Why is the Hang Seng Tech Index underperforming while AI shares soar?

South China Morning PostEN 1 min read 100% complete by Themis QiFebruary 23, 2026 at 02:15 AM

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The Hang Seng Tech Index in Hong Kong is underperforming this year, falling 5.5% as of Friday, while the broader Hang Seng Index has risen 0.3%. This contrasts with the US Nasdaq 100, which has only fallen 0.8% in the same period. Analysts attribute this to the index's struggle to capitalize on the artificial intelligence boom and identify leading companies in the sector. Meanwhile, mainland Chinese AI-related companies like Knowledge Atlas Technology (Zhipu AI) have seen significant gains, some exceeding 400% since their recent Hong Kong debuts. Robot makers like Shenzhen Dobot have also seen gains. The Hang Seng Tech Index includes major companies like Tencent and Alibaba.

Key Entities & Roles

Key Player Opposition Context

CCTV 40% Shenzhen Dobot 50% Beijing Haizhi Technology Group 60% Hang Seng Index 60% Nasdaq 100 Index 60% MiniMax 60% Meituan 70% Knowledge Atlas Technology (Zhipu AI) 70% Tencent Holdings 70% Hong Kong ×280% Alibaba Group Holding ×280% Hang Seng Tech Index ×490%

Keywords

hang seng tech index 100% artificial intelligence 80% underperformance 70% tech equity 60% technology companies 50% stock market 50% nasdaq 100 index 40% investment frenzy 40%