China Evergrande Group, the embattled developer, will be removed from Hong Kong's Hang Seng China Enterprises Index, the benchmark provider announced on Friday following its regular quarterly review.

The Hang Seng Indexes Company does not typically provide reasons for index changes and did not do so in Friday's statement.

The Hang Seng China Enterprises Index is intended to reflect the performance of mainland Chinese companies listed in Hong Kong, and it includes the top 50 eligible stocks based on market capitalization.

Evergrande's stock has dropped more than 80% year to date.

Separately, Hang Seng Indexes announced the addition of and Netease to the benchmark Hang Seng Index (.HSI).

Hang Seng Indexes is attempting to include more securities in the benchmark in order to make it more representative of Hong Kong-listed companies.

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