Drama unveils the birth of China's stock market

"The Miracles" (《奇迹》), an original short drama series co-produced by China Media Group and Shenzhen's publicity department, continued its run on CCTV-1 on Dec. 29, airing during the highly coveted 8 p.m. time slot. 

The series’ latest episode, “The First Bell” (《开市》), tells a gripping tale set in the early 1990s, following the dramatic launch of the Shenzhen Stock Exchange. The episode focuses on the hopes and struggles of ordinary people as they navigate China’s rapidly evolving financial landscape.

A poster for “The First Bell.” 

This two-episode story draws from real events, portraying the experiences of individuals caught up in the turbulent days leading to the establishment of China’s first stock market. The show brings to life the spirit of bold financial experimentation, presenting characters at the heart of this transformation. Mao Xiaotong plays Liang Ying, a key member of the Shenzhen Stock Exchange preparatory team, who fights for transparency and fairness in the midst of underground market dealings. Ou Hao portrays Junsheng, a hardworking young professional who represents the rising generation of financial reformers. Zheng Yecheng plays A-jie, a regular investor whose fortunes rise and fall with the market, tragically reflecting the risks faced by those caught in speculative trading.

Set against the backdrop of the founding of the Shenzhen Stock Exchange, the episode dramatizes how early market manipulations, such as black-market trading and insider deals, impact the lives of the characters. A-jie becomes entangled in these risky ventures and ultimately loses everything, leading to his tragic end. His death sparks a fierce confrontation between Liang Ying and Junsheng, but it also fuels their determination to fight for a more open and fair market, where every investor has a chance to succeed. Together, they work to uncover the dark forces behind the market’s chaos and pave the way for the creation of an organized, regulated exchange.

A scene from “The First Bell.”

The episode captures a pivotal moment in China’s financial reform journey, showcasing both the hardships and triumphs that shaped the country’s modern stock market. Viewers have praised the story for its emotional depth and for shedding light on the often-overlooked human cost of economic innovation. The tragedy of A-jie’s loss has resonated deeply with audiences, provoking reflection on the delicate balance between risk and reward in the world of finance.

The series has sparked intense discussion online, with fans commenting on the powerful lines from “The First Bell” such as “Rules are made through action, not waiting,” and “Before the dawn, we must light the lamp.” These quotes have struck a chord with many, symbolizing the pioneering spirit of the early financial reformers. 

The performances, especially by Zheng, who brings to life the struggles of a small investor, have been widely praised. Viewers have also noted how the sound of the Shenzhen Stock Exchange bell represents a new era of hope for investors like A-jie, while serving as a reminder of the sacrifices made along the way.

The launch of the Shenzhen Stock Exchange is one of the key milestones in China’s financial reform. As a model of innovation and risk-taking, it helped lay the foundation for China’s modern capital markets. Real-life professionals from Shenzhen have also expressed how the series mirrors the city’s own evolution. 

Guo Zeshan, board secretary at Shenzhen Keanda Electronics Technology Co., reflected on how the exchange has enabled companies like hers to access the capital needed for growth and innovation. Meanwhile, Wu Yucheng, a financial advisor, commented that the show highlights how the principles of fairness and transparency in the market were hard-earned through the dedication of pioneers in China’s financial sector.

The episode’s success has also sparked wider conversations on the role of the stock exchange in Shenzhen’s ongoing development. Zheng Liren, a local investor, shared how the show’s portrayal of the early stock market captured the excitement and uncertainty of those days, reminding viewers of how far the city has come.

A poster for "The Miracles."

As part of its wider cultural impact, "The Miracles" uses its episodic format to explore the development of Shenzhen, from a small fishing village to one of the world’s most modern cities. The series is not only a celebration of Shenzhen’s past but also a powerful reflection on the individuals who shaped the city’s transformation. Set to continue airing through January 2026, "The Miracles" is part of China’s efforts to share its reform story with a global audience, particularly as the country prepares to host APEC 2026 under the theme of “China Year.” The series underscores the values of innovation and courage that have defined the nation’s reform journey.

The series’ powerful storytelling, rich historical context, and complex characters have made "The Miracles“ a must-watch for anyone interested in understanding the personal and national stakes behind China’s economic success.