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Shenzhen Stock Exchange Releases Blockchain 50 Index in China

Shenzhen Stock Exchange Releases Blockchain 50 Index in China

Shenzhen Stock Exchange (SZSE) has released a new Blockchain 50 Index in China tracking the performance of 50 companies. The index is capitalization-weighted and based on the average daily market value of the past six months. Is it worth it to invest in the Blockchain 50 index? 

25 December, 2019 | AtoZ Markets – The Shenzhen Stock Exchange (SZSE) has released a new index called “Blockchain 50 Index”. This is also a bid to provide investors more index-based instruments, according to the exchange’s official announcement. 

The Blockchain 50 Index reflects the performance of companies involved in the blockchain industry on the Shenzhen stock market. Also, it provides investors with more index-based instruments. Furthermore, companies selected to form the equity sample include Ping An Bank, S.F. Holding, Visual China Group and Midea Group.

Index Tracking 50 Blockchain Firms in China

SZSE and its subsidiary Shenzhen Securities Information jointly launched the index. The selected companies involve in the upper, middle and lower streams of the blockchain industry. That includes hardware, technology and services, and other blockchain firms.

The 50 companies in the index were based on their average daily market value over the past six months. The stocks included were based on the total market capitalization of the outstanding stocks. The optimism aroused by President Xi Jinping’s recent remarks on the importance of blockchain development. It has prompted many Chinese companies to engage in activities related to blockchains and digital currencies. This movement is another indication that blockchain is becoming more common in China. After the Chinese government revealed in November that it is planning to use Blockchain technology for the Chinese military

Read More: Paraguay Prepares 2020 Crypto Regulation and Crypto Firms Audits

Chinese President Xi Jinping’s Speech on Blockchain Development

The Chinese President Xi Jinping revealed the Shenzhen index during his speech. The speech also gave a boost to the emerging technology, and he urged the country to capitalize on it. Many major private players in the country have also leapt in the development of blockchain-based products, including technology giants like Tencent.

It is the first blockchain index on the Chinese stock exchange. Unlike in the US, where in September, the New York Stock Exchange launched already an index to track the much-hyped decentralized finance sector. The index included companies like Augur, MakerDAO, Amoveo and 0x. Also, in May this year NASDAQ listed Ripple index, after having priorly listed Bitcoin and Ethereum indices. 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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