Which stock exchange in China has the most listed companies -- Shenzhen or Shanghai? The answer is neither, but rather a low profile market in Beijing called National Equities Exchange and Quotations.
On its web site, it proudly boasts of 9,927 listed companies. That's up from 5,129 at the end of 2015 and more than triple the combined total for Shanghai and Shenzhen. Even as new listings on the main exchanges were suspended during China's stock market turmoil last year, listings on NEEQ continued at a pace of around 250 a month. Among this year's first listings was Guangzhou Evergrande Taobao Football Club, which was subsequently reported to have surpassed Manchester United as the world's most valuable soccer club by market capitalization.