HKEX Launches Artificial Intelligence Index to Track China's AI Value Chain

Hong Kong Exchanges and Clearing Limited (HKEX) has launched the HKEX Artificial Intelligence Index, its first thematic index targeting the AI value chain. For fintech professionals, this represents a significant move to institutionalise AI investment in Asia, providing a structured gateway for capital to flow into regional hardware, infrastructure, and software developers.

What was announced

The HKEX AI index is designed to track the full lifecycle of artificial intelligence development through four specific segments: AI chips, AI infrastructure, AI models, and AI applications. The index comprises 40 constituents, including major technology players like Alibaba Group, Tencent Holdings, and SMIC, alongside emerging AI firms such as Biren Technology, Zhipu AI, MiniMax, and Horizon Robotics. Many of these companies are currently listed in Hong Kong.

To ensure the index reflects genuine innovation, constituents must meet specific financial criteria: research and development (R&D) expenditure and capital expenditure must each represent at least 3% of sales, and the company must have achieved at least 5% sales growth over the previous two years. The index employs a weighting cap to maintain diversification, with individual constituents limited to 10% and stocks in the applications segment capped at 3%. The index will undergo quarterly reviews and rebalancing to account for the rapid shifts in the technology sector.

HKEX has also entered a licensing agreement with China Southern Asset Management Co., Ltd. (Southern Asset Management). This deal authorises the firm to launch an exchange-traded fund (ETF) on the Chinese mainland that tracks the HKEX AI index. This collaboration is intended to turn the opportunities across the Hong Kong-listed AI value chain into an index-based tool accessible to mainland investors.

"We are delighted to be launching the HKEX Artificial Intelligence Index, giving investors more ways to capture new trends and participate in the growth of the region's technology ecosystem. We are also pleased to be licensing this index to China Southern for ETF products in the Chinese Mainland and look forward to partnering with other market participants to develop more investment products based on our index suite, increasing investor choice and further elevating the depth and vibrancy of our markets."

Richard Leung, HKEX Group Chief Information Officer

The companies involved

Hong Kong Exchanges and Clearing Limited (HKEX) operates as one of the world’s primary exchange groups, positioning itself as a critical gateway for international capital seeking exposure to Chinese assets. It has increasingly focused on attracting innovative technology firms, particularly in the semiconductor, biotechnology, and AI sectors. The exchange group has been expanding its index business to meet diversified investor needs, previously launching products such as the HKEX TECH 100 Index. As the world's largest offshore market for China-related capital, HKEX combines access to Chinese assets with international price discovery.

Southern Asset Management Inc is a pioneer in the Chinese fund management space, being one of the first companies to operate under a standardised framework in the country. In 2007, it was among the first to receive Qualified Domestic Institutional Investor (QDII) status, facilitating cross-border investment. Its subsidiary, CSOP Asset Management Limited, holds the distinction of being the first overseas branch established by a mainland Chinese fund management company. The firm’s collaboration with HKEX is part of a broader international strategy to bridge the mainland and Hong Kong capital markets, particularly through the development of "Artificial Intelligence Plus" initiatives and cross-market connectivity tools.

What FF News has reported before

FF News has previously tracked HKEX’s efforts to expand its financial product ecosystem and strengthen its role as a hub for Chinese capital. In August 2026, the exchange announced a move to strengthen the RMB ecosystem with the launch of 5-Year China Government Bond Futures. This prior development highlighted HKEX's strategy of providing sophisticated risk management and investment tools for the offshore Renminbi market. The current launch of the AI index follows this pattern of deepening the exchange's product suite, shifting the focus from fixed income and currency stability toward high-growth thematic technology sectors that cater to both domestic and international investors.

What this means

The launch of the HKEX AI index signals a shift in how regional exchanges compete for the "AI trade." By codifying the AI value chain into a single investable index, HKEX is attempting to standardise what has previously been a fragmented and speculative market. This move puts pressure on other regional hubs to provide similar thematic transparency. However, the strict R&D and sales growth requirements raise questions about how many "next-generation" startups can maintain their place in the index during periods of market volatility. For the broader fintech sector, this provides a benchmark for valuing AI-driven enterprises in the Asian market.