ComboBox bug? SelectedValueChanged of ComboBox(binding to BindingList) doesn't raise

ComboBox is binding to BindingList<T>.
Repro step:

1. add item to empty BindingList<T> (click Add button)

2. clean BindingList<T> (click Clean button)

3. add item to empty BindingList<T> (click Add button)

Result:
Step1: raise SelectedValueChanged event (expected)

Step2: raise event too (expected)

Step3: no event raised (Unexpected)

class Program
{
    class Data
    {
        public Data(string s)
        {
            Str = s;
        }
        public string Str { get; set; }
    }

    static void Main(string[] args)
    {
        Form form = new Form();
        ComboBox cb = new ComboBox();
        cb.Dock = DockStyle.Top;
        var list = new BindingList<Data>();
        cb.DataSource = list;
        cb.DisplayMember = "Str";
        cb.SelectedValueChanged += (s, e) =>
        {
            MessageBox.Show("SelectedValueChanged");
        };
        Button btnClean = new Button();
        btnClean.Text = "Clean";
        btnClean.Dock = DockStyle.Top;
        btnClean.Click += (s,e)=>
        {
            list.Clear();
        };
        Button btnAdd = new Button();
        btnAdd.Text = "Add";
        btnAdd.Dock = DockStyle.Top;
        btnAdd.Click += (s, e) =>
        {
            list.Add(new Data("xyz"));
        };
        form.Controls.Add(btnClean);
        form.Controls.Add(btnAdd);
        form.Controls.Add(cb);
        form.ShowDialog();
    }
}