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FTSE Russell Xiaomi and Luokung drop from the indexes on demand in the US

Shanghai: FTSE Russell, publisher of the Global Index, said it will abandon Xiaomi and another high-tech company from global and Chinese indices, and will de-list a semiconductor company, in line with a US executive order issued by former President Donald Trump.

The changes come after the Trump administration in January placed Xiaomi and eight other companies on a blacklist of companies with alleged ties to the Chinese military, preventing US investors from owning their shares.

The index publisher said Xiaomi Corp. will be removed from the Global All Cap and FTSE Global China A Inclusion indices, along with Luokung Technology Corp’s shares from the FTSE Global Total Cap and Micro Cap indices.

FTSE Russell said in a statement, citing the matter, that the changes will take effect from March 12th.

She added that the deletions are subject to further guidance from the US Office of Foreign Assets Control.

The company said that the proposed addition of advanced precision manufacturing equipment to global and Chinese indices “will not continue as previously announced.”

Xiaomi did not immediately respond to a request for comment.

At the time of being blacklisted, Xiaomi has denied any ties to the Chinese military.

Later that month, the smartphone manufacturer filed a lawsuit against the US government in response.

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