The Hang Seng Indexes will kick out New World Development (HKG:0017) from Hong Kong's benchmark compiler, according to a statement released Friday.

Hong Kong's most indebted developer was first admitted to the HSI in 1973 and was booted out in 2003, then regained its spot in 2005, according to the South China Morning Post.

NWD's removal comes after the departure of Chief Executive Officer Adrian Cheng following a net loss of HK$19.7 billion.

Kuaishou Technology (HKG:1024) and New Oriental Education & Technology (HKG:9901) will join the benchmark, raising the number of blue-chip stocks to 83 from 82.