By Sherry Qin
Dow Jones-in China, state companies are striving to stabilize the stock market. After Chinese stocks have recorded the worst day in the face of escalating trade voltages, several state companies announced accelerated share return purchases to strengthen the trust of the market.
The group includes seven listed companies from the state conglomerate China Merchants Group, the oil company China Petroleum & Chemical Corp – known as Sinopec – and Guotai Junan Securities.
Sinopec promised to increase the stock stocks by 2 billion to 3 billion yuan. Guotai Junan Securities said that shares worth 1 to 2 billion Yuan would be acquired.
Central Huijin, part of the China Investment Corp District Fund, according to its own statements, has increased its stocks of mainland shares over stock market -traded index funds and expressed “firmly with regard to the developmental prospects of the Chinese capital market”. In a separate explanation by Central Huijin on Tuesday it was said that the stocks at various ETFs would also be increased to stabilize the market.
Other state investment companies, including China Chengtong and China Guoxin, have also increased their stocks of ETFs and stocks of state companies.
According to his own statements, the Chinese central bank wants to support Central Huijin in order to “maintain the smooth functioning of the capital market”.
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DJG/DJN/Rio/BRB
(End) Dow Jones Newswires
April 08, 2025 01:36 ET (05:36 GMT)
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