From Financing to Investor Returns: How China Is Reshaping Its Capital Markets to Build a Virtuous Cycle Between Capital, Industry, and Consumption

Deng Zhouyu, head of research at Shanxi Securities, said China’s capital markets are shifting from a focus on corporate financing toward also delivering returns to investors, while registration-based IPO reform continues. As of August 31, 2026, the STAR Market and ChiNext had 2,019 listed companies with a combined market capitalization of 36.48 trillion yuan. A-share dividends and share buybacks totaled 5.23 trillion yuan in 2024 and 2025, and 872 companies announced cash dividends of 740.3 billion yuan in the first half of 2026.