A SHARE INDEX for Chinese technology giants, the Hang Seng Tech, has been launched on Hong Kong’s stock market.
Companies on the list include internet leaders such as Tencent, Alibaba and JD.com, and some 30 of the country’s bigger tech firms will be represented.
The move comes amid scrutiny of Chinese firms by the US and rising tensions between mainland China and Hong Kong.
Alibaba founder Jack Ma has announced plans to list his company’s financial arm, the Ant Group. The fintech has been hailed as the world’s “most valuable unicorn”, a start-up that is now worth more than $1bn, or £778m.
The Hang Seng Tech index aims to attract investors to less well-known Hong Kong stocks — those not prominently featured on the famous Hang Seng index, which is dominated by financial institutions, real estate and energy companies.
The Hang Seng Tech will track Hong Kong-listed companies that have high exposure to technology such as the internet, fintech, and e-commerce activities.