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Companies joins Hang Seng, Evergrande dropped from China index

Embattled developer loses spot on Hong Kong index reflecting market value

A self-driving truck: The Chinese e-commerce group has been added to Hong Kong's benchmark Hang Seng Index.   © Reuters

HONG KONG (Reuters) -- Embattled developer China Evergrande Group will be removed from Hong Kong's Hang Seng China Enterprises Index, the benchmark provider said on Friday following its regular quarterly review.

The Hang Seng Indexes Company does not typically give reasons for changes to its indexes, and did not in Friday's statement.

The Hang Seng China Enterprises Index is designed to reflect the performance of mainland Chinese companies listed in Hong Kong, and includes the top 50 eligible stocks by a measure of their market value.

Evergrande's shares have fallen over 80% year to date.

Separately, Hang Seng Indexes said they had added technology companies and Netease to the benchmark Hang Seng Index.

Hang Seng Indexes is trying to include more securities in the benchmark to make it more reflective of the companies listed in Hong Kong.

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