Stock in Meitu dove as much as 7.1 per cent on Wednesday after index provider MSCI announced it would not include the eponymous owner of the Chinese selfie app in its MSCI China Index just a day after indicating the opposite.
Hong Kong-listed shares in the company had pulled back slightly to be down 6.3 per cent at HK$10.10 at the end of the morning session.
The announcement of the reversal on MSCI’s website was made without explanation and came a day after the index provider said it would include the app company in its China index. The stock had closed 4.1 per cent higher in Hong Kong on Tuesday.
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