At the 2026 Global Investor Conference hosted by the Shenzhen Stock Exchange, Liu Haoling, Vice Chairman of the China Securities Regulatory Commission (CSRC), highlighted that comprehensive reforms in the capital market have significantly improved the investment ecosystem. A series of opening-up measures have been effectively implemented, substantially boosting the confidence of long-term, allocation-focused investors in the Chinese market.
Regarding institutional openness, foreign ownership restrictions in the securities, futures, and fund management sectors were lifted in 2020. To date, 27 prominent international financial institutions have established controlled or wholly-owned securities, futures, and fund entities in China. Concurrently, several high-quality domestic Chinese institutions have expanded overseas by establishing operational branches in foreign markets.
In terms of market and product openness, an optimized plan for the Qualified Foreign Institutional Investor (QFII) system was formulated and implemented in 2025, further streamlining access management and facilitating investment operations. The Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect mechanisms have been continuously refined, and the cross-listing mechanism for exchange-traded funds (ETFs) between domestic and international markets has been steadily expanded. By the end of 2025, the market capitalization coverage of stocks accessible through the Shanghai/Shenzhen-Hong Kong Stock Connect and the Hong Kong-China Stock Connect exceeded 90% and 85%, respectively. Two-way trading has remained stable and active, consistently enhancing the convenience for both domestic and international investors in cross-border investments.
Concerning overseas listings, financing channels abroad have been kept open. Since the implementation of the "Interim Measures for the Administration of Overseas Securities Issuance and Listing by Domestic Companies" in 2023, the filing and management process for overseas listings has been generally stable and orderly. As of April 2026, the CSRC has completed the filing review for 418 domestic companies seeking their first overseas issuance and listing, supporting enterprises in leveraging both domestic and international markets and resources.