Vanguard sold stakes in Chinese firms sanctioned by U.S.

Sinopharm Tech Holdings

13/01/2021 05:46

HONG KONG, Jan 13 (Reuters) - Top mutual fund firm Vanguard
Group has sold its stakes in certain Chinese securities to
comply with a United States ban on Americans from investing in
companies it deems to have links with China's military.
    In a statement Vanguard said that since Friday it had exited
its positions in securities that figured on a list published on
Nov. 12.
    Vanguard added that it was "continuing to monitor the
situation to ensure ongoing compliance with the executive order
as additional securities are identified for sanction."
    It gave no further details.
    Confusion over the securities affected prompted a U-turn by
the New York Stock Exchange last week, when it said it would
delist three Chinese telecom firms.
    Just days earlier it had said it would keep them listed,
reversing its announcement of their delistings a week before.
 urn:newsml:reuters.com:*:nL4N2JH311 
    Other U.S. asset managers, including BlackRock, say they
have dropped Chinese securities because of the ban, and index
providers MSCI Inc, FTSE Russell and S&P Dow Jones Indices have
cut sanctioned firms from their benchmarks.   urn:newsml:reuters.com:*:nL1N2JM25Q 

 (Reporting by Alun John; Editing by Clarence Fernandez)
 ((Alun.John@thomsonreuters.com; +852-28415827;))