Evergrande Removed from Hang Seng’s Major Index
Hang Seng index authority removed Evergrande from one of its major index; Evergrande's electric vehicle unit's shares fell after the unit sold 900 million shares to boost liquidity
Hong Kong’s main bourse Hang Sang announced it is to removed debt troubled real estate developer Evergrande from the Chinese Enterprises Index.
The announcement also included Chinese technology giants JD and Netease to be added to the main benchmark Hang Seng index. All the index changes to be take place on December 6. The bourse authority did not provide any explanation on the removal.
In a separate occasion shares of China Evergrande Group’s electric vehicle unit New Energy Vehicle Group, fell as the company sold HK$2.7 billion in shares to liquidity in the company
The New Energy Vehicle Group Ltd. sold 900 million shares at HK $3 each which is a discount of 15% below Friday’s closing price, according to the company’s statement.
