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Shanghai exchange to launch new index tracking next generation IT

·1 min read
FILE PHOTO: A man wearing a mask walks by the Shanghai Stock Exchange building at the Pudong financial district in Shanghai

SHANGHAI (Reuters) - Shanghai Stock Exchange will launch a new index to track 50 major listed companies from tech-focused STAR board that engage in next generation information technology, the exchange said on Thursday, in a move echoing Beijing's commitment to advance its tech sector.

SSE STAR Next Generation Information Technology Index will be introduced by the Shanghai exchange and China Securities Index Co Ltd on Aug. 16, the bourse said in a statement published on the website.

"The index is to measure the performance of next generation information technology industry of STAR market," it said.

The selected 50 companies would cover a range of areas, such as internet and cloud computing, big data services and artificial intelligence, according to the statement.

China said in its annual work report released earlier this year that it would increase its annual research and development spending by more than 7% each year over the next five years.

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Tomasz Janowski)