As the cradle of American high-tech enterprises, Nasdaq stock market plays an extremely important role in the development of American high-tech industries and is also a powerful booster for the rapid development of global knowledge economy. Nasdaq market is no longer the second-board market in the usual sense. Among more than 5,500 companies listed on Nasdaq, there are nearly 2,000 high-tech companies. Among the Internet companies listed in the United States, except a few listed on NYSE, all others are listed on NASDAQ. In this market, only computers or computer-related companies account for 15.8%, and the market capital of computers and telecommunications accounts for about 2/3; Among the five companies with the highest market capitalization in the US capital market, Nasdaq holds three companies, namely Microsoft, Intel and Cisco, while the other two companies, namely General Electric and Wal-Mart, are listed on the new york Stock Exchange.
Moreover, at present, the number of shares issued by foreign companies in Nasdaq market has exceeded the sum of new york Stock Exchange and American Stock Exchange, and it has become the main place for foreign companies to list in the United States. Therefore, Nasdaq is one of the most important securities markets in the world, and it is a symbol and synonym of high-tech companies.
Nasdaq * * * has two sections: the national market and the small capital market, which was established in 1992. At the beginning, the goal of Nasdaq was small and medium-sized enterprises, but only because the scale of listed enterprises increased with the changes of the times, Nasdaq had to divide itself into "main board market" and "small and medium-sized enterprise market".
The Hang Seng Index is compiled by Hang Seng Index Services Limited, a wholly-owned subsidiary of Hong Kong Hang Seng Bank. It is a weighted average stock price index with 33 listed stocks in the Hong Kong stock market as samples and their liquidity as the weight. It is the most influential stock price index reflecting the price trend of Hong Kong stock market. The index was first published on June 24th 1969+065438+, and the base period was 65438+July 3rd10964, and the base period index was set as 1000. The constituent stocks of the Hang Seng Index are widely represented in the market, and their total market value accounts for about 90% of the total market value of the Hong Kong Stock Exchange. In order to further reflect the price trend of various stocks in the market, the Hang Seng Index began to publish four sub-indices on 1985, and 33 constituent stocks were included in the four sub-indices of artificial commerce, finance, real estate and public enterprises. The selection principles of Hang Seng's donated constituent stocks are as follows.
(1) If the stock is selected according to the market value, it must be among the listed stocks accounting for 90% of the total market value of all ordinary shares listed on the Stock Exchange (the market value refers to the average value of the past 12 months).
(2) According to the turnover, it must be among the listed stocks that account for 90% of the total turnover of ordinary shares listed on the stock exchange (turnover refers to the total turnover in the past 24 months).
(3) must be listed on the stock exchange for more than 24 months.
After preliminary selection of qualified stocks according to the above criteria, sample stocks are finally selected according to the following criteria:
(1) ranking of company market value and turnover.
(2) The proportions of the four sub-indices of Hang Seng Index should roughly reflect the market situation.
(3) The company has a huge business in Hong Kong.
(4) The financial status of the company.
The calculation formula of Hang Seng Index is:
Current index = (current total market value of constituent stocks)/(total market value of constituent stocks at the closing of the last day) * closing index of the last day.