Foreign Investors Hold Over 4 Trillion Yuan in A-Shares
Foreign investors now hold over 4 trillion yuan (approximately US$550 billion) in circulating market value of China’s A-shares, according to an announcement by China Securities Regulatory Commission (CSRC) Vice Chairman Liu Haoling at the opening of the Shenzhen Stock Exchange (SZSE) 2026 Global Investors Conference on Thursday. The milestone underscores growing international confidence in China’s capital markets amid ongoing regulatory reforms and market opening measures.
Context
Liu Haoling made the announcement during his keynote speech at the SZSE 2026 Global Investors Conference in Shenzhen, a two-day event running from May 28 to 29 under the theme “Capital Markets and Innovation Growth — China’s Opportunities under the 15th Five-Year Plan.” The conference is being held concurrently with the Shenzhen Science and Technology Finance Week and has drawn representatives from 24 countries and regions, including foreign regulatory bodies, exchanges, asset management institutions, venture capital firms, and listed companies.
According to Xinhua News, Liu stated that foreign investors have become “important participants in China’s capital market.” He attributed the milestone to comprehensive reform measures that have steadily improved the investment ecosystem.
Key Developments
Market Scale and Dividend Records
As of the announcement, China’s three stock exchanges — Shanghai, Shenzhen, and Beijing — host over 5,500 listed companies with a total A-share market capitalization of approximately 120 trillion yuan. About 200 companies boast market capitalizations exceeding 100 billion yuan. In a sign of improving corporate governance, total cash dividends paid by listed companies reached approximately 2.55 trillion yuan in 2025, setting a new historical record, according to data reported by CNFIN (Xinhua Finance).
Foreign Investor Confidence
Liu emphasized that China’s capital market investment and financing reforms are “progressing steadily and showing sustained results,” with overall market valuation at a reasonable range. He noted that foreign investors’ willingness to allocate to Chinese quality assets is increasing. The CSRC has been pursuing a dual-track strategy — attracting foreign capital inward while supporting domestic companies in accessing global markets.
Overseas Listings
On the overseas listing front, Liu revealed that as of April 2026, the CSRC has processed 418 domestic enterprises’ initial overseas public offering filing applications. This follows the implementation of the 2023 “Trial Measures for the Administration of Overseas Securities Issuance and Listing by Domestic Enterprises,” which established a filing-based management system to maintain smooth overseas financing channels.
Analysis
The 4 trillion yuan milestone represents a significant increase in foreign participation in China’s A-share market, particularly noteworthy given global economic uncertainties and ongoing trade tensions. China has progressively opened its capital markets over the past two decades through multiple channels, including the QFII/RQFII programs launched in the early 2000s, the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, and the removal of foreign ownership caps in securities, futures, and fund management sectors in 2020.
As Sina Finance reported, the conference focuses on high-level opening up of capital markets, investment opportunities in “new quality productive forces” (新质生产力), and cross-border investment and financing cooperation. Liu noted that 27 well-known international financial institutions have now established controlling or wholly-owned securities, futures, and fund institutions in China since the ownership cap removal.
Liu further stated that comprehensive reform measures have “strongly enhanced the confidence of long-term allocation-type investors in investing in China,” as cited by Baidu Baike.
What’s Next
The SZSE 2026 Global Investors Conference continues through May 29, featuring keynote speeches, roundtable discussions, company roadshows, and technology exhibitions. The event is expected to further showcase China’s capital market development under the 15th Five-Year Plan (2026-2030) framework, which emphasizes innovation-driven growth. Market observers will be watching for additional policy signals on cross-border investment mechanisms and further opening-up measures that could sustain the momentum of foreign capital inflows into China’s A-share market.”