Hong Kong launches share index of technology giants
Alibaba, NetEase and JD.com are three tech giants that have recently listed in Hong Kong amid growing tensions between the US and China. They are included in the new Hang Seng TECH Index.
The Ant Group is described as the world's most valuable unicorn - a start-up that has grown to a value of more than $1bn .Ant Group, a financial technology firm, also wants to list on China's tech-centric Star stock market as it shuns a US stock market listing. 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 which is dominated by banks and insurers.
"The new index aims to rival and beat the Nasdaq in the US market for Chinese tech giants," said Bruce Pang, head of macro and strategy research for China Renaissance Securities. The Hang Seng TECH Index will track Hong Kong-listed companies that have high business exposure to selected technology themes, including the internet, fintech, cloud, e-commerce and digital activities.
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