Simultaneous Trading Rules Updated Across China’s Three Stock Exchanges
Published 30 April 2026
Xia Yu
On 24 April 2026, the three major stock exchanges in China—the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”), and the Beijing Stock Exchange (“BSE”)—simultaneously released revised or updated versions of their respective trading rules, which will come into force on 6 July 2026. The revisions aim to enhance market efficiency and liquidity. Across all three exchanges, the core guiding principle of the amendments is to improve pricing efficiency, optimize the degree of alignment of trading mechanisms with international practices, and strengthen market liquidity and intrinsic stability, taking into account the positioning and differentiated needs of each market segment.
Key Revisions to the SSE Rules
The SSE primarily serves large-scale, mature and stable enterprises, as well as technology-driven enterprises possessing core “hard technology” and undergoing rapid growth. The newly issued Trading Rules of the Shanghai Stock Exchange (2026 Revision) (“SSE Rules”) extend the application of after-hours fixed-price trading from the STAR Market to all A-shares and exchange-traded funds (ETFs), thereby facilitating institutional trading after market close. In addition, the closing price of funds will be determined through call auction, enhancing price fairness. The principal revisions include:
1. Optimization of fund closing trading mechanism: To enhance price stability and pricing efficiency during the closing phase, fund trading at close will shift from continuous auction to call auction, aligning the closing price formation mechanism with that of equities.
2. Expansion of securities eligible for after-hours fixed-price trading: To facilitate the entry of medium- and long-term capital and meet investor demand for trading at closing prices, the scope of eligible securities is expanded from STAR Market stocks to all A-shares and ETFs.
3. Adjustment of price limits for risk warning stocks on the main board: The daily price fluctuation limit for risk warning stocks is increased from 5% to 10%, aligning with other main board stocks, reducing intra-board disparities, and improving pricing efficiency.
4. Adaptive amendments based on regulatory and business needs: The standalone chapter on “disciplinary sanctions” is removed from the Trading Rules. Violations by trading participants will instead be addressed directly under membership management rules and other applicable provisions through self-regulatory measures or disciplinary sanctions. In addition, rules on the daily purchase limit for risk warning stocks are refined, explicitly including purchases made through after-hours fixed-price trading in the cumulative calculation.
Key Revisions to the SZSE Rules
The SZSE primarily serves growth-oriented innovative and entrepreneurial enterprises. The Trading Rules of the Shenzhen Stock Exchange (2026 Revision) (“SZSE Rules”) introduce the most extensive reforms. On the one hand, a market maker mechanism (i.e., bid and ask quotations provided by professional securities firms) is introduced to the ChiNext Market to enhance liquidity for small-cap stocks. On the other hand, negotiated block trades can now be executed and confirmed in real time during trading hours, eliminating the uncertainty associated with overnight confirmation. The principal revisions include:
1. Introduction of the market maker system on ChiNext: To enhance market vitality and resilience, improve pricing efficiency, and diversify institutional participation, a market maker mechanism is introduced for ChiNext stocks.
2. Adjustment of confirmation time for negotiated block trades on ChiNext: The confirmation window is changed from 15:00–15:30 to 9:30–11:30 and 13:00–15:30, enabling real-time confirmation and improving transaction efficiency.
3. Expansion of after-hours fixed-price trading: In alignment with the SSE, the eligible scope is expanded from ChiNext stocks to all A-shares and ETFs.
4. Optimization of self-regulatory measures and disciplinary arrangements: Regulatory measures are refined for greater applicability, such as changing “intra-day suspension of trading” to “suspension of trading”, and “post-close trading restriction” to “trading restriction”. Furthermore, for serious abnormal trading behaviors under key monitoring, explicit provisions are added to allow the exchange to impose disciplinary sanctions, thereby curbing misconduct and maintaining market order.
5. Alignment of price limits for risk warning stocks on the main board: Consistent with the SSE, the price fluctuation limit is increased from 5% to 10%, aligning with other main board stocks.
BSE Rules
The BSE primarily serves innovative small and medium-sized enterprises at an earlier stage, characterized as “specialized, refined, distinctive and innovative”. On 15 November 2021, the BSE issued the Trading Rules of the Beijing Stock Exchange (Trial) (“Trial Rules”). The newly issued Trading Rules of the Beijing Stock Exchange (“BSE Rules”) represent both the formalization and upgrading of the Trial Rules. Similar to the main boards, the BSE introduces after-hours fixed-price trading and establishes a daily purchase limit for risk warning stocks, promoting market activity while controlling risks.
Compared with the Trial Rules, the principal new changes include:
1. Clarification of rules applicable to special categories: A new provision is added in the General Provisions stating that where the exchange has separate rules for the trading of bonds or other instruments, such rules shall prevail.
2. Strengthening risk disclosure for risk warning and delisting arrangement stocks: Members are required to disclose trading risks through multiple channels, including business premises, company websites, and trading systems. For delisting arrangement stocks, members must, prior to each trading day, inform clients of remaining trading days and other relevant information.
3. Exclusion of delisting arrangement stocks from index calculation: Trades during the delisting arrangement period are excluded from index calculations, though trading volume continues to be included in total daily market turnover.
4. Clarification of benchmark index for abnormal fluctuation calculations: The rules specify that the benchmark index for calculating cumulative deviation of closing price changes is the BSE 50 Index and provide that the exchange will assess and adjust the index as necessary in light of market developments.
5. Enhancement of cross-market abnormal trading monitoring: Newly added provisions address conduct involving the use of trading in other related markets to influence securities trading, or vice versa.
6. Implementation of consolidated monitoring of related accounts: The rules provide that, for supervisory purposes, the BSE will conduct consolidated monitoring of multiple securities accounts (including margin accounts and other related accounts) opened in the name of, or actually controlled by, the same investor.
Key Features of the Revisions
The current round of revisions across the three exchanges reflects the following major trends:
1. Refinement and unification of price formation mechanisms: The shift of fund closing prices from continuous auction to call auction on the SSE, together with the expansion of after-hours fixed-price trading across all three exchanges, aims to enhance the representativeness of closing prices and improve pricing efficiency, thereby reducing the impact of closing-price-tracking strategies and strengthening market stability.
2. Improved trading convenience and alignment with international practices: The A-share market currently operates with only four hours of continuous auction trading per day—shorter than major global markets (5.5 hours in Tokyo and Hong Kong, 6.5 hours in the United States and Korea, and 8.5 hours in European markets). While after-hours fixed-price trading does not extend continuous trading hours, it effectively lengthens the available trading window, constituting an important institutional step toward internationalization of China’s capital markets.
3. Rebalancing between risk control and market efficiency: From increasing price limits for risk warning stocks from 5% to 10%, to introducing market makers and optimizing block trading mechanisms, the underlying policy objective is to reduce excessive regulatory intervention and activate the market’s self-regulatory capacity. As noted by market commentators, these reforms “signal greater flexibility in risk management”.
Within this common framework, the revisions also exhibit notable differentiation:
1. SSE emphasizes institutional uniformity: Aligning fund and stock closing price mechanisms and streamlining the rule system.
2. SZSE emphasizes institutional innovation: Introducing market makers on ChiNext and optimizing intraday confirmation of negotiated block trades to provide a more flexible trading environment for growth-oriented enterprises.
3. BSE emphasizes institutional maturation: Transitioning from trial to formal rules reflects increasing market maturity, while maintaining its focus on “specialized, refined, distinctive and innovative” enterprises and gradually aligning with SSE and SZSE standards.
Conclusion
The synchronized revision of trading rules by the three major exchanges in 2026 marks a significant milestone in the institutional development of China’s capital markets. It also reflects the clear determination of regulatory authorities to modernize trading mechanisms and advance internationalization. By focusing on transaction efficiency, price stability, and risk resolution, the reforms progressively return pricing power to the market and lay a more solid institutional foundation for the long-term healthy development of the A-share market.
Key Revisions to the SSE Rules
The SSE primarily serves large-scale, mature and stable enterprises, as well as technology-driven enterprises possessing core “hard technology” and undergoing rapid growth. The newly issued Trading Rules of the Shanghai Stock Exchange (2026 Revision) (“SSE Rules”) extend the application of after-hours fixed-price trading from the STAR Market to all A-shares and exchange-traded funds (ETFs), thereby facilitating institutional trading after market close. In addition, the closing price of funds will be determined through call auction, enhancing price fairness. The principal revisions include:
1. Optimization of fund closing trading mechanism: To enhance price stability and pricing efficiency during the closing phase, fund trading at close will shift from continuous auction to call auction, aligning the closing price formation mechanism with that of equities.
2. Expansion of securities eligible for after-hours fixed-price trading: To facilitate the entry of medium- and long-term capital and meet investor demand for trading at closing prices, the scope of eligible securities is expanded from STAR Market stocks to all A-shares and ETFs.
3. Adjustment of price limits for risk warning stocks on the main board: The daily price fluctuation limit for risk warning stocks is increased from 5% to 10%, aligning with other main board stocks, reducing intra-board disparities, and improving pricing efficiency.
4. Adaptive amendments based on regulatory and business needs: The standalone chapter on “disciplinary sanctions” is removed from the Trading Rules. Violations by trading participants will instead be addressed directly under membership management rules and other applicable provisions through self-regulatory measures or disciplinary sanctions. In addition, rules on the daily purchase limit for risk warning stocks are refined, explicitly including purchases made through after-hours fixed-price trading in the cumulative calculation.
Key Revisions to the SZSE Rules
The SZSE primarily serves growth-oriented innovative and entrepreneurial enterprises. The Trading Rules of the Shenzhen Stock Exchange (2026 Revision) (“SZSE Rules”) introduce the most extensive reforms. On the one hand, a market maker mechanism (i.e., bid and ask quotations provided by professional securities firms) is introduced to the ChiNext Market to enhance liquidity for small-cap stocks. On the other hand, negotiated block trades can now be executed and confirmed in real time during trading hours, eliminating the uncertainty associated with overnight confirmation. The principal revisions include:
1. Introduction of the market maker system on ChiNext: To enhance market vitality and resilience, improve pricing efficiency, and diversify institutional participation, a market maker mechanism is introduced for ChiNext stocks.
2. Adjustment of confirmation time for negotiated block trades on ChiNext: The confirmation window is changed from 15:00–15:30 to 9:30–11:30 and 13:00–15:30, enabling real-time confirmation and improving transaction efficiency.
3. Expansion of after-hours fixed-price trading: In alignment with the SSE, the eligible scope is expanded from ChiNext stocks to all A-shares and ETFs.
4. Optimization of self-regulatory measures and disciplinary arrangements: Regulatory measures are refined for greater applicability, such as changing “intra-day suspension of trading” to “suspension of trading”, and “post-close trading restriction” to “trading restriction”. Furthermore, for serious abnormal trading behaviors under key monitoring, explicit provisions are added to allow the exchange to impose disciplinary sanctions, thereby curbing misconduct and maintaining market order.
5. Alignment of price limits for risk warning stocks on the main board: Consistent with the SSE, the price fluctuation limit is increased from 5% to 10%, aligning with other main board stocks.
BSE Rules
The BSE primarily serves innovative small and medium-sized enterprises at an earlier stage, characterized as “specialized, refined, distinctive and innovative”. On 15 November 2021, the BSE issued the Trading Rules of the Beijing Stock Exchange (Trial) (“Trial Rules”). The newly issued Trading Rules of the Beijing Stock Exchange (“BSE Rules”) represent both the formalization and upgrading of the Trial Rules. Similar to the main boards, the BSE introduces after-hours fixed-price trading and establishes a daily purchase limit for risk warning stocks, promoting market activity while controlling risks.
Compared with the Trial Rules, the principal new changes include:
1. Clarification of rules applicable to special categories: A new provision is added in the General Provisions stating that where the exchange has separate rules for the trading of bonds or other instruments, such rules shall prevail.
2. Strengthening risk disclosure for risk warning and delisting arrangement stocks: Members are required to disclose trading risks through multiple channels, including business premises, company websites, and trading systems. For delisting arrangement stocks, members must, prior to each trading day, inform clients of remaining trading days and other relevant information.
3. Exclusion of delisting arrangement stocks from index calculation: Trades during the delisting arrangement period are excluded from index calculations, though trading volume continues to be included in total daily market turnover.
4. Clarification of benchmark index for abnormal fluctuation calculations: The rules specify that the benchmark index for calculating cumulative deviation of closing price changes is the BSE 50 Index and provide that the exchange will assess and adjust the index as necessary in light of market developments.
5. Enhancement of cross-market abnormal trading monitoring: Newly added provisions address conduct involving the use of trading in other related markets to influence securities trading, or vice versa.
6. Implementation of consolidated monitoring of related accounts: The rules provide that, for supervisory purposes, the BSE will conduct consolidated monitoring of multiple securities accounts (including margin accounts and other related accounts) opened in the name of, or actually controlled by, the same investor.
Key Features of the Revisions
The current round of revisions across the three exchanges reflects the following major trends:
1. Refinement and unification of price formation mechanisms: The shift of fund closing prices from continuous auction to call auction on the SSE, together with the expansion of after-hours fixed-price trading across all three exchanges, aims to enhance the representativeness of closing prices and improve pricing efficiency, thereby reducing the impact of closing-price-tracking strategies and strengthening market stability.
2. Improved trading convenience and alignment with international practices: The A-share market currently operates with only four hours of continuous auction trading per day—shorter than major global markets (5.5 hours in Tokyo and Hong Kong, 6.5 hours in the United States and Korea, and 8.5 hours in European markets). While after-hours fixed-price trading does not extend continuous trading hours, it effectively lengthens the available trading window, constituting an important institutional step toward internationalization of China’s capital markets.
3. Rebalancing between risk control and market efficiency: From increasing price limits for risk warning stocks from 5% to 10%, to introducing market makers and optimizing block trading mechanisms, the underlying policy objective is to reduce excessive regulatory intervention and activate the market’s self-regulatory capacity. As noted by market commentators, these reforms “signal greater flexibility in risk management”.
Within this common framework, the revisions also exhibit notable differentiation:
1. SSE emphasizes institutional uniformity: Aligning fund and stock closing price mechanisms and streamlining the rule system.
2. SZSE emphasizes institutional innovation: Introducing market makers on ChiNext and optimizing intraday confirmation of negotiated block trades to provide a more flexible trading environment for growth-oriented enterprises.
3. BSE emphasizes institutional maturation: Transitioning from trial to formal rules reflects increasing market maturity, while maintaining its focus on “specialized, refined, distinctive and innovative” enterprises and gradually aligning with SSE and SZSE standards.
Conclusion
The synchronized revision of trading rules by the three major exchanges in 2026 marks a significant milestone in the institutional development of China’s capital markets. It also reflects the clear determination of regulatory authorities to modernize trading mechanisms and advance internationalization. By focusing on transaction efficiency, price stability, and risk resolution, the reforms progressively return pricing power to the market and lay a more solid institutional foundation for the long-term healthy development of the A-share market.