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The Shenzhen Stock Exchange has launched a blockchain index comprising 50 of the largest publicly listed companies with blockchain ventures by market capitalization. Blockchain-related stocks in China have been gaining value since President Xi Jinping openly advocated for the technology.

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China’s Shenzhen Stock Exchange (SZSE) announced Tuesday the launch of its blockchain index called the SZSE Blockchain 50 Index, or Blockchain 50 for short. It seeks to track the performance of the top 50 SZSE-listed companies with blockchain projects, sorted by average market capitalization over the past six months. On Dec. 24, its first day of trading, the index closed at 3,155.03 yuan ($450), up 1.15%.

The Shenzhen Stock Exchange is one of the two stock exchanges operating independently in mainland China. Established on Dec. 1, 1990, the exchange is under the supervision of China Securities Regulatory Commission. As of Dec. 25, it has 2,203 listed companies and 9,262 listed securities. The other stock exchange in China is the larger Shanghai Stock Exchange.

The Blockchain 50 Index currently comprises stocks of blockchain-related public companies across 10 sectors. According to the list of constituent stocks provided by the exchange, the sectors represented in the index are IT, manufacturing, finance, utilities, construction, wholesale and retail, transportation, business support, research and development, and media. The IT sector has 27 stocks in the index, followed by manufacturing with 14 companies, and finance with two companies. The remaining sectors have one company each in the index. According to the exchange, the constituents are adjusted twice a year — in June and December.

Some of the largest companies by market capitalization in the Blockchain 50 Index are Ping An Bank, Midea Group, East Money Information, Suning, SF Holding, Leo Group, Shanghai 2345 Network Holding, Jiangsu Akcome Science, and DHC Software.

China’s blockchain-related stocks have had a boost this year since President Xi Jinping openly advocated for blockchain technology in October. According to 8btc publication, eight out of the 50 stocks in the Blockchain 50 index spiked more than 100% and 20 others climbed over 50% this year. Among the index constituents, one of the biggest gainers is Shenzhen Genvict Tech, which has risen 275.33% this year.

While the Shenzhen Stock Exchange and many of its listed companies embrace blockchain technology, the authorities in Shenzhen are reportedly pressuring crypto businesses. They questioned eight of them last week, as news.Bitcoin.com reported.

What do you think of the Shenzhen Stock Exchange launching a blockchain index? Do you think many more companies will use blockchain technology in their business? Let us know in the comments section below.

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Images courtesy of Shutterstock and Shenzhen Stock Exchange.

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The post Shenzhen Stock Exchange Launches Index of Top 50 Blockchain Public Companies appeared first on Bitcoin News.

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