Chinese Super League winter transfer window foreign player market watch: prioritizing cost-effectiveness with further refined choices, many new signings are familiar faces.

Barring any surprises, this year’s highest-valued foreign signing in the Chinese Super League winter window will be Liao Ning Ironmen’s Refiño.

Written by Han Bing Although the Chinese Super League winter transfer window closes on February 27, by February 8, the 16 CSL teams have nearly finished their foreign player acquisitions. Shanghai Port, Shanghai Shenhua, Chengdu Rongcheng, Tianjin Jinmen Tiger, Yunnan Yukun, and Beijing Guoan have all secured five foreign players each (Guoan may still make some swaps). The other ten clubs are only missing one foreign player each. According to Transfermarkt Germany, the total investment in foreign players this winter stands at €8.08 million, slightly down from last year’s €8.24 million. With the wealthier clubs having mostly completed their signings, the increase in total foreign player investment by window close will be minimal this year.

However, the number of foreign players brought in by CSL clubs has actually risen compared to last year. So far, 35 foreign players have been signed this winter (including those initially loaned then bought), and this number is expected to reach at least 45 by the window’s end, surpassing last year’s 40. The drop in total investment alongside the rise in signings indicates a growing trend toward low-cost or even free transfers, making cost-effectiveness the key principle for clubs when recruiting foreign talent this season.

Last winter, the CSL’s total foreign player investment was €8.24 million, with only Davan (€1.25 million, Beijing Guoan) and Kylis (€1 million, Tianjin Jinmen Tiger) commanding transfer fees at the million-euro level. Additionally, four players—Mineiro (Shanghai Shenhua), Leonardo (Shanghai Port), Bupenza (Zhejiang), and Madruja (Shandong Taishan)—had fees in the €500,000 range. These six players with fees over €500,000 accounted for 68% of the total winter foreign player investment. Overall, CSL clubs’ foreign player investments last winter were quite dispersed.

This winter, the current foreign player investment totals €8.08 million, with four players commanding transfer fees over €1 million: Shanghai Shenhua alone accounts for two—Brazilian winger Latang (€2 million) and Senegalese striker Gaye (€1.15 million)—ranking highest. They are followed by Firmino (€1 million, Wuhan Three Towns) and South Korean defensive midfielder Park Jin-seop (€1 million, Zhejiang). These four top-tier signings represent 63.7% of the total current foreign player investment in the CSL. Players with fees above €500,000 also include Vagic (€930,000, Liao Ning Ironmen), Shetine (€700,000, Tianjin Jinmen Tiger), and Gabriel (€600,000, Shanghai Port). These seven players, spread across six clubs, account for 91.3% of the total foreign player investment so far.

Last year, foreign players with transfer fees below €500,000 generated a total of €2.64 million in fees. This year, so far, those below €500,000 have only generated €700,000, indicating that more clubs are signing free agents or loan players without transfer fees. Among the 40 new foreign players signed last winter, 23 joined on free transfers, making up 57.5% of all foreign signings and covering 12 clubs. This winter, 35 new foreign players have joined, 24 of whom are free agents, representing 68.6% of all foreign signings and covering 11 clubs.

Last winter, only four CSL clubs spent nothing on foreign player transfer fees during the window. This year, at least eight clubs have zero transfer fee expenditure on foreign players, accounting for half the league, including financially strong “top-tier” clubs like Chengdu Rongcheng. The quality of signings this year is noticeably better than last year’s Shenzhen Pengcheng, whose two new foreign players were also free. Among relegation-threatened teams, Qingdao Hainiu and Chongqing Tonglianglong each signed four new foreign players—the highest number for a single club this winter—without any transfer fees.

More foreign players are joining the CSL this winter on free transfers, and their proportion among all foreign players continues to rise. Given that at least 10 more foreign players are expected to join, mostly concentrated in mid-to-lower tier clubs, the number and share of free transfers will keep increasing. Although the highest transfer fee this winter (Latang, €2 million) exceeds last year’s top fee (Davan, €1.25 million), the overall winter transfer investment is trending downward.

While the total foreign player transfer fees this winter in the CSL are roughly equal to or may even fall below last year’s, the market values of new foreign signings have generally risen. Last winter, 15 new foreign players had valuations above €1 million, with Leonardo (€4 million, Shanghai Port) topping the list, followed by Bupenza (€3.3 million, Zhejiang), and Vital (Shanghai Port), Richelli (Qingdao West Coast), and Aziz (Qingdao West Coast) each valued at €2.5 million.

This winter, among the 35 new foreign players signed, 20 have valuations over €1 million. The newly promoted Liao Ning Ironmen’s Brazilian winger Refiño (€4.5 million) is currently the highest-valued signing, surpassing last year’s Leonardo (€4 million). Refiño was loaned from Brazilian Serie A giant Botafogo for a modest fee of €300,000. Following Refiño are Latang (€3 million, Shanghai Shenhua), then Vagic (Liao Ning Ironmen), Gaye (Shanghai Shenhua), and Firmino (Wuhan Three Towns), all valued at €2.5 million.

Last winter’s 15 foreign players valued above €1 million were spread across 10 clubs. This winter, 20 such players are distributed among 13 clubs, with only Henan and Qingdao Hainiu lacking any new foreign player valued at €1 million or more (Shandong Taishan retained four foreign players but has not signed new ones, so they are excluded). Even among the eight clubs with zero transfer fee spending on new foreign players, Chengdu Rongcheng (Rusa, Sorokin), Qingdao West Coast (Aziz, Memisevic), Yunnan Yukun (Cayo), Dalian Yingbo (Stanciu), Shenzhen Pengcheng (Ademi), and Chongqing Tonglianglong (Dimata) all have foreign players valued over €1 million.

With the arrival of high-value foreign players, several CSL teams have seen their total squad values rise: Qingdao Hainiu’s value increased from €1.21 million to €3.84 million, a 3.17-fold rise; Wuhan Three Towns jumped from €2.3 million at the start of the year to €6.95 million, tripling their value; Chongqing Tonglianglong nearly doubled from €3.47 million to €6.89 million. Additionally, Dalian Yingbo (36.7%) and Qingdao West Coast (24.9%) have posted more than 20% growth. These teams also still have one foreign player yet to be confirmed, so their total values are expected to rise further.

Mid-to-lower tier teams prioritize cost-effectiveness when recruiting foreign players, narrowing the total value gap with the league’s front-runners. At the start of the year, Shanghai Shenhua’s squad value (€17.41 million) was 14 times that of the lowest team, Qingdao Hainiu (€1.21 million), with five other teams below €5 million total value. Currently, Shanghai Port leads with €15.7 million, only about four times Qingdao Hainiu’s €3.84 million, and only two teams have total values under €5 million. With Qingdao West Coast (currently €4.96 million) signing their last foreign player, their total value will exceed €5 million, reducing the gap with the Shanghai giants to just threefold.

This winter’s distribution of new foreign players in the CSL is more balanced than last year. Considering teams start the season with uneven points, the strength of these new foreign players could reshape the league’s landscape. Surprisingly, the highest-valued signing this winter comes from newly promoted Liao Ning Ironmen (Refiño, €4.5 million), contrasting with last winter’s top signing Leonardo (€4 million) who joined the defending champions. Moreover, high-value foreign players like Dimata (€2.8 million, Chongqing Tonglianglong), Vagic (€2.5 million, Liao Ning Ironmen), Firmino (€2.5 million, Wuhan Three Towns), Stanciu (€2 million, Dalian Yingbo), and Cayo (€2 million, Yunnan Yukun) all play for mid-to-lower tier clubs, and if they perform well, they could bring fans many surprises this season.

Refiño, the winger loaned from Brazilian Serie A powerhouse Botafogo to Liao Ning Ironmen, only became a regular starter in the second half of last year due to injury. He previously played for Ligue 1 giant Lyon and can operate on both wings or centrally in attack. Central defender Vagic from Swedish club Hammarby, a frequent player for Sweden’s U21 national team, will be a defensive cornerstone for Liao Ning Ironmen as they fight to avoid relegation or even aim for a top-half finish. Defensive midfielder Firmino, who played the first half of this season for Santa Clara in Portugal’s top league and appeared in the Europa Conference League qualifiers, is expected to raise Wuhan Three Towns’ midfield defensive level.

Yunnan Yukun’s early signing of Brazilian defensive midfielder Cayo, who made 28 appearances last year in Brazil’s Serie B with 5 goals and 2 assists, is a proven talent. His arrival gives Yunnan Yukun foreign reinforcement along the entire spine from defense to attack. Whether Cayo can outperform former foreign player Nene, especially in defensive contributions during the latter half of the season, will largely determine Yunnan Yukun’s points and final ranking this season.

Clubs now not only value foreign players’ cost-effectiveness but also their familiarity with the CSL. Many winter signings are internal transfers; Gabriel (Shanghai Port) and Aziz (Qingdao West Coast), who earned recognition last year, have converted from loans to permanent deals. Chengdu Rongcheng signed Silva and Rusa from Qingdao Hainiu and Shanghai Port respectively, hoping their rich experience will improve the team’s offense and defense. Shenzhen Pengcheng, aiming for progress this season, signed Ademi (Tianjin Jinmen Tiger) and Owusu (Zhejiang), two well-known CSL players, strengthening their wings and providing more ammunition for Wesley.

Gustavo also moved from Shanghai Port to Henan. Although his market value dropped to €700,000 due to not being registered in the CSL during last season’s latter half, his ability exceeds that valuation. In the first half of last season, he scored 10 goals and assisted 4 times in 16 domestic matches across three competitions, and he has shown good form in this preseason. Newly promoted Chongqing Tonglianglong also signed familiar CSL players Amadu (Shanghai Shenhua) and Ngadeu (Beijing Guoan), hoping their physical strength and tactical awareness will help the team secure survival.

Stanciu played a key role as the midfield core when Wuhan Three Towns won the CSL title. Now returning to the CSL with Dalian Yingbo, he is expected to boost their previously underwhelming attack. Although his playing time in Serie A this season was limited, Stanciu has proven himself in both the CSL and Saudi league. Similarly, Bosnian international defender Memisevic returns to the CSL by joining Qingdao West Coast. In many ways, this season’s CSL will again be a contest among familiar foreign faces.