Shenzhen Stock Exchange File Photo: CFP

The ChiNext index, covering mostly technology companies traded at the Shenzhen Stock Exchange, surpassed the mainstream Shanghai Composite Index (SCI) on Tuesday morning, which was the first time that the ChiNext index had exceeded the SCI in the history of the A-share market. 

The ChiNext index surpassed SCI of 3,559.72 points and hit 3,560.46 points at around 9:40 am on Tuesday morning. It was also the first time that the ChiNext index surpassed SCI since its launch 11 years ago. 

The hike of the ChiNext index was primarily boosted by hefty price rises of lithium battery makers, electric car companies, new energies and cyber security companies. 

Total market valuation of Chinese electric vehicle (EV) battery suppliers Contemporary Amperex Technology Co (CATL) reached 1.34 trillion yuan ($207.26 billion) on Tuesday, which ranked No.1 in Shenzhen Stock Exchange. CATL also ranked fourth place in A-share market next to Kweichow Moutai Co, Industrial And Commercial Bank Of China Limited and China Construction Bank. 

The ChiNext index has witnessed non-stop annual rises since 2019. The index increased by 43.79 percent and 63.96 percent respectively in 2019 and 2020, and 18 percent of the index's increase was seen in 2021.

Global Times