Salem Radio Network News Sunday, August 1, 2021

Business

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

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.

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; Editing by Richard Pullin)

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