Wirecard to be cut from DAX 30
21 August 2020 Frankfurt
Image: fotogestoeber / Shutterstock.com
Beleaguered German fintech giant Wirecard is set to be the first DAX 30 Index member to be removed due to insolvency following a multi-billion euro fraud accusation.
The payment processor and financial services provider joined Germany’s premier index in 2018 by usurping Commerzbank but will now itself be replaced on 24 August by Delivery Hero SE, a multinational online food-delivery service.
Wirecard was once the darling of the German fintech sector but a multi-year investigation by short sellers and the media into accounting inconsistencies and exaggerated global scope culminated in the arrest of several Wirecard management and nearly €2 billion in assets unaccounted for.
Trading was briefly halted when the Wirecard filed for insolvency on 25 June but was not yet delisted, as auditors and regulators wrangled over what to do with the disgraced DAX 30 member.
On Wednesday, Qontigo’s global index provider STOXX announced the unscheduled changes to the DAX Selection Indices.
There are also changes in MDAX, SDAX and TecDAX: Wirecard AG will also be deleted from the TecDAX index, it will be replaced by LPKF Laser & Electronics AG.
New in MDAX is AIXTRON SE, new in SDAX is HORNBACH-Baumarkt-AG.
The next scheduled index review is 3 September 2020.
The payment processor and financial services provider joined Germany’s premier index in 2018 by usurping Commerzbank but will now itself be replaced on 24 August by Delivery Hero SE, a multinational online food-delivery service.
Wirecard was once the darling of the German fintech sector but a multi-year investigation by short sellers and the media into accounting inconsistencies and exaggerated global scope culminated in the arrest of several Wirecard management and nearly €2 billion in assets unaccounted for.
Trading was briefly halted when the Wirecard filed for insolvency on 25 June but was not yet delisted, as auditors and regulators wrangled over what to do with the disgraced DAX 30 member.
On Wednesday, Qontigo’s global index provider STOXX announced the unscheduled changes to the DAX Selection Indices.
There are also changes in MDAX, SDAX and TecDAX: Wirecard AG will also be deleted from the TecDAX index, it will be replaced by LPKF Laser & Electronics AG.
New in MDAX is AIXTRON SE, new in SDAX is HORNBACH-Baumarkt-AG.
The next scheduled index review is 3 September 2020.
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