The outlook for Lenovo shareholders is looking grimmer after the stock was dropped from Hong Kong’s benchmark stock gauge, according to Bloomberg.
The Beijing-based company will be replaced by CSPC Pharmaceutical Group, as part of Hang Seng’s quarterly review. The re-balancing will take effect on June 4, the index compiler said in a statement.
Lenovo has plunged 57 percent since it was added to the gauge in 2013 to lose $5.9 billion in value. The company has struggled to revive its business as it lost market share in mobile. Removal from the gauge could spur more outflows from Lenovo, as at least $107 billion worth of passive funds track the Hang Seng Index, data compiled by Bloomberg show.
"While we respect the review results of Hang Seng Indexes, we are singularly focused on our ongoing transformation to drive sustainable long-term returns for our shareholders," Lenovo said in an emailed statement.
When the largest amusement park in Germany, Europa-Park, began constructing its new Croatia area, it found inspiration in Rimac hypercars and technology for its new rollercoaster – the Voltron Nevera Powered by Rimac.
Following the end of the public delisting acquisition offer for Telefónica Deutschland, Telefónica holds approximately 96.85% of the shares in its German subsidiary.
Infobip Shift Miami, the American version of the Croatian developer conference, this week brought together a diverse technology-sector audience on the shores of Florida.
