KP Index

Each component is scored 0–100. Count components (filings, listings, papers) compare the latest weeks with the same window a year earlier — zero growth scores exactly 50. Market components are diffusion indices: the share of stocks improving. The KP Index is their weighted average.

Averages: 50.5 in 2024, 57.6 in 2025, 56.3 in 2026 to date; 71% of weeks above 50.

The current version runs 6 live components (target weights 60% in total), rescaled to equal weights. When planned components go live, history is recomputed under the target weights with a version record.

• Universe: US, Hong Kong and mainland-China listings in five themes: compute & chips, physical AI, commercial space, models & AI apps, frontier tech.
• Eligibility: market cap ≥ RMB 30 bn; listed ≥ 10 trading days; one line per company.
• Selection: top 50 Greater-China and top 50 global companies by market cap.
• Weighting: cap-weighted within groups, 5% single-name cap.
• Review: quarterly, effective after the close on the third Friday of Mar/Jun/Sep/Dec; announced 5 trading days ahead.

Humanoid and service robots, smart EVs, autonomous driving, core components, machine vision, low-altitude aircraft. Market cap ≥ RMB 30 bn, top 30 by market cap.

Private companies have no daily prices and stay out of the tradable indices. Each quarter we publish a watch list of private technology companies in the Keysland universe — names, themes, regional structure, additions and removals — with no valuations and no index level.

• Index Committee: five members chaired by the head of the Pyramid Institute, including one external adviser; monthly meetings plus pre-review sessions; minutes kept five years. Approves methodology, theme tags, reviews, exceptions and recalculations.
• Conflicts of interest: KP and affiliates may do business with constituents; selection and weighting follow the rules; conflicted members declare and recuse; review results are restricted until announced, insiders are logged and may not trade affected stocks before announcement.
• Methodology versions: current v1.1. Major = substantive change; minor = clarification and governance. Material changes: public consultation of at least 30 days, then 30 days' notice; non-material: 5 trading days' notice.
• Constituent changes: quarterly reviews announced 5 trading days before effect; corporate events generally 2 trading days ahead.
• Recalculation: sub-index errors of 0.10% or more, or wrong constituents or weights, found within 30 days are recalculated and announced; KP Index preliminary values revise with source data for 4 weeks, and final-value errors of 1.0 point or more are recalculated and announced. Both versions are kept.
• Data corrections: pre-calculation checks for coverage (at least 95%) and unusual moves (sub-index weekly move over 20% goes to manual review).
• Preliminary and final: the KP Index publishes a preliminary value each Monday; values become final from week five.
• Continuity: material redesign or discontinuation will be announced at least three months ahead with transition arrangements.

• Constituent daily closes: Yahoo Finance public daily data (split-adjusted).
• A-share total shares: Shanghai and Shenzhen Stock Exchange public data; other markets: companiesmarketcap.com public download.
• China tech-board listings: SSE STAR company list and SZSE A-share list. US private placements: SEC EDGAR. Papers: arXiv public API. FX: CFETS RMB central parity.
• Display policy: this page and the data file publish only KP-calculated index levels and component scores, plus constituent names and tickers; no raw quotes, weights or third-party index data.

The full methodology and the working paper "The KP Index: Measuring Sentiment in Primary-Market Technology" (Pyramid Institute Working Paper KP-WP-2026-01) are published separately.