1990 65438+February, Shanghai Stock Exchange was established and Shenzhen Stock Exchange was put into trial operation. Since then, China's stock market has made great progress. In addition to the initial A shares, 199 1 issued B shares, and after l993, overseas listed foreign shares such as H shares and N shares appeared. At the same time, the stock market expanded rapidly. By 2005 1 February, there were listed companies1,38 1, including 834 listed companies in Shanghai Stock Exchange, with a total issued share capital of 506,543,800+900 million yuan, a total market value of about 2,206.7 billion yuan and more than 37 million investors. There are 547 listed companies in Shenzhen Stock Exchange, with a total share capital of 2010.90 billion yuan, a total market value of about 902.7 billion yuan and more than 34 million investors. By the end of 2005, there were 109 listed companies in China, including 54 in Shanghai and 55 in Shenzhen. After the development in recent years, the Shanghai and Shenzhen Stock Exchanges have made some achievements. The specific manifestations are as follows: First, the infrastructure construction such as technology and hardware equipment has been continuously improved. At present, the two stock exchanges have built a nationwide satellite securities communication network, a digital data transmission network (DDN) and a corresponding transaction settlement system. A number of one-way broadcasting and two-way communication satellite ground stations spread the real-time market information of securities trading to the whole country and overseas, basically realizing safe, efficient and convenient securities trading and securities account management. Second, the market scale continues to expand. By the end of February 2005, the Shanghai Stock Exchange had 65,438+052 members and 4,973 seats. Shenzhen Stock Exchange has 177 members and 3 120 seats. Third, great progress has been made in strengthening self-construction, improving internal management system, standardizing market operation, strengthening market supervision, improving market services and preventing market risks. Fourth, the quality and ability of business personnel have been greatly improved, and a team of business personnel with reasonable knowledge structure and age level has been formed. China's securities investment fund business came into being in the late 1980s. From 65438 to 0987, China Bank and China International Trust and Investment Company set foot in the investment fund business. 199 1 Wuhan securities company established "Wuhan securities investment fund", and then "Zibo township enterprise investment fund" was established; After that, there was an investment fund boom in China. Many different types of funds were established in 27 provinces, autonomous regions, municipalities directly under the Central Government and cities with separate plans, such as Shenyang, Dalian, Shanghai and Guangdong. 1992 10 the first professional fund management company in China-Shenzhen Investment Fund Management Company was established. By the beginning of 1995, there were 15 funds listed and traded in Shenzhen Stock Exchange and 15 funds listed and traded in Shanghai Stock Exchange, and some funds were traded in stock exchange centers all over the country. By the end of 1997, 75 national * * * funds were approved, 73 funds were actually issued, and * * * raised about 5 billion yuan. Funds established during this period are generally called "old funds". These "old funds" are mainly closed-end funds, contract funds, all-round investment targets and small funds. 19971October 7, the State Council adopted the Interim Measures for the Management of Securities Investment Funds in principle, which comprehensively stipulated the establishment, management, operation and trading of funds in accordance with international practices, and became an important legal norm for fund management in China, marking the development of securities investment funds in China has entered a new period. From April 65438 to April 0998, China Securities Regulatory Commission approved 10 Securities Investment Fund. Funds established in accordance with the Interim Measures for the Administration of Securities Investment Funds are generally called "innovation funds", and 10 "innovation funds" are all contractual funds with an issuance scale of 2 billion. With the further development of China's securities market, the number of new securities investment funds will continue to increase, and the fund scale will gradually expand. As an important institutional investor in China's securities market, securities investment funds will play an increasingly important role in promoting the sustained, stable and healthy development of the securities market.