Shanghai Stock Exchange Project

The Shanghai Stock Exchange History Research Project is an on-going research effort by the International Center of Finance to collect price and dividend information on stocks that were listed in the Shanghai Stock Exchange (SSE) during the nineteenth and beginning of the twentieth centuries.

The market for securities trading in Shanghai begins in late 1860s. More specifically, in June 1866, a list of thirteen companies, including the Hong Kong & Shanghai Banking Corporation, appeared in a local newspaper under the 'Shares and Stocks' section. According to the English newspaper in Shanghai, The North-China Herald this is the time that a 'regular system of dealing in Shares sprang up'. The operation of Shanghai stock exchange comes to a halt on December 8, 1941 when the Japanese took hold of the International Settlement. After the war ended, China assumed full control over Shanghai, the legal privilege and means of enforcing financial contracts for foreign businessmen had gone. The Shanghai Stock Exchange, as a foreign share brokers' association, never reopened again.

Professors Christos Cabolis, Wenzhong Fan, William Goetzmann, and Siew Choo (Julie) Ng have collected annual price data for all the securities listed in the Shanghai Stock Exchange from 1870 to 1940. The source of the dataset is the The North-China Herald, the English newspaper in Shanghai. The main purpose of this project is to construct complete series of data for SSE that will allow them to study long-term trends and performance.

Constructed Indicies

  • "Construction Methods for the Shanghai Stock Exchange Indexes:1870 - 1940" by Wenzhong Fan outling the construction of the SSE indexes
  • Shanghi Stock Exchange Indices

SSE Graphs:1870-1940

  • M/B Ratio

     

  • Price Weighted Index

  • Market Average Par Value

  • Market Price Index (dollar denominated)

     

  • Market Price Index (Tael and Yuan denominated)

  • Shen Bao index (data courtesy of Ling Zou)

    Download [.xls]

Primary Annual Data

  • View table
    File Name Notes Size
    1870.xls Annual data for the year 1870 26.00 KB
    1871.xls Annual data for the year 1871 29.00 KB
    1872.xls Annual data for the year 1872 21.50 KB
    1873.xls Annual data for the year 1873 21.00 KB
    1874.xls Annual data for the year 1874 22.00 KB
    1875.xls Annual data for the year 1875 20.00 KB
    1876.xls Annual data for the year 1876 19.50 KB
    1877.xls Annual data for the year 1877 22.00 KB
    1878.xls Annual data for the year 1878 22.50 KB
    1879.xls Annual data for the year 1879 22.00 KB
    1880.xls Annual data for the year 1880 23.00 KB
    1881.xls Annual data for the year 1881 25.00 KB
    1882.xls Annual data for the year 1882 28.50 KB
    1883.xls Annual data for the year 1883 30.00 KB
    1884.xls Annual data for the year 1884 29.50 KB
    1885.xls Annual data for the year 1885 28.50 KB
    1886.xls Annual data for the year 1886 28.00 KB
    1887.xls Annual data for the year 1887 31.00 KB
    1888.xls Annual data for the year 1888 31.50 KB
    1889.xls Annual data for the year 1889 36.00 KB
    1890.xls Annual data for the year 1890 41.00 KB
    1891.xls Annual data for the year 1891 45.00 KB
    1892.xls Annual data for the year 1892 43.50 KB
    1893.xls Annual data for the year 1893 41.50 KB
    1894.xls Annual data for the year 1894 53.50 KB
    1895.xls Annual data for the year 1895 58.00 KB
    1896.xls Annual data for the year 1896 57.50 KB
    1897.xls Annual data for the year 1897 60.00 KB
    1898.xls Annual data for the year 1898 61.00 KB
    1899.xls Annual data for the year 1899 63.50 KB
    1900.xls Annual data for the year 1900 64.50 KB
    1901.xls Annual data for the year 1901 63.50 KB
    1902.xls Annual data for the year 1902 62.00 KB
    1903.xls Annual data for the year 1903 64.50 KB
    1904.xls Annual data for the year 1904 64.50 KB
    1905.xls Annual data for the year 1905 64.50 KB
    1906.xls Annual data for the year 1906 66.50 KB
    1907.xls Annual data for the year 1907 70.50 KB
    1908.xls Annual data for the year 1908 68.50 KB
    1909.xls Annual data for the year 1909 79.50 KB
    1910.xls Annual data for the year 1910 97.50 KB
    1911.xls Annual data for the year 1911 101.00 KB
    1912.xls Annual data for the year 1912 112.00 KB
    1913.xls Annual data for the year 1913 113.00 KB
    1914.xls Annual data for the year 1914 98.00 KB
    1915.xls Annual data for the year 1915 117.00 KB
    1916.xls Annual data for the year 1916 116.50 KB
    1917.xls Annual data for the year 1917 115.50 KB
    1918.xls Annual data for the year 1918 112.00 KB
    1919.xls Annual data for the year 1919 112.50 KB
    1920.xls Annual data for the year 1920 124.00 KB
    1921.xls Annual data for the year 1921 131.00 KB
    1922.xls Annual data for the year 1922 110.50 KB
    1923.xls Annual data for the year 1923 112.50 KB
    1924.xls Annual data for the year 1924 118.50 KB
    1925.xls Annual data for the year 1925 119.00 KB
    1926.xls Annual data for the year 1926 93.00 KB
    1927.xls Annual data for the year 1927 93.50 KB
    1928.xls Annual data for the year 1928 94.00 KB
    1929.xls Annual data for the year 1929 99.50 KB
    1930.xls Annual data for the year 1930 108.00 KB
    1931.xls Annual data for the year 1931 144.50 KB
    1932.xls Annual data for the year 1932 153.50 KB
    1933.xls Annual data for the year 1933 145.50 KB
    1934.xls Annual data for the year 1934 147.00 KB
    1935.xls Annual data for the year 1935 146.00 KB
    1936.xls Annual data for the year 1936 150.50 KB
    1937.xls Annual data for the year 1937 133.00 KB
    1938.xls Annual data for the year 1938 138.00 KB
    1939.xls Annual data for the year 1939 132.50 KB
    1940.xls Annual data for the year 1940 133.00 KB
    shanghai stock data.mdb Access database for Shanghai Stock Exchange Indices 48.95 MB