Sou Hu Cai Jing·2025-10-10 10:16Core Insights - The article discusses the rise of the Chinese stock market, particularly the A-shares, in the context of global capital flow and industrial competition, highlighting the strategic positioning of various global exchanges [1][2][3]. Group 1: Global Exchange Characteristics - Major exchanges have evolved beyond mere trading venues to reflect national economic strategies and support industrial upgrades [1][2]. - Developed countries exhibit two main paths: some focus on leading global technology (e.g., the US, UK, Nordic countries), while others aim to become global consumption and entertainment hubs (e.g., Italy) [2][3]. - Developing countries also show two strategies: attracting external capital to strengthen foundational industries (e.g., Brazil, India) or merely using stock markets to support existing advantages (e.g., South Africa) [3]. Group 2: Exchange Classification - Global exchanges can be categorized into four types: 1. Forward Technology Exchanges: Includes Shanghai, Shenzhen, Hong Kong, and major US exchanges like NASDAQ and NYSE [3]. 2. Entertainment and Consumption Exchanges: Primarily the French and Italian exchanges [3]. 3. Resource and Infrastructure Exchanges: Includes Canadian and Indian exchanges [3]. 4. Regional Support Exchanges: Such as the Johannesburg Stock Exchange [3]. Group 3: A-share Market Overview - The A-share market has seen 50 companies listed from early 2025 to July 2025, primarily in information technology and industrial sectors, showcasing strong support for advanced manufacturing [6][7]. - Notable companies include Huazhi Technology (lithium battery management), Sikan Technology (3D vision systems), and Hanbang Technology (chromatography equipment) [6][7]. Group 4: Hong Kong Stock Exchange - The Hong Kong Stock Exchange serves as a bridge for Chinese capital to go global and for foreign capital to enter China, with a focus on industrial, consumer, financial, real estate, and technology sectors [8][10]. - From early 2025 to July 2025, 16 companies were listed, with significant contributions from healthcare and industrial sectors, including major fundraising from companies like Heng Rui Pharmaceutical and Ningde Times [10][11]. Group 5: Taiwan Stock Exchange - The Taiwan Stock Exchange has three boards: main, innovation, and emerging, focusing on large enterprises and startups, with a strong emphasis on technology and healthcare sectors [14][15]. - In the same period, 11 companies were listed, primarily in information technology, healthcare, and consumer sectors [15][16]. Group 6: US Exchanges - The NYSE and NASDAQ serve distinct roles, with NYSE focusing on traditional industries and NASDAQ on technology and innovation [18][21]. - From early 2025 to July 2025, 12 companies were listed on NYSE, mainly in finance and real estate, while NASDAQ saw 16 listings, emphasizing technology and healthcare [19][23]. Group 7: European Exchanges - The London Stock Exchange attracts global capital, focusing on finance and healthcare, with 20 companies listed from 2024 to July 2025 [25][26]. - The Frankfurt Stock Exchange supports traditional and high-tech industries, with a focus on transparency and regulatory standards [29][31]. - The Swiss Exchange is becoming a hub for international companies, particularly in high-tech sectors, while the Swedish Exchange emphasizes healthcare and technology [32][35]. Group 8: South Korean Exchange - The Korean Exchange mirrors the US structure, with a focus on industrial and internet sectors, and has seen 12 companies listed in 2025, primarily in healthcare and finance [39][40].