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Global Market: Chinese State-Backed Funds Step in with Fresh Equity Purchases After Market Sell-Off
State-backed buyers deployed about 60 billion yuan in fresh purchases and buybacks as the STAR Market fell roughly 25% from its July 1 peak.
- On Sunday, China Reform Holdings Corp and China Chengtong Holdings Group announced fresh purchases of Chinese equities to stabilize the market following a sharp sell-off.
- The state purchases follow brutal sell-offs, as the tech-heavy STAR Market tumbled more than 20 per cent from record highs, entering a bear market amid global declines in AI-related shares.
- Together, the two state-backed firms deployed about 60 billion yuan, or $8.86 billion, to stem the decline, with CRHC spending more than 50 billion yuan and China Chengtong Holdings Group nearly 10 billion yuan.
- Separately, listed units of China Railway Rolling Stock Corporation and Aluminum Corporation announced plans to increase stakes or buy back shares to bolster market confidence.
- The China Securities Regulatory Commission will convene on Monday with representatives from listed companies, brokerages, and mutual fund firms to discuss further stabilization measures.
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19 Articles
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Coverage Details
Total News Sources19
Leaning Left1Leaning Right5Center5Last UpdatedBias Distribution46% Center, 45% Right
Bias Distribution
- 46% of the sources are Center, 45% of the sources lean Right
46% Center
C 46%
R 45%
Factuality
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