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Enter a stock code to query forward-adjusted, backward-adjusted, or unadjusted historical K-line data for China A-shares.
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Open our A-share adjusted K-line query tool, enter the stock code '600519', select 'Forward Adjusted', and click query. You will see the continuous K-line (candlestick chart) for Kweichow Moutai, adjusted for ex-rights and ex-dividends since its listing.
Let's look at a specific operation: enter 600519 in the 'Stock Code' input box; select Forward Adjusted from the 'Adjustment Type' dropdown; set the start date to 2018-01-01 and the end date to 2020-12-31; click the 'Query' button. The results area on the right will list the date, open, close, high, low, and trading volume for each candlestick. Pay attention to the closing price after forward adjustment: the actual closing price on January 2, 2018, was 718.56 CNY (unadjusted), but the forward-adjusted price displays as approximately 678.21 CNY. This is because multiple ex-rights events (cash dividends and bonus shares) caused historical prices to be adjusted downward. After adjustment, the closing price on December 31, 2020, matches the actual price on that day (1,993.00 CNY), and the entire curve has no price gaps caused by ex-rights, making trend analysis easier.
The core of price adjustment is to eliminate the impact of events like dividends, bonus shares, and rights issues on the stock price. Forward adjustment formula: Forward Adjusted Price = Actual Price × Adjustment Factor, where the adjustment factor = pre-ex-rights closing price / (pre-ex-rights closing price - cash dividend per share + rights issue price × rights issue ratio - bonus share ratio × par value). This is actually determined by exchange rules. Backward adjustment is the opposite: Backward Adjusted Price = Actual Price / Adjustment Factor. Intuitively, forward adjustment keeps the current price unchanged and 'lowers' historical prices, while backward adjustment keeps the listing day price unchanged and 'raises' subsequent prices. With this processing, return rate calculations will not produce false gaps due to ex-rights and ex-dividends.
Keeping the same inputs (600519, 2018-01-01 to 2020-12-31), change the adjustment type to 'Backward Adjusted'. In the results, the closing price on January 2, 2018, becomes approximately 2,192.38 CNY, and the closing price on December 31, 2020, is approximately 6,375.59 CNY. Backward adjustment reflects the cumulative return 'if all dividends were reinvested', which is suitable for calculating long-term total returns. The forward and backward adjusted curves have the same shape; only the vertical axis scale differs.
Adjusted K-lines have two core uses:
• Trend Analysis: Forward adjustment eliminates price gaps, keeping technical indicators (like moving averages, MACD) continuous and valid.
• Return Calculation: The percentage change in backward-adjusted prices directly provides the true return rate including dividends (e.g., a backward-adjusted increase from 2,192 to 6,375 is about a 191% gain).
Note: The two adjustment results cannot be mixed because their absolute values differ; when comparing different stocks, the same adjustment type should be used.
| Type | Adjustment Direction | Applicable Scenarios |
|---|---|---|
| Forward Adjusted | Historical prices adjusted downward | Technical analysis, current price trends |
| Backward Adjusted | Historical prices adjusted upward | Long-term return calculation, backtesting |
| Unadjusted | No adjustment | Viewing actual traded prices, ex-rights/ex-dividend gaps |
Summary: Choosing which adjustment to use depends on your analysis goals. Our tool provides all three, making it easy to switch and compare.
1. What is price adjustment?
Adjustment corrects historical stock prices to eliminate price gaps caused by dividends and bonus shares, keeping the price continuous. Our tool supports forward-adjusted, backward-adjusted, and unadjusted data.
2. Which is better: forward or backward adjustment?
Neither is absolutely better. Forward adjustment is more convenient for short-term trend analysis, while backward adjustment is more accurate for long-term return calculations. We recommend choosing based on your scenario.
3. Are adjusted prices real?
They are not actual traded prices, but adjusted reference prices. True traded prices can only be seen in unadjusted data.
4. What should I note when backtesting with adjusted data?
It is best to use backward adjustment for backtesting because it includes the returns from dividend reinvestment. Also, note that trading fees, slippage, and taxes are not included.
5. Why does my K-line still have a gap on the ex-rights date?
If you select 'Unadjusted', gaps caused by dividends and bonus shares will appear on the ex-rights date. If you select an adjusted option, the gap will be eliminated. If a gap remains after adjustment, the data may not be updated promptly, or the adjustment algorithm missed an event.
6. How often is this tool's data updated?
Data is sourced from the exchanges and updated once after the market closes each trading day. Intraday data is not currently supported.
This tool only provides historical adjusted K-line queries for China A-shares (Shanghai, Shenzhen, and Beijing Stock Exchanges) and does not include Hong Kong or US stocks. Adjustment factors are based on public ex-rights and ex-dividend announcements; extreme cases (like multiple rights issues or reverse splits) may use approximate processing. The results do not constitute investment advice; please combine your personal risk tolerance with professional institutional opinions for actual decisions. We are not responsible for any investment losses resulting from the use of this tool's data.
Now you can enter any A-share code in the calculator above, switch the adjustment type, and observe the changes in the price curve.
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