Hong Kong's stock market sees its future in Chinese tech 香港股市看到了中国科技的未来

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Hong Kong is launching a new Nasdaq-like technology index. It's a sign that the Asian financial hub, caught in a battle for its future between East and West — is prepared to embrace its role as a gateway for China's tech industry to the world.

香港正在发布一个类似纳斯达克的新技术指数。这标志着这个亚洲金融中心正在为它夹在东西方之间的未来而战-准备充当起它作为中国科技产业对外的角色。

Hang Seng Indexes, the city's leading index compiler, on Monday announced the creation of a new benchmark that will track the 30 largest tech firms that trade in Hong Kong. The Hang Seng TECH Index is expected to debut next week.

恒生指数作为香港的领跑指数，周一宣布了它将追踪在港交易的30家大科技公司的新基准。恒生科技指数有望在下周首次亮相。

The city has recently become increasingly attractive to Chinese companies that fear for their business prospects in the United States. Alibaba (BABA), NetEase (NTES) and JD.com (JD) — all of which trade in New York — have in recent months held secondary listings in Hong Kong. And Ant Group, the company behind the Chinese mobile payments business Alipay, announced Monday that it has chosen both Hong Kong and Shanghai for its initial public offering.

对于担心美国商业前景的中国公司而言，香港近来变得越来越有吸引力。最近几个月，阿里巴巴（BABA），网易（NTES）和京东（JD）均在纽约进行交易，但它们在香港二级上市。中国移动支付业务支付宝背后的蚂蚁集团公司周一宣布，已选择在香港和上海两地进行首次公开​​发行。

Some of China's biggest tech champions, including Alibaba, Tencent (TCEHY), Meituan Dianping and Xiaomi, will all be included on the new tech index. They will have a combined weighting of more than 33%.

一些中国最大的技术股，包括阿里巴巴，腾讯（TCEHY），美团点评和小米，都将被纳入新恒生技术指数，而他们的总权重将超过33％。

"The tech sector has become increasingly important for the Hong Kong market," said Daniel Wong, director and head of research and analytics at HSI. "We hope the move will help attract more tech companies to list in Hong Kong."

恒指的董事长兼研究与分析主管黄永昌表示：“科技行业对香港市场变得越来越重要。” “我们希望此举有助于吸引更多的科技公司在香港上市。”

The rise of China's tech sector in Hong Kong likely won't end with the creation of this new index, either. Starting next month, more tech stocks might also start appearing on the Hang Seng Index (HSI), the city's main benchmark. The index compiler changed the rules in May to allow companies that have chosen the city for their secondary listing to appear on the index. Market support for the change was "overwhelming," Hang Seng Indexes said at the time.

在香港，中国科技行业的兴起可能不会随着恒生技术指数的建立而结束。下个月开始，更多的科技股也会开始出现在香港主要的恒生指数 （HSI）中。指数编制者在5月份更改了规则，以允许那些已选择城市为二级上市地点的公司也能出现在指数中。恒生指数当时表示，市场对这种变化的支持“是压倒性的”。

"Hong Kong's stock market is becoming more tech-heavy, and that's good for its status as an international financial center," said Kenny Tang, co-founder and chief executive for Hong Kong-based Royston Securities.

总部位于香港的Royston Securities联合创始人兼首席执行长Kenny Tang说：“香港的股票市场正变得越来越繁重，这有利于巩固它作为国际金融中心的地位。”

The 51-year-old Hang Seng Index is dominated by financial conglomerates and local property developers, including HSBC (HBCYF), CK Hutchison (CKHUY) and Sun Hung Kai Properties (SUHJF). Only three of its 50 components are tech firms.

拥有51年历史的恒生指数一直由当地的金融集团和房地产开发商主导，包括汇丰银行 （HBCYF），长江和记实业（CKHUY）和新鸿基地产 （SUHJF）。恒生指数中的50家公司，只有三家是科技公司。

But the influx of Chinese tech firms in recent months has dominated trading. Tencent, Alibaba and Meituan, for example, were the most actively traded stocks in the city last month, accounting for more than 20% of the total turnover. Only Tencent is currently listed on the city's benchmark index.

但近几个月来，中国科技公司的涌入主导了交易。例如，上个月，腾讯，阿里巴巴和美团是市场里交易最活跃的股票，占总成交量的20％以上。目前，只有腾讯被列入了恒生的基准指数。

"The coming of Chinese tech companies to Hong Kong will fundamentally transform the city's stock market," Tang said.

Tang说：“中国科技公司的到来将从根本上改变香港的股市。”

Other analysts have pointed out that Hong Kong's role as a global business hub has been evolving as China takes greater control of the semi-autonomous region. Brock Silvers, chief investment officer for Adamas Asset Management, told CNN Business last week that the city could find "new relevance" as a center for Chinese finance.

其他分析人士指出，随着中国对半自治区的更大控制，香港作为全球商业中心的角色正在演变。阿达玛斯资产管理公司首席投资官布Brock Silvers上周对CNN商业表示，香港可能会被作为中国金融中心的“新关联”。

Investors apparently like the new direction. Alibaba's stock has jumped more than 35% since it first started trading in Hong Kong last November. JD.com and NetEase, meanwhile, are up 7% and 15%, respectively, since they listed last month.

投资者显然喜欢这种变化。自去年11月首次在香港交易以来，阿里巴巴股价的涨幅已超过35％。自从上个月京东和网易在香港上市，它们的股价也分别上涨了7％和15％。

More companies could consider Hong Kong listings. More than 30 US-listed Chinese companies meet requirements for a secondary listing in Hong Kong, including Pinduoduo and Baidu, according to data provider Refinitiv.

更多公司可以考虑在香港上市。根据Refinitiv给的数据，包括拼多多和百度在内，超过30家在美国上市的中国公司符合在香港二次上市的要求。