Hong Kong's stock market launched a new index on Monday tracking China's tech giants as they become increasingly dominant players on the city's exchange.

The Hang Seng Tech Index tracks the top 30 tech firms listed in the city -- including Alibaba, JD.com, Tencent, Xiaomi and Meituan Dianping.

Hong Kong has become an increasingly attractive place for Chinese tech companies to list, especially as they face greater scrutiny and restrictions in the United States.

Many have sought primary and secondary listings closer to home as the U.S.-China trade war intensifies and Washington threatens to curtail access to U.S. capital markets.

Earlier this month e-commerce giant Alibaba announced plans for a dual listing of its affiliate financial arm Ant Group in Hong Kong and Shanghai.

Analysts say it could be the world's second-biggest IPO after that of Saudi Arabian oil giant Aramco last year.

Helped by mainland inflows, tech stocks have hugely outperformed the Hong Kong bourse, which is down by 12 percent this year.

Tracking the new index since January would have meant a 47-percent return for investors, according to Bloomberg.

"With overseas-listed Chinese firms deciding to list closer-to-home, the Hong Kong market falls short in terms of having a representative index for these stocks," Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong, told Bloomberg.

"This new index serves to fill this gap and drive capital flows."

Hong Kong is in the midst of a deep recession initially caused by the trade war and months of social unrest in the city last year.

The coronavirus has compounded the city's economic woes and a recent "third wave" has sent local infections soaring over the last month, ushering in painful new social distancing measures.