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TENCENT HOLDINGS LIMITED

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BlackRock says ETFs match index cuts of China stocks

01/11/2021 | 04:33pm EDT

BOSTON, Jan 11 (Reuters) - Top asset manager BlackRock Inc said its iShares ETFs have complied with index provider moves to drop certain China securities in response to pressure from Washington.

In a note to clients provided by a spokesman for the New York asset manager on Monday, BlackRock listed five ETFs affected by the index provider changes, including four funds based on indexes provided by MSCI Inc and one benchmarked against the FTSE Russell China 50 Index.

The move is the latest as Wall Street firms cut their exposure to China, and shows the influence of index providers whose products determine the flow of passive investments.

Since last month MSCI, FTSE Russell and S&P Dow Jones have said they will remove a total of 15 different companies from equity indexes, among those that the U.S. Defense Department has said have links to the Chinese military. Many of the companies have denied the assertions, and China's government has said the claims lack evidence.

BlackRock has declined to make executives available for interviews. In its note to clients BlackRock said, "iShares ETFs have adjusted and will continue to be responsive in accordance with their respective indexes’ treatment of securities impacted by recent U.S. sanctions on certain Chinese companies."

An MSCI-based fund listed by BlackRock is the $6.8 billion iShares MSCI China ETF. As of Jan. 8, its top holdings were Alibaba Group and Tencent Holdings Ltd, according to BlackRock's website.

Sanctioned firms like China Mobile Ltd, and Hangzhou Hikvision, among the ETF's investments in 2020, are not currently listed.

(Reporting by Ross Kerber in Boston; Editing by Cynthia Osterman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOBILE LIMITED 1.27% 47.75 End-of-day quote.8.03%
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. -2.45% 51.8 End-of-day quote.6.78%
LONDON STOCK EXCHANGE PLC -1.31% 7834 Delayed Quote.-11.83%
MSCI CHINA (STRD) 1.07% 89.921 Real-time Quote.-18.23%
MSCI CHINA A (STRD) 0.59% 2507.846582 Real-time Quote.-1.86%
TENCENT HOLDINGS LIMITED 2.93% 463.2 End-of-day quote.-17.87%
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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2021 579 B 89 569 M 89 569 M
Net income 2021 150 B 23 177 M 23 177 M
Net cash 2021 136 B 21 070 M 21 070 M
P/E ratio 2021 24,8x
Yield 2021 0,41%
Capitalization 3 661 B 567 B 567 B
EV / Sales 2021 6,09x
EV / Sales 2022 4,96x
Nbr of Employees 94 182
Free-Float 62,4%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 384,33 CNY
Average target price 540,85 CNY
Spread / Average Target 40,7%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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