Top 10 events that moved the stocks

1. New listing system gives more say to the market

On Dec 9, the State Council passed a draft document proposing a registration-based stock listing system, which will likely replace the current approval-based system within two years.

Analysts said the proposal, if ratified by the top legislature, would become one of the biggest reforms ever in China's stock market. It would further liberalize the IPO market, giving more say to the market in terms of timing of new share listings and their pricing.

Under the existing IPO system, new shares are subject to the China Securities Regulatory Commission's approval. After the reform, the new IPO system will be based on registration, highlighting information disclosure. It would let the market play a bigger role in pricing.

Regulators said the shift will be stable. Market insiders said that under the registration-based system, more professional expertise would be required in valuation process, thus pushing up demand for institutional investment services. That would encourage more rational buy-and-hold market strategies. In the long run, the reform will help China's stock market to become more transparent and healthy, said analysts.