Shanghai is the largest, both in number of companies listed and in market capitalization, of the three stock exchanges most important to Chinese companies. Hong Kong is the oldest but now second to Shanghai in size. Shenzhen, the newest and smallest of the three exchanges, focuses on small- to medium-tier companies that are often state-owned. All three exchanges have suffered declines in market capitalization from their 2007 peak.
Mainland China has two stock markets, the Shanghai and
