Blockchain "genuine" index correction concept stock sample institutions are yet to be tested

China Business Network

Reporter / Li Hui / Beijing Report

The enthusiasm of the capital market for participating in the development of blockchain continues to heat up.

On December 24, the Shenzhen Stock Exchange issued the Shenzhen Stock Exchange 50 Index (3157.102, -48.76, -1.52%) (index code 399286), becoming the first blockchain theme index in Shanghai and Shenzhen. On the same day, Penghua Fund submitted the application materials of “Penghua Shenzhen Stock Exchange Blockchain 50 Trading Open Index Securities Investment Fund”. If it is successfully issued, the fund may become the first one with the “blockchain” keyword in its name. Raised funds.

It is not just virtual coins that are hyped under the banner of the blockchain. The release of the "genuine" index may lead investors to a deep understanding of blockchain applications, and it will also provide the industry with a "blockchain + industrial application" Demonstration path. The industry generally believes that the improvement of the convenience of capital entry will help the landing of related technologies. With the advent of blockchain indices and related fund products, this area is expected to receive further funding attention. However, it should be noted that the blockchain technology in most of the sample stocks has not significantly affected the performance of listed companies.

Corrective hype, "genuine" index appears

From the perspective of the realization of the capital market, since the end of October this year, the concept block chain of A shares has experienced a pattern of hundreds of shares rising and falling several times. "China Business Daily" reporters searched for flush flush (104.750, -5.05, -4.60%) ifinD data shows that currently there are 140 stocks related to the concept of blockchain in the two cities. According to Choice data, since this year, more than 4,300 institutions have participated in the survey of 97 listed companies with blockchain concepts.

Previously, securities analysis software including Wind, Flush, Oriental Fortune (15.060, -0.43, -2.78%) and other securities analysis software have launched the concept block of the blockchain, but to a certain extent lack of authority.

According to the announcement of the Shenzhen Stock Exchange, the launch of the Shenzhen Stock Exchange 50 Index aims to reflect the performance of companies in the blockchain industry in the Shenzhen securities market and provide investors with a richer indexed investment tool. In the scope of sample selection, the index is targeted at companies listed on the Shenzhen Stock Exchange, whose business areas involve the upstream, middle and lower reaches of the blockchain industry. They are ranked according to the average daily market value in the past six months from high to low, and the top 50 stocks are selected. Sample stocks.

In recent years, with the changes in the structure of A-share transactions and investor preferences, indexed investment is gradually becoming an important model of the investment market.

Song Shuangjie, an analyst with the Tongtongtong Research Institute, said in an interview with reporters that the index is the "barometer" and "wind vane" of the market, and the industry index is an important tool for investment analysis, performance evaluation, asset allocation and indexed investment in subdivided industries. As an emerging market, blockchain has long lacked scientific industry classification standards and professional industry indexes. The Shenzhen Stock Exchange launched the Blockchain 50 Index at this time, indicating that it is long-term optimistic about the blockchain industry and related businesses.

Song Jiaji, Dean of Guosheng Securities Blockchain Research Institute, believes that the Blockchain 50 Index provides a platform and tools for capital market participation to support the development of the blockchain industry. "At present, the channels and tools for capital investment to participate in the development of the blockchain industry are still very limited. It can be expected that in the future, more blockchain-related sector index products and even ETFs are expected to accelerate their landing and provide convenience for capital entry. The industry will Leverage the power of capital to continuously promote the implementation of applications. "

According to the official website of the China Securities Regulatory Commission, on the day the index was launched, Penghua Fund reported that it had applied for "public fundraising application registration-Penghua SZSE Blockchain 50 Transaction Open Index Securities Investment Fund", indicating that the relevant index products had accelerated.

However, most fund companies remain unmoved. Some fund company managers frankly told reporters, "I don't understand and dare not advance." The fund company manager believes that the current contribution of the blockchain to the above mentioned targets has made little contribution to the performance.

In the view of Ma Zhaofeng, director of the Blockchain Laboratory of Beijing University of Posts and Telecommunications, the key value of the Blockchain 50 Index is its role as a guide and model in the capital market. "Although the current application of blockchain is mostly in its infancy, the expansion of capital participation channels is expected to attract more related concepts of investment and financing and mergers and acquisitions."

Performance-driven effect remains to be seen

The domestic capital market pays more attention to the implementation of blockchain technology in related industries, but since it is still in the early stages of development, it needs to rely on the coordination of multi-factors of the whole society, and the cycle of effect manifestation is longer.

The reporter combed and found that among the 50 index samples published by the Shenzhen Stock Exchange, the industries involved included finance, software development, cultural media, communications operations, logistics, and IT services. Among the sample companies, the more concentrated areas include finance, copyright, medical care, traceability, and government affairs.

The reporter reviewed some of the above-mentioned sample stock annual reports. Taking Ping An Bank (16.630, 0.16, 0.97%) (000001.SZ) as an example, according to its 2018 annual report, the landing business is mainly a supply chain account receivable service platform to solve the on-chain The fragmented financial needs of enterprises and the precise traceability and immutability of transaction information. Annie shares (8.650, -0.33, -3.67%) (002235.SZ) has established a copyright trading platform based on blockchain technology to provide copyright deposits for massive works and to monitor and defend rights.

It is worth noting that many sample stocks in the Blockchain 50 Index have trended strongly this year, and a considerable number of stocks have doubled in 2019. Jinyi Technology (64.530, -0.74, -1.13%) (002869.SZ) stock price rose more than 300%, and flush flush (300033.SZ) also nearly doubled. However, on the whole, the development direction of the above-mentioned blockchain + industry is still in its infancy, and it has not significantly affected the main business, and the blockchain business of more companies is still in the research and exploration stage, and no mature landing projects have been seen. .

For the selected block according to the index of 50 samples, Jinyi Technology told reporters that the company's current blockchain theory and application research in the field of intelligent transportation has not made significant investment, has not formed a related business, and has not yet generated direct economic benefits. Conditions and operating results will not have a significant impact.

Other selected companies are even deeply involved in impairment of goodwill and business disputes. The reporter noted that on the evening of December 22, Zhongying (6.440, -0.14, -2.13%) (002464.SZ) issued an announcement saying that due to the influence of global industry trends, it is expected that Xincailiang Technology Co., Ltd. generated a total of 1 billion to 1.3 billion yuan in goodwill impairment at the consolidated level. According to Zhongying Internet's 2018 annual report, its R & D investment of 23.59 million yuan is mainly focused on digital currency exchanges and mining pool management systems.

According to Yu Rui, chief analyst of Chain Tower Think Tank, at this stage, a key issue for A-share blockchain concept companies is that the logic between blockchain business and performance is not clear. There is no reliable explanation of "how to make money".

Some people in the industry also believe that there are many exchange indexes and some indexes also overlap. For example, there are many overlaps in the concepts of fintech and blockchain, so its index popularity and ability to attract funds remain to be seen.

In addition, it is worth noting that the two major representative forces currently recognized in the blockchain field are native blockchain companies (represented by FunChain, Complex US, Bobby Blockchain, etc.) and Internet technology giants (represented by Ali , Tencent, Huawei, etc.). Within the scope of A shares, the gold content and representativeness of the blockchain technology of related companies are also controversial. Some companies even choose to enter the market quickly in the form of "stepping on points" with native blockchain companies.

Huobi China CEO Yuan Yuming revealed in an interview with reporters that listed companies are an important technology output and cooperation front of Huobi China. Blockchain technology is very suitable for certain fields, such as finance, supply chain, smart manufacturing, and data industries. There are also less suitable for anti-counterfeiting, etc. Therefore, the degree of fit between the company's main business and the blockchain technology is the focus of the cooperative investigation.

However, similar to all indexes, the Blockchain 50 Index will also undergo periodic dynamic adjustments. It will periodically adjust the sample stocks on the next trading day on the second Friday of June and December each year.

In fact, for the representativeness and performance-driven value of the above index sample, some insiders tend to "let the bullets fly for a while". Yuan Yuming believes that the Shenzhen Stock Exchange released the TMT50 index in 2010, which emphasizes the empowerment and innovation of enterprises such as the Internet and technical hardware. It also does not include all mainstream Internet companies, but still has its own gold content. Similarly, although the blockchain 50 is not enough for the time being, but with the development of blockchain technology, it should be possible to see the widespread implementation and application of blockchain technology in the next 2 to 3 years. With some replacements, its gold content may increase with the times.

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