Hong Kong’s Hang Seng to drop Evergrande from China Enterprise index
A housing complex by Chinese property developer Evergrande in Beijing. The indebted Evergrande has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period, Chinese state media Securities Times reported.
Noel Celis | AFP | Getty Images
Evergrande’s stock dipped 1.44% on Monday morning. Year to date, the stock has plunged more than 80%.
In place of Evergrande, Hang Seng is adding biopharmaceuticals firm Innovent Biologics to the China Enterprise index.
As for changes on the Hang Seng index, China Resources Beer and ENN Energy Holdings will be added to the index in addition to the inclusion of JD and Netease. The latest update increases the number of stocks under the main index to 64, from the current 60 stocks.
Shares of JD jumped nearly 2% on Monday morning, while Netease was up nearly 3%.
Read More: Hong Kong’s Hang Seng to drop Evergrande from China Enterprise index