Kunlun Red Star

The team, originally known as Kunlun Red Star, was established as part of China's preparations for the 2022 Winter Olympics in Beijing. In March 2016, representatives of Kunlun Red Star and the KHL signed a protocol of intent to have a Chinese-based team enter the KHL. The protocol was signed by the representative from the Ice Hockey Federation of Russia Vladislav Tretiak, the chairman of the KHL Gennady Timchenko, and the board of Kunlun Red Star. In mid-April, the president of the International Ice Hockey Federation René Fasel expressed hope that this would help China bring their hockey to a higher level. However, despite the high ambitions, the team only made the playoffs once, in 2017, and stopped playing games in China starting in the 2019–20 season due to the effects of the COVID-19 pandemic in the country.

After playing their games in Mytishchi Arena outside of Moscow since August 2020, the team announced they would play at SKA Arena in Saint Petersburg for the 2025–26 season, with the intent of returning to China the next year. On 7 August 2025, with Kunlun undergoing new ownership, they announced rebranding as Shanghai Dragons, while still based at St. Petersburg. Former HC Vityaz executive Igor Varitsky was brought as Shanghai's new general manager, and on 13 August 2025 Gerard Gallant was hired to lead the team. The Shanghai Dragons played their first preseason game on 29 August, defeating HC Spartak Moscow 3–2. They played their first regular season game on 6 September, defeating SKA Saint Petersburg 7–4.