continuous expansion in size and gradual optimization of its industrial structure, driven by many high-quality innovative issuers, and highlighted its role in supporting independent innovation.

In April 2021, the SZSE officially implemented the merger of the Main Board and SME Board to better serve the high-quality economic development. Following the merger, the Shenzhen stock market features a two-tier structure comprising the Main Board and the ChiNext Market, which is more streamlined, and clearly defined.

The ChiNext Market

The ChiNext Market was launched in October, 2009. It provides an important platform for advancing the national strategy of independent innovation. It helps accelerate the transformation of economic development model and galvanizes growth in emerging industries of strategic importance. Over the past years, ChiNext Market has operated smoothly and developed distinctive sectoral characteristics. A large number of innovative enterprises have successfully raised funds through the market.

On August 24, 2020, the listing ceremony of the first group of 18 enterprises under the reform of the ChiNext Market and the pilot project of the registration-based IPO system was held, marking the official implementation of the reform of the ChiNext Market and the pilot project of the registration-based IPO system.

In April 2026, the SZSE formally released the first set of supporting business rules for deepening ChiNext Market reform, marking another step forward in a new round of comprehensive capital market reforms.

B-shares

Shenzhen B-shares are special shares with par values in RMB but subscribed and traded in Hong Kong Dollars (HKD). Shenzhen B-share trading was launched in 1992, thereby granting foreign investors access to the equity market in the Chinese mainland. Following China’s entry into the WTO, domestic investors have also been permitted to trade such B-shares in HKD.