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Shenzhen Stock Exchange announces new index to track performance of blockchain companies

Image: Jay Sterling Austin/Flickr

Thu, 26 Dec 2019, 05:34 am UTC

The Shenzhen Stock Exchange (SSE), one of two stock exchanges operating independently in Mainland China, has announced a new index to reflect the performance of blockchain industry-related companies.

Called the Shenzhen Blockchain 50 Index, the index will be based on the stocks of 50 SSE-listed companies that are involved in the blockchain space. These 50 stocks are sorted on the basis of their average daily market capitalization over the past six months.

“The index is weighted by free float market value, and the sample stocks are regularly adjusted on the next trading day on the second Friday of June and December each year,” according to a press release (via online translation).

Cointelegraph reported that the SSE ensured that companies comprising the index are actually using blockchain technology and not just capitalizing on the hype. In early 2018, the exchange had even issued a warning that it would punish any company that was trying to boost their share price by engaging in the buying of blockchain-related stocks or falsely claiming to be developing blockchain business models.

On these lines, it had suspended the trading of healthcare device manufacturer Lifesense, which announced a “blockchain laboratory” causing its share price to surge 10.

As blockchain and cryptocurrencies permeate into the traditional financial sector, leading stock exchanges are starting to list indexes that track companies involved in this space.

In September, Nasdaq listed a crypto index Defix (DEFX) to provide market information on blockchain projects focused on decentralized finance (DeFi). The following month, it listed the AI-powered CIX100 index created by crypto data provider

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