IVBXF - Benchmark provider Hang Seng to detach Evergrande from China Enterprise Index: CNBC

Hong Kong's benchmark provider Hang Seng will remove struggling China-based real estate developer China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) from its 50-stock China Enterprises Index, CNBC reports. In turn, Hang Seng will add Chinese Tech giants JD.com (NASDAQ:JD) and NetEase (NASDAQ:NTES) to its Hang Seng Index (HSI). China Resources Beer (OTCPK:CRHKY) and ENN Energy (OTCPK:XNGSY) (OTCPK:XNGSF) will also be added to the Hang Seng Index (HSI). Hang Seng will replace the Evergrande removal with Innovent Biologics (OTCPK:IVBIY) (OTCPK:IVBXF), CNBC notes. This increases the number of stocks under HSI to 64, from the current 60 stocks, CNBC notes. Shares of China Evergrande (OTCPK:EGRNY) slip 1.2% intra-day and tumbles 81% Y/Y. HSI is also off by 0.4% on Monday. Last week, China Evergrande will sell its stake in HengTen Networks for $270M as it seeks to raise capital to cover bond interest payments.

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Benchmark provider Hang Seng to detach Evergrande from China Enterprise Index: CNBC