The head of the relevant departments of Shanghai Stock Exchange told reporters that as the first index of the science and technology innovation board, the launch of the science and technology innovation 50 index will help investors to objectively characterize the market and performance evaluation benchmark, and enrich the observation dimension of the science and technology innovation board. At the same time, the launch of Kechuang 50 index provides tracking target for index investment products, creates conditions for more investors to carry out index investment, and is conducive to attracting medium and long-term funds to enter the science and technology innovation board market.
On June 19, the Shanghai Stock Exchange has already announced that in order to timely reflect the performance of the listed securities on the science and technology innovation board and provide investment targets and performance benchmarks for the market, Shanghai Stock Exchange and China Securities Index Co., Ltd. will release the historical market of Kechuang 50 index after the closing on July 22, and the real-time market will be officially released on July 23. The overall characteristics of the science and technology innovation 50 index are as follows: first, the index is fully representative. By the end of May, the total market value coverage rate of 50 samples was about 61%, and the coverage rate of R & D expenses, operating income, net profit attributable to shareholders of parent company and net cash flow generated from operating activities exceeded 60%. Second, the industry has distinctive characteristics. The 50 samples are concentrated in the new generation of information technology, biomedicine, high-end equipment and other strategic emerging industries, highlighting the innovation driven industry structure characteristics of the science and technology innovation board. Third, the nature of scientific and technological innovation is outstanding. The average R & D expenditure of 50 sample companies accounted for 13% of the operating revenue. In the future, with the increase of the number and scale of listed companies on the science and technology innovation board, the index will include more representative and strong market influence listed companies on the science and technology innovation board, so as to further enhance the investment value of the index.
Since the opening of the market, the number of entrepreneurs listed on the science and technology innovation board has increased steadily, the market operation is stable and orderly, and the enterprises scientific and technological innovation attribute is outstanding. As the first index of the science and technology innovation board, the science and technology innovation 50 index helps to reflect the performance of the listed securities on the science and technology innovation board, and further enriches the investment target. An investment banker told the Securities Daily that the launch of the science and technology innovation 50 index is related to the layout of long-term funds, especially the passive investment funds of the index type. It is indeed necessary to launch the index as soon as possible. At the same time, the market and supervision should have certain expectations and tolerance for the fluctuations of the first index of the science and technology innovation board. The registration system reform emphasizes that the market can fully play, and reformers and all parties in the market are particularly needed The spirit of responsibility.
According to the Shanghai Stock Exchange, the index draws on the mature experience of domestic and foreign markets, and fully considers the characteristics and objective situation of the science and technology innovation board. The index is based on December 31, 2019, with a base point of 1000 points. Taking into account the objective development and institutional characteristics of the science and technology innovation board, the new stock market will be included in the sample space for 6 months at the present stage, and 100 -150 will be listed for 12 months after the launch of the new stock exchange. After that, it will be adjusted to be 12 months after the listing.
It is also understood that since the announcement of the launch of the science and technology innovation 50 index, the Shanghai Stock Exchange has done a good job in the development and testing of the index related technical system; it has also carried out the index thematic investment and teaching activities simultaneously, and guided investors to understand the index compilation, index functions and index investment related knowledge by using various investment and education publicity forms such as pictures, videos and micro classes.