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

Stock MarketsJul 09, 2021 04:30AM ET
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© Reuters. 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, Shanxi province, China, May 27, 2015. REUTERS/

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.

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

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Comments (9)
Silence Dogood
Silence Dogood Jul 09, 2021 5:23AM ET
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as the decoupling rolls forward..
Silence Dogood
Silence Dogood Jul 09, 2021 5:23AM ET
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ALLAIL JAMAL
ALLAIL JAMAL Jul 08, 2021 8:27AM ET
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attack on titan
Song Trinh
Song Trinh Jul 08, 2021 8:13AM ET
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About time for USA to acted. Cut off china access to our finacial market and banking systems !
Miriam Morkhul
Miriam Morkhul Jul 08, 2021 8:00AM ET
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Chyna has a bad influnce on us in the west. Our governments seems to be influenced by their authoritarianism. Pushing individual liberties into the hands of big tech and fintech where social credit systems are forming. As a consumer i don't want cheap trinkets in exchange for tyranny. I want local power and freedom. Not having my life and prospects micromanaged by centralized powers.
divad mocihc
9divaD Jul 07, 2021 11:12PM ET
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Regardless, Ch!Com state entwined businesses cannot be trusted. I’ll forsake $$$ for integrity, see Australia’s success in this matter.
Todd Gray
Todd Gray Jul 07, 2021 10:09PM ET
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thing is, when we buy Chinese IPO's, our dollars are taken out of this country and sent to Chinese banks. that leaves us with less money in the USA to invest in this country and create jobs & growth.
Todd Gray
Todd Gray Jul 07, 2021 10:06PM ET
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Major league tit for tats with China won't be good for the market's.
divad mocihc
9divaD Jul 07, 2021 9:25PM ET
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They should all go, impossible to determine where Ch!Com state run business begins or ends.
Corey DeLaplain
SniperSam Jul 07, 2021 9:25PM ET
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So very true, and we can no longer tell where ChiCom connections and tentacles reach in the Democratic Party either!
Pauline Nguyen
Pauline Nguyen Jul 07, 2021 8:31PM ET
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Cant find it on their website
 
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