Hong Kong stock exchange to get new tech index tracking Alibaba, Tencent and 28 other peers
- Hang Seng Indexes Company creates a new gauge to track the performance and influence of 30 top technology companies amid a surge in such giant IPOs
- There are 163 tech stocks listed in Hong Kong, commanding one-third of the market’s capitalisation and 27 per cent of trading turnover
The gauge, known as Hang Seng Tech Index, will include the largest 30 of 163 such entities which command a combined HK$12.21 trillion (US$1.58 trillion) or just under one-third of the market capitalisation. The index will debut on July 27, according to compiler Hang Seng Indexes Company.
Ant Group, which bankers said is worth about US$200 billion, is an affiliate of Alibaba, which owns the South China Morning Post.
“We developed the Hang Seng Tech Index to meet the fast-growing interest in this investment theme among investors,” Anita Mo, deputy chief executive of the compiler, said in a statement. “The Index aims to reflect the performance of sizeable companies in this sector, and to facilitate the development of various index-linked products, including funds and derivatives.”
Hang Seng Indexes Company is a subsidiary of Hang Seng Bank. It started compiling the benchmark Hang Seng Index 50 years ago and has since developed more than 800 sub-indexes to cover a wide range of sectors and industries.
