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Nikkei Asia300 Investable Index to drop 7 Chinese stocks

No issues to be added after removal of China Telecommunications, CNOOC, others

TOKYO -- Nikkei Inc. will eliminate seven constituent stocks from the Nikkei Asia300 Investable Index, which gauges the performance of 300 fast-growing Asian companies and is designed for use by financial products, effective Feb. 2.

The seven constituents are: China Telecommunications, China United Network Communications, CNOOC, China Mobile Communications, China Railway Construction, CRRC and China Communications Construction.

These constituents are removed because it is becoming difficult for U.S. financial institutions to trade these stocks as a U.S. Presidential Executive Order prohibiting U.S. persons from investing in "Communist Chinese Military Companies" took effect on Jan. 11.

In accordance with the calculation rules for the index, no stock will be added to the index for this removal even if the number of constituents will fall below 300. The number will be back to 300 at the annual periodic review at the beginning of June.

(Nikkei)

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