Shanghai’s answer to Nasdaq outstrips Hong Kong amid Chinese tech frenzy

Hong Kong 50 is being outpaced by mainland China’s tech-led rally, as investors rotate into Chinese technology and semiconductor names amid stronger domestic policy support for onshore listings. The article says Shanghai’s Star 50 index has gained 23% this year, well ahead of Shenzhen’s tech index (+10%) and Hong Kong’s Hang Seng Tech Index (-14%). The divergence reflects Beijing’s push to keep strategically important “hard technology” companies, especially semiconductors and robotics firms, listed onshore to limit capital flight and support domestic innovation. Recent blockbuster IPOs such as CXMT and Unitree underscore the momentum, while Hong Kong and Shenzhen are responding by loosening listing rules and revising tech index methodologies. The market implication is that Shanghai is increasingly becoming the preferred venue for Chinese tech issuers, potentially reducing Hong Kong’s relevance for the most innovative mainland companies.