The Shanghai Stock Exchange (SSE) and the China Securities Index Co., Ltd. (CSI) on Monday jointly launched the new SSE-380 Index that aims to reflect the performances of high-growth blue-chip stocks on the Shanghai stock market.

The new index would track the performances of 380 of the 890 companies listed in Shanghai, a statement on the SSE website said Monday.

The SSE-380 index focuses on emerging industries in the fields of energy efficiency, environment protection, new energy, new materials, and high-end equipment manufacturing, the statement said.

It said the new index would not track the performances of companies in telecommunications, banking, insurance and finance.

The new SSE-380 index, along with the SSE-180 and SSE-50 indexes, would together reflect the performances of blue-chip stocks, the statement said.

The selection of the 380 stocks were based on the companies' total market value, growth rate of revenues, return on net assets, and transaction value.

The SSE-380 Index on Monday opened at 4,500.103 points.