December 1, 1990: Shenzhen Stock Exchange starts trial run.

December 19, 1990: Shanghai Stock Exchange is inaugurated.

1992: Shanghai and Shenzhen bourses are transformed from regional to national markets.

1992: State Council Securities Commission and China Securities Regulatory Commission (CSRC) are established successively.

March 1995: Transaction volume of the Shanghai Stock Exchange exceeds that of its Shenzhen counterpart.

1996: Stimulated by Hong Kong's upcoming return to Chinese sovereignty in the following year, the Shenzhen Stock Exchange increases input in its facilities and services. Since August, transaction volume of the counter exceeds that of Shanghai. The annual growth of Shenzhen composite sub-index in 1996 ranks first worldwide, reaching 174.92 percent.

1998: CSRC bans enterprises to voluntarily choose their listing locations.

August 2000: Proposed listing rules for the second board is issued and the Shenzhen Stock Exchange is authorized to conduct relevant qualification examinations.

September 2000: The Shenzhen Stock Exchange stops new listings and surrenders the right to the Shanghai bourse.

May 17, 2004: CSRC approves the Shenzhen Stock Exchange to establish a small and medium-sized enterprise board (SME board) under the main board and endorses the implementation plan.

May 27, 2004: SME board debuts on Shenzhen Stock Exchange.

(Beijing Review June 17, 2004)