Summary of CSL Winter Window Foreign Signings: Rising Enthusiasm, Continued Rationality

By Han Bing The CSL winter transfer window officially closed on the 27th. All 16 clubs had completed their full quota of foreign signings several days before the deadline. Due to minor adjustments in this year's foreign player registration policy, clubs including Shanghai Port, Beijing Guoan, Chengdu Rongcheng, and Tianjin Jinmen Tiger already had six foreign players during the winter window. In total, the CSL brought in 46 new foreign players (including two whose loans were converted to permanent deals), 5 more than last year. The total transfer fee investment for foreign players this winter window reached 12.72 million (Euros, same below), a 23% increase from last year (10.32 million), indicating a continued rise in clubs' investment enthusiasm for foreign talent in the new CSL season.

However, while the total investment increased, Shanghai Shenhua and Wuhan Three Towns alone accounted for half of it. Investment from Shanghai Port, Beijing Guoan, and Chengdu Rongcheng actually decreased compared to last year, while the number of free transfers rose significantly. Last year, there were 20 free loans and free agent signings combined; this year, there are 7 more—demonstrating that clubs remain rational.

Although the total CSL winter window foreign investment grew by 23% this year, it remains, like last year, in the low range above 10 million. However, the number of major transfers with fees exceeding 1 million reached 5, two more than last year. Last winter, only Dawan (Guoan) and Keles (Jinmen Tiger) had fees reaching 1 million. This year, Park Jin-seop (Zhejiang), Firmino (Three Towns), and Gueye (Shenhua) all exceeded 1 million, with Laton (Shenhua) and Cadiz (Three Towns) even reaching the 2 million level.

Last winter, only 3 clubs invested over 1 million in foreign signings; this year, 5 clubs did, with Shenhua and Three Towns both exceeding 3 million. Last winter, the total fee for 7 foreign players with fees over 500k was 7.14 million, accounting for 69% of all foreign transfer spending. This year, the total for 9 players over 500k is 10 million, and their share of total foreign spending (78.6%) has risen further. The combined spending on foreign players with fees below 500k dropped from 3.18 million last winter to 2.72 million this year.

In line with rising transfer fees, the market values of foreign signings also increased. Last winter, the highest-valued new foreign signing was Leonardo (4 million). This winter's top-valued newcomer is promoted side Tieren's Jefinho (4.5 million). Last winter, there were 14 new foreign signings valued over 1 million, with only 5 over 2 million: Leonardo (4m), Bupenza (3.3m), Vital, Aziz, and Riccieli (2.5m each). The total value of these 14 "1 million+" players was 23.9 million.

This winter, the number of new foreign signings valued over 1 million surged to 26, nearly double last year's figure. Those valued over 2 million reached 11, 2.2 times last year's number, including Stanciu, Alvaro, Vinicius, Dimata, Tolic (2m each), Gueye, Firmino, Vagic (2.5m each), Cadiz (2.8m), Laton (3m), and Jefinho (4.5m). The total market value of these 26 "1 million+" players is 46.1 million, also double last year's amount. Furthermore, the distribution is wider. Last year, 6 of the 16 CSL clubs had no new foreign signings valued over 1 million; this year, only Henan lacks one. It is somewhat surprising that Three Towns and Zhejiang each introduced three new foreign players all valued over 1 million.

Although CSL foreign investment rose this winter, the number of free agent signings also increased.

Last winter, the CSL signed 20 free foreign players (16 free transfers, 4 free loans). This year, the number rose to 27 (24 free transfers, 3 free loans). The significant rise in free signings proves CSL investment is more rational. Among the low-cost deals, Tieren's loan (300k) for window-top-valued Jefinho (4.5m) is a typical shrewd operation. The free agent arrivals also include high-value players like Alvaro (Taishan), Tolic (Zhejiang), Vinicius (Yukun), Stanciu (Yingbo), and Dimata (Tongliang Long), all valued around 2 million, significantly boosting their respective teams' strength.

The influx of low-cost, high-value foreign players has led to a significant narrowing of the total squad value gap among CSL teams. For the new season, the highest-valued squad is Shanghai Port (16.7 million), roughly three times the value of the lowest, Qingdao Hainiu (5.5 million). As many as 8 teams have total squad values exceeding 10 million. Promoted side Tieren, relying on Jefinho and Vagic's combined 7 million value, boasts a squad value over 13 million, ranking 4th in the CSL.

The combined market value of a team's top five foreign players, which can somewhat reflect squad strength, surprisingly sees Tieren leading the CSL (10.5 million), surpassing defending champions Shanghai Port (9.88 million) and Zhejiang (9.7 million). Among traditional powerhouses, Shenhua (8.8 million) and Taishan (8.6 million) also rank high, followed by Three Towns (7.65 million), which invested heavily this winter. Beijing Guoan (6.4 million) and Chengdu Rongcheng (4.8 million) are at a disadvantage in foreign player value, while bottom-ranked Hainiu has only 3.95 million.

Furthermore, the number of foreign players moving within the CSL increased significantly compared to last year. Last winter, only 6 foreign players—such as Kalon (Rongcheng), Palacios (Three Towns), Oscar (Yukun), Mamadou, Malele, and Zakaria (Yingbo)—were already playing in Chinese leagues. This winter, the number rose to 8: Wellington, Jusa (Rongcheng), Owusu, Ademi (Xinpengcheng), N'Gadeu, Amadou (Tongliang Long), Gustavo (Henan), and Acheampong (Yingbo). This doesn't even include the return of former CSL players like Stanciu and Memisevic (West Coast), nor the permanent signings by Shanghai Port and West Coast of Gabriel and Aziz, who were already with the teams last season.

Among these intra-CSL transfers, apart from the two low-cost permanent signings, all others joined as free agents. For CSL clubs, these players' current form and familiarity with the league are more evident, while transfer fee costs are minimized. This represents a key trend in this winter's CSL foreign signings: pursuing cost-effectiveness.