NASDAQ of the East: Hong Kong Stock Exchange launches tech giant index

The Hang Seng TECH Index is comprised of the 30 biggest technology companies listed in Hong Kong, including Chinese firms such as Tencent and Alibaba

Hong Kong

The Hong Kong Stock Exchange has launched a new index composed of 30 of its largest listed tech firms in a move to offer a Chinese-dominated competitor to New York’s NASDAQ index.

The Hang Seng TECH Index, which went live on Monday, includes Chinese technology giants such as mobile game developer Tencent, e-commerce group JD.com and online shopping titan Alibaba. Other constituents of the index are phonemaker Xiaomi and food delivery services website Meituan-Dianping.

Meanwhile, Ant Financial Group, owned by Alibaba’s billionaire founder Jack Ma, is also likely to join the index after it chose to list on both the Shanghai and Hong Kong exchanges as part of its initial public offering. The company was valued at around £117bn in 2018, meaning its IPO is likely to attract considerable investor interest.

The announcement of the new index is seen as a move to attract investors to Chinese tech stocks and provide an alternative to the standard Hang Seng Index, which is dominated largely by Hong Kong’s banks, property firms and energy conglomerates.

It may also allow for the creation of new exchange-traded funds (ETFs) to track the Chinese tech sector specifically and potentially draw more foreign capital into the Chinese market.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Directa Plus CEO proud to play role in new Genoa San Giorgio Bridge construction

Directa Plus PLC's (LON:DCTA) Giulio Cesareo speaks to Proactive's Andrew Scott soon after the opening of the new Genoa San Giorgio Bridge which was constructed using Iterchimica's Gipave asphalt supermodifier for its road pavement. It contains graphene and a specific type of...

16 hours, 2 minutes ago

2 min read