сделай блок на идеальном русском сохраняя оригинальные рефы - ==History==
The formation of the [[Shanghai International Settlement|International Settlement]] (foreign concession areas) in [[Shanghai]] was the result of the [[Treaty of Nanking]] of 1842 (which ended the [[First Opium War]]) and subsequent agreements between the Chinese and foreign governments were crucial to the development of foreign trade in [[China]] and of the foreign community in Shanghai. The market for [[Security (finance)|securities]] trading in Shanghai begins in the late 1860s. The first shares list appeared in June 1866 and by then Shanghai's International Settlement had developed the conditions conducive to the emergence of a share market: several banks, a legal framework for [[Joint-stock company|joint-stock companies]], and an interest in diversification among the established trading houses (although the trading houses themselves remained partnerships).

In the 1880s and 1890s, during the boom in mining shares, foreign businessmen founded the "Shanghai Sharebrokers' Association" headquartered in Shanghai as China's first stock exchange. In 1904, the Association applied for registration in [[Hong Kong]] under the provision of the Companies ordinance and was renamed as the "Shanghai Stock Exchange".  The supply of securities came primarily from local companies. In the early days, banks dominated private shares but, by 1880, only the Hong Kong and Shanghai local banks remained.

Later in 1920 and 1921, "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" started operation respectively. An amalgamation eventually took place in 1929, and the combined markets operated thereafter as the "Shanghai Stock Exchange".  Shipping, insurance, and docks persisted to 1940 but were overshadowed by industrial shares after the [[Treaty of Shimonoseki]] of 1895, which permitted [[Japan]], and by extension other nations which had treaties with China, to establish factories in Shanghai and other treaty ports. Rubber plantations became the staple of stock trading beginning in the second decade of the 20th century.

By the 1930s, Shanghai had emerged as the financial center of the [[Far East]], where both Chinese and foreign investors could trade stocks, [[debenture]]s, government bonds, and [[Futures contract|futures]]. The operation of Shanghai Stock Exchange came to an abrupt halt after [[Empire of Japan|Japanese]] troops occupied the Shanghai International Settlement on December 8, 1941. In 1946, the Shanghai Stock Exchange resumed its operations before closing again 3 years later in 1949, after the [[Chinese Civil War|Communist revolution]] took place.

After the [[Cultural Revolution]] ended and [[Deng Xiaoping]] rose to power, China was re-opened to the outside world in 1978. During the 1980s, China's securities market evolved in tandem with the country's economic reform and opening up and the development of [[socialist market economy]]. On 26 November 1990, the Shanghai Stock Exchange was re-established and operations began a few weeks later on 19 December.<ref>William Arthur Thomas, ''Western Capitalism in China: A History of the Shanghai Stock Exchange''. Aldershot: Ashgate Pub Ltd (2001, hardcover). xii + 328 pp. {{ISBN|0-7546-0246-X}}.</ref>

The Shanghai Stock Exchange was under municipal control and termed an "experimental point" until 1997.<ref name=":42">{{Cite book |last=Heilmann |first=Sebastian |title=Red Swan: How Unorthodox Policy-Making Facilitated China's Rise |date=2018 |publisher=[[The Chinese University of Hong Kong Press]] |isbn=978-962-996-827-4 |doi=10.2307/j.ctv2n7q6b |jstor=j.ctv2n7q6b |author-link=Sebastian Heilmann}}</ref>{{Rp|page=|pages=102–103}} In 1997, the central government brought the exchange (as well as the Shenzhen stock exchange) under central government control and affirmed that the exchanges had a legitimate role in the socialist market economy.<ref name=":42" />{{Rp|page=102}}

In 2019, the Shanghai Stock Exchange launched the STAR Market, featuring only technology-related companies, as a rival to the [[NASDAQ]].<ref>{{Cite web|url=https://www.cnn.com/2019/07/21/investing/china-star-market-tech-board/index.html|title=China's answer to the Nasdaq just had a crazy first day. Stocks gained 140%|website=CNN|date=22 July 2019|access-date=16 December 2019|archive-date=14 December 2019|archive-url=https://web.archive.org/web/20191214153614/https://www.cnn.com/2019/07/21/investing/china-star-market-tech-board/index.html|url-status=live}}</ref><ref>{{Cite web|url=https://amp.theguardian.com/business/2019/jul/22/chinese-tech-shares-nasdaq-market-star-us-trade-war|title=Chinese tech shares leap up to 500% as Nasdaq-style market launches &#124; Stock markets &#124; The Guardian|website=amp.theguardian.com|access-date=2019-12-16|archive-date=2023-01-11|archive-url=https://web.archive.org/web/20230111193418/https://amp.theguardian.com/business/2019/jul/22/chinese-tech-shares-nasdaq-market-star-us-trade-war|url-status=live}}</ref><ref>{{Cite news|url=https://www.bbc.com/news/business-49067702|title=Shares soar at 'China's Nasdaq' market debut|work=BBC News|date=July 22, 2019|access-date=December 16, 2019|archive-date=December 16, 2019|archive-url=https://web.archive.org/web/20191216100152/https://www.bbc.com/news/business-49067702|url-status=live}}</ref><ref>{{Cite web|url=https://www.cnbc.com/2019/07/22/china-markets-analysts-on-shanghais-new-nasdaq-style-star-tech-board.html|title=Analysts urge caution as stocks on Shanghai's new Nasdaq-style tech board surge|date=July 22, 2019|website=CNBC|access-date=December 16, 2019|archive-date=December 16, 2019|archive-url=https://web.archive.org/web/20191216094221/https://www.cnbc.com/2019/07/22/china-markets-analysts-on-shanghais-new-nasdaq-style-star-tech-board.html|url-status=live}}</ref>

===Timeline===
[[File:Shanghai Composite Index.PNG|thumb|400px|right|The Shanghai (SSE) Composite Index: 1991 to start of 2009.]]
*1866 – The first share list appeared in June.
*1871 – Speculative bubble burst triggered by monetary panic.
*1883 – Credit crisis resulted speculation in Chinese companies.
*1890 – Bank crisis started from Hong Kong.
*1891 – "Shanghai Sharebrokers Association" established.
*1895 – Treaty of Shimonoseki opened Chinese market to foreign investors.
*1904 – Renamed to "Shanghai Stock Exchange".
*1909 – 1910 – Rubber boom.
*1911 – Revolution and the abdication of the [[Qing dynasty]]. Founding of the [[Republic of China (1912–1949)|Republic of China]].
*1914 – Market closed for a few months due to the [[Great War]] (World War I).
*1919 – Speculation in cotton shares.
*1925 – Second rubber boom.
*1929 – "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" were merged into the existing Shanghai Stock Exchange.
*1931 – Incursion of Japanese forces into northern China.
*1930s – The market was dominated by the rubber share price movements.
*1941 – The market closed on Friday, 5 December. Japanese troops occupied Shanghai.
*1946 – 1949 – Temporary resumption of the Shanghai Stock Exchange until the [[Chinese Revolution (1949)|communist revolution]]. Founding of the [[People's Republic of China]] in 1949.
*1978 – [[Deng Xiaoping]] emerged as the dominant figure in China's leadership, thus beginning a [[Chinese economic reform|period of 'opening up' to the rest of the world]].
*1981 – Trading in treasury bonds was resumed.
*1984 – Company stocks and corporate bonds emerged in Shanghai and a few other cities.
*1990 – The present Shanghai Stock Exchange re-opened on November 26 and began operation on December 19.
*1992 – [[Deng Xiaoping's Southern Tour]] saved China's [[capital market]] and the two stock exchanges (the other is [[Shenzhen Stock Exchange]])<ref name=":12">{{Cite journal|last=Walter|first=Carl E.|date=2014|title=Was Deng Xiaoping Right? An Overview of China's Equity Markets|url=https://onlinelibrary.wiley.com/doi/abs/10.1111/jacf.12075|journal=Journal of Applied Corporate Finance|language=en|volume=26|issue=3|pages=8–19|doi=10.1111/jacf.12075|s2cid=153763863|issn=1745-6622}}</ref><ref name=":13">{{Cite web|title=邓小平南巡讲话：奠定中国证券市场发展的春天_中国改革论坛网|url=http://www.chinareform.org.cn/special/2013/reform35/Process/201312/t20131218_183690.htm|website=www.chinareform.org.cn|access-date=2020-05-02|archive-date=2020-06-23|archive-url=https://web.archive.org/web/20200623054444/http://www.chinareform.org.cn/special/2013/reform35/Process/201312/t20131218_183690.htm|url-status=dead}}</ref>
*1997 – The [[State council of china|State Council of China]] decided that the Shanghai Stock Exchange would be directly managed by the [[China Securities Regulatory Commission]].<ref>{{Cite web|title=国务院办公厅关于将上海证券交易所和深圳证券交易所划归中国证监会直接管理的通知|url=http://www.gov.cn/xxgk/pub/govpublic/mrlm/201011/t20101113_62651.html|website=www.gov.cn|language=zh|access-date=2020-05-03|archive-date=2020-05-22|archive-url=https://web.archive.org/web/20200522211951/http://www.gov.cn/xxgk/pub/govpublic/mrlm/201011/t20101113_62651.html|url-status=live}}</ref>
*2001 – 2005 – A four-year market slump which saw Shanghai's market value halved, after reaching a peak in 2001. A ban on new [[Initial public offering|IPOs]] was put in April 2005 to curb the slump and allow more than US$200 billion of mostly state-owned equity to be converted to tradable shares.
*2006 – The SSE resumed full operation as the yearlong ban on IPOs was lifted in May. The world's second largest (US$21.9 billion) IPO by the [[Industrial and Commercial Bank of China]] (ICBC) was launched in both Shanghai and Hong Kong stock markets.<ref>BusinessWeek – [http://www.businessweek.com/globalbiz/content/sep2006/gb20060927_356775.htm?campaign_id=tbw%22 China's ICBC: The World's Largest IPO Ever] {{Webarchive|url=https://web.archive.org/web/20061117114608/http://www.businessweek.com/globalbiz/content/sep2006/gb20060927_356775.htm?campaign_id=tbw%22 |date=2006-11-17 }} – retrieved on March 2, 2007.</ref>
*2007 – 2008 – A "stock market frenzy" as speculative traders rush into the market, making China's stock exchange temporarily the world's second largest in terms of [[Revenue|turnover]].<ref>BBC News – [http://news.bbc.co.uk/2/hi/business/6399941.stm Share sale knocks Chinese market] {{Webarchive|url=https://web.archive.org/web/20230111193345/http://news.bbc.co.uk/2/hi/business/6399941.stm |date=2023-01-11 }} – retrieved on March 2, 2007.</ref><ref>MSNBC – [https://web.archive.org/web/20070606065442/http://www.msnbc.msn.com/id/19024635/ China shares tumble as panic spreads] – retrieved on June 4, 2007.</ref> After reaching an all-time high of 6,124.044 points on October 16, 2007,<ref>Financial Times on FT.com – [http://www.ft.com/cms/s/0/9715d4f4-100e-11dd-8871-0000779fd2ac.html Asian stock markets go into retreat] {{Webarchive|url=https://web.archive.org/web/20230111193344/https://www.ft.com/content/9715d4f4-100e-11dd-8871-0000779fd2ac |date=2023-01-11 }} – retrieved on January 20, 2009.</ref> the benchmark Shanghai Composite Index ended 2008 down a record 65%<ref>International Herald Tribune – [http://www.iht.com/articles/ap/2008/12/31/business/AS-China-Markets.php Chinese shares end 2008 down 65 percent] {{Webarchive|url=https://web.archive.org/web/20121019073831/http://www.iht.com/articles/ap/2008/12/31/business/AS-China-Markets.php |date=2012-10-19 }} – retrieved on January 20, 2009.</ref> mainly due to the impact of the [[Late 2000s recession|global economic crisis]] which started in mid-2008.
*2010 – [[Agricultural Bank of China]] completed the world's largest IPO as of that year and until 2014, worth US$22.1 billion.<ref>{{cite web|url=http://www.ft.com/cms/s/0/ff7d528c-a6bc-11df-8d1e-00144feabdc0.html?ftcamp=rss|title=AgBank IPO officially the world's biggest|date=13 August 2010|access-date=14 August 2010|publisher=[[Financial Times]]|archive-date=17 August 2010|archive-url=https://web.archive.org/web/20100817071212/http://www.ft.com/cms/s/0/ff7d528c-a6bc-11df-8d1e-00144feabdc0.html?ftcamp=rss|url-status=live}}</ref><ref>{{cite news |url=https://www.wsj.com/articles/alibaba-ipo-biggest-in-history-as-bankers-exercise-green-shoe-option-1411334271 |work=The New York Times |title=Alibaba IPO Biggest in History as Bankers Exercise 'Green Shoe' Option |date=18 September 2013 }}</ref>
*2015 – [[2015 Chinese stock exchange fall|height variations on stocks' values]], with solid raise in early 2015 followed by −30% fall in June–July.
*2019 – Launched the STAR Market.