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
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)
Primary Annual Data
Primary Annual Data
1870.xls Annual data for the year 187026.00 KB
1871.xls Annual data for the year 187129.00 KB
1872.xls Annual data for the year 187221.50 KB
1873.xls Annual data for the year 187321.00 KB
1874.xls Annual data for the year 187422.00 KB
1875.xls Annual data for the year 187520.00 KB
1876.xls Annual data for the year 187619.50 KB
1877.xls Annual data for the year 187722.00 KB
1878.xls Annual data for the year 187822.50 KB
1879.xls Annual data for the year 187922.00 KB
1880.xls Annual data for the year 188023.00 KB
1881.xls Annual data for the year 188125.00 KB
1882.xls Annual data for the year 188228.50 KB
1883.xls Annual data for the year 188330.00 KB
1884.xls Annual data for the year 188429.50 KB
1885.xls Annual data for the year 188528.50 KB
1886.xlsAnnual data for the year 188628.00 KB
1887.xls Annual data for the year 188731.00 KB
1888.xls Annual data for the year 188831.50 KB
1889.xls Annual data for the year 188936.00 KB
1890.xls Annual data for the year 189041.00 KB
1891.xls Annual data for the year 189145.00 KB
1892.xls Annual data for the year 189243.50 KB
1893.xls Annual data for the year 189341.50 KB
1894.xls Annual data for the year 189453.50 KB
1895.xls Annual data for the year 189558.00 KB
1896.xls Annual data for the year 189657.50 KB
1897.xls Annual data for the year 189760.00 KB
1898.xls Annual data for the year 189861.00 KB
1899.xls Annual data for the year 189963.50 KB
1900.xls Annual data for the year 190064.50 KB
1901.xls Annual data for the year 190163.50 KB
1902.xls Annual data for the year 190262.00 KB
1903.xls Annual data for the year 190364.50 KB
1904.xls Annual data for the year 190464.50 KB
1905.xls Annual data for the year 190564.50 KB
1906.xls Annual data for the year 190666.50 KB
1907.xls Annual data for the year 190770.50 KB
1908.xls Annual data for the year 190868.50 KB
1909.xls Annual data for the year 190979.50 KB
1910.xls Annual data for the year 191097.50 KB
1911.xls Annual data for the year 1911101.00 KB
1912.xls Annual data for the year 1912112.00 KB
1913.xls Annual data for the year 1913113.00 KB
1914.xls Annual data for the year 191498.00 KB
1915.xls Annual data for the year 1915117.00 KB
1916.xls Annual data for the year 1916116.50 KB
1917.xls Annual data for the year 1917115.50 KB
1918.xls Annual data for the year 1918112.00 KB
1919.xls Annual data for the year 1919112.50 KB
1920.xls Annual data for the year 1920124.00 KB
1921.xls Annual data for the year 1921131.00 KB
1922.xls Annual data for the year 1922110.50 KB
1923.xls Annual data for the year 1923112.50 KB
1924.xls Annual data for the year 1924118.50 KB
1925.xls Annual data for the year 1925119.00 KB
1926.xls Annual data for the year 192693.00 KB
1927.xls Annual data for the year 192793.50 KB
1928.xls Annual data for the year 192894.00 KB
1929.xls Annual data for the year 192999.50 KB
1930.xls Annual data for the year 1930108.00 KB
1931.xls Annual data for the year 1931144.50 KB
1932.xls Annual data for the year 1932153.50 KB
1933.xls Annual data for the year 1933145.50 KB
1934.xls Annual data for the year 1934147.00 KB
1935.xls Annual data for the year 1935146.00 KB
1936.xls Annual data for the year 1936150.50 KB
1937.xls Annual data for the year 1937133.00 KB
1938.xls Annual data for the year 1938138.00 KB
1939.xls Annual data for the year 1939132.50 KB
1940.xls Annual data for the year 1940133.00 KB
shanghai stock data.mdb Access database for Shanghai Stock Exchange Indices48.95 MB