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FTSE Russell to remove more China stocks from indexes over U.S. ban

07/09/2021 | 04:27am EDT
FILE PHOTO: An investor is reflected on the surface of a wall as he walks past an electronic board showing stock information, filled with red figures indicating rising prices, at a brokerage house in Taiyuan

SHANGHAI (Reuters) - Global index publisher FTSE Russell said it will delete a further 20 Chinese companies from its indexes after user feedback on an updated U.S. executive order that bars U.S. investment in companies with alleged ties to China's military.

U.S. President Joe Biden signed the order on June 3 that bans U.S. entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors, replacing an earlier order under Donald Trump.

In a statement on its website, FTSE Russell said the additional Chinese companies will be deleted from its indexes on July 28.

"Excluding quality Chinese companies from the indices will only hurt the image of and cause losses to the indices themselves," foreign ministry spokesman Wang Wenbin said.

The United States is unjustifiably oppressing Chinese companies, he told a regular briefing in Beijing on Friday.

The decision was based on the feedback from index users and stakeholders, it said.

Stocks to be removed include aerospace-related companies such as Aerospace CH UAV, Avic Aircraft, Avic Aviation High-Technology and Avic Heavy Machinery.

It also listed China Shipbuilding Industry, CSSC Offshore & Marine Engineering (Group), Inner Mongolia First Machinery Group.

The stocks will be removed from FTSE GEIS, the FTSE Global China A Inclusion indices and associated indices.

FTSE Russell has previously removed Chinese companies including Semiconductor Manufacturing International Corp and Hangzhou Hikvision Digital Technology Co from its indexes due to U.S. sanctions.

(Reporting by Samuel Shen in Shanghai and Tom Westbrook in Singapore; Additional reporting by Cate Cadell; Editing by Richard Pullin)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AECC AVIATION POWER CO.,LTD -0.09% 54.12 End-of-day quote.-8.81%
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED 0.48% 4.19 End-of-day quote.0.00%
FTSE 100 0.20% 7204.55 Delayed Quote.11.52%
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. 0.34% 55.44 End-of-day quote.14.29%
MSCI SINGAPORE (GDTR) 0.14% 6826.193 Real-time Quote.17.29%
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 4.75% 23.15 End-of-day quote.4.75%
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