The　paper　investigates　the　impact　of　stock　market　liberalization　on　the　exports　of　small　and　medium-sized　enterprises　(SMEs).　Using　the　launch　of　China＇s　Shenzhen-Hong　Kong　Stock　Connect　Program　as　a　quasi-experiment,　we　apply　a　difference-in-differences　design　to　examine　how　the　relaxation　of　foreign　investment　in　listed　Chinese　SMEs　stimulates　these　firms’　exports.　We　find　that　SMEs　qualified　for　the　Stock　Connect　program　are　associated　with　a　larger　increase　in　export　propensity　and　export　intensity　in　the　post-liberalization　period　than　the　control　group　of　SMEs　unqualified　for　the　program.　We　also　confirm　that　stock　market　liberalization　increases　foreign　institutional　investor　investment　and　reduces　SMEs’　financing　constraints,　thus　encouraging　risk　sharing,　providing　more　information　and　resources　to　SMEs,　and　increasing　their　willingness　and　ability　to　export.　In　addition,　we　show　that　the　influence　of　stock　market　liberalization　on　SMEs’　exports　is　contingent　on　industry,　firm,　and　executive　characteristics　that　shape　firms’　resource　needs　and　their　perceptions　of　risk　and　uncertainty　associated　with　exporting.　Finally,　we　provide　modest　evidence　that　stock　market　liberalization　encourages　outward　foreign　direct　investment.　Overall,　our　paper　reveals　the　facilitating　role　of　stock　market　liberalization　in　boosting　SMEs’　exports,　the　underlying　mechanisms　explaining　this　relationship,　and　the　contingency　factors　affecting　the　strength　of　this　relationship.　©　2025　Elsevier　B.V.