New Joint Venture Set Up in HK to Provide China IndicesThe Hong Kong-based Xinhua Financial News Network Ltd. announced Thursday, December 14, that it has signed an agreement with FTSE, the global index provider owned by the London Stock Exchange and the Financial Times, to build a joint venture to provide real-time China indices.The new company, FTSE/Xinhua Index Limited, will provide indices used as performance benchmarks by the domestic and overseas investment community. The indices will serve as a basis for deviate trading and for index tracking funds including exchange traded funds for the Chinese market. All stocks in the FTSE/Xinhua indices will be free float adjusted and will be classified according to the FTSE Global Classification System. The indices are expected to be announced early in 2001. Xinhua has recently introduced the Xinhua Composite Index of 400 Chinese companies, and FTSE and Xinhua will build on the success of this index by developing further indices for international investors in China. This is a great combination of FTSE's global experience and expertise in the design, calculation and management of indices with Xinhua's knowledge and experience of the Chinese investment market, said Ma Yunsheng, chairman of the Xinhua Financial News Network. Founded in 2000, Xinhua Financial News Network, China's premier real-time financial information and market data provider, makes extensive use of Internet, leased line and satellite technologies for the wide distribution of its financial information and market data. |
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