A new stock index focused on Chinese tech giants has been launched from the Hong Kong stock market.
The Hang Seng TECH index was released on Monday and includes Internet giants such as Tencent, Alibaba and JD.com.
The new index comes when Chinese tech companies are subject to greater scrutiny in the United States, with many looking for listings in both Hong Kong and China.
Alibaba, NetEase and JD.com are three technology giants that recently listed on Hong Kong amid growing tensions between the United States and China. They are included in the new Hang Seng TECH index.
The Ant group is described as the most valuable unicorn in the world: a start-up that has grown to over $ 1 billion (£ 778 million).
Once listed publicly, it should also move to the index.
Ant Group, a financial technology company (fintech), also wants to list on the Chinese technology-centric Star stock market while avoiding a listing on the US stock market.
Analysts say the Hang Seng TECH index will attract investors to other Hong Kong tech stocks and look beyond the more well-known Hang Seng index, dominated by banks and insurers.
“The new index aims to compete with Nasdaq on the US market for Chinese tech giants,” said Bruce Pang, head of macro and strategic research for China Renaissance Securities.
The Hang Seng TECH index will follow Hong Kong-listed companies that have a high commercial exposure to selected technology themes, including the Internet, fintech, cloud, e-commerce and digital businesses.