Investor frustration is growing with Hong Kong’s technology index, as the benchmark’s prolonged slide contrasts sharply with the soaring share prices of several Chinese AI firms that recently went public in the city.

The Hang Seng Tech Index – a gauge of Hong Kong-listed tech companies that was once seen as China’s answer to the Nasdaq – has come under pressure in recent months, and the index’s poor performance has drawn even more scrutiny amid the wider surge in Chinese artificial intelligence stocks.

“Please save Hang Seng Tech,” one user commented on a recent post by the Securities and Futures Commission of Hong Kong on the social media platform RedNote, also known as Xiaohongshu, drawing nearly 6,000 likes.

The index is missing out on the AI boom because it has not moved with the times, analysts said.

It remains dominated by tech conglomerates, electric vehicle makers, e-commerce platforms and food delivery companies, as its eligibility rules have so far barred the inclusion of new AI players like MiniMax Group and Knowledge Atlas – also known as Zhipu AI – which have both made enormous gains since listing in Hong Kong.

The index includes the 30 largest technology companies listed in Hong Kong, which are classified under industrials, consumer discretionary, healthcare, financials and information technology, according to the Hang Seng Indexes Company, an index compiler run by the Hang Seng Bank.