The leadership team at the Shanghai Stock Exchange (SSE) has undergone adjustments. On April 15, official information on the SSE website confirmed that Zhang Xiaoyi has assumed the roles of Member of the SSE Party Committee and Vice President. Public records indicate that Zhang Xiaoyi has a long tenure at the SSE, having previously served as Director of the Listed Company Management Department I and Executive Deputy Director of the Bond Business Center. According to his official profile, Zhang Xiaoyi is male, of Han ethnicity, born in October 1975, making him 50 years old. He holds a Doctorate in Law and is a member of the Communist Party of China.
In February 2023, the inaugural lists of members for the Listing Review Committee and the Mergers & Acquisitions Restructuring Review Committee of the Shanghai and Shenzhen stock exchanges were announced. For the SSE, Zhang Xiaoyi, then serving as Director of the Bond Business Department, was appointed as a member of the SSE's inaugural Listing Review Committee. In late December 2022, the SSE and the Shenzhen Stock Exchange announced the commencement of forming their respective inaugural Listing Review Committees and Mergers & Acquisitions Restructuring Review Committees and published candidate lists. The committee members for both exchanges primarily consist of full-time professionals with securities regulatory experience, drawn from various state ministries, research institutions, the China Securities Regulatory Commission (CSRC), local CSRC offices, and the exchanges themselves. The total number of members was streamlined compared to the committees for the STAR Market and ChiNext Market. Public information clarifies that the Listing Review Committee and the Mergers & Acquisitions Restructuring Review Committee are responsible for deliberating on applications for securities issuance and listing under the registration-based system, matters related to securities delisting, and applications from listed companies for issuing stocks (including convertible bonds and other securities) to acquire assets. As of the latest update, the leadership section on the SSE website profiles nine individuals. They are: Party Committee Secretary and Chairman Qiu Yong; Deputy Party Committee Secretary and General Manager Cai Jianchun; Vice Chairman Huo Ruirong; Party Committee Member and Discipline Inspection Commission Secretary Wang Huaizhang; and five Party Committee Members and Vice Presidents: Yuan Duoran, Lü Hao, Wang Bo, Fu Hao, and Zhang Xiaoyi.
The SSE leadership roster saw several updates last year. In August 2025, information on the Shenzhen Stock Exchange website showed that Wang Hong had taken up the position of Vice Chairman at the Shenzhen Exchange and no longer served as a Party Committee Member and Vice President of the SSE. On the same day, the SSE website indicated that Fu Hao, then Deputy Director of the SSE Global Business Development Specialized Committee and Director of the Market Development Department, had been appointed as a Party Committee Member and Vice President of the SSE. In September 2025, the SSE website updated to show that Huo Ruirong had assumed the role of SSE Vice Chairman. Prior to this appointment, Huo Ruirong served as Director-General of the CSRC's International Cooperation Department (Hong Kong, Macao and Taiwan Affairs Office).
The latest official information states that the SSE was established on November 26, 1990, and commenced operations on December 19 of the same year. It operates under the supervision and administration of the CSRC and is a membership-based legal entity that provides venues and facilities for centralized securities trading, organizes and supervises securities trading, and exercises self-regulatory management. The primary types of securities traded on the SSE market include stocks, bonds, funds, derivatives, and public REITs. By the end of 2025, the number of listed companies on the Shanghai market reached 2,302, with a total market capitalization of 64.8 trillion yuan. The annual cumulative stock turnover was 172.6 trillion yuan, and equity financing amounted to 1.04 trillion yuan. There were 35,100 listed bonds with a custody value of 19.5 trillion yuan; annual spot bond turnover was 30.9 trillion yuan, while repo turnover reached 558.6 trillion yuan. A total of 916 funds were listed, with a total market value of 4.2 trillion yuan and an annual turnover of 61.1 trillion yuan. There were 576 listed options contracts, with an annual cumulative volume of 1.28 billion contracts and a turnover value of 732.33 billion yuan. Since the pilot program for public infrastructure REITs began, 52 products have been listed, raising a combined 142 billion yuan. By the end of 2025, the SSE stock market ranked 3rd globally in total market capitalization, 2nd in fundraising, and 4th in trading volume. The SSE bond market had developed into the world's largest exchange-based bond market. The SSE's ETF market ranked 1st in Asia by trading volume and 3rd by market value. Data from the SSE website on April 15 shows the current total stock market capitalization on the exchange is 66.33 trillion yuan, with a circulating market cap of 62.23 trillion yuan. The number of listed companies stands at 2,313.
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