More Chinese companies vow share buybacks as market sags further

More Chinese companies vow share buybacks as market sags further

Dozens of China-listed companies have announced plans to buy back shares or cancel stock selling, following measures taken by authorities to boost the struggling stock market. This follows a similar move by over a hundred Chinese companies in August after new rules were imposed to support the market amid a slowdown in the country’s post-COVID-19 recovery. Despite stimulus policies to restore confidence, the blue-chip stock index remains near one-year lows due to weak investor sentiment.

Late on Monday, more than a dozen Chinese companies, including China Petroleum & Chemical Corp, China Railway Construction Corp, and China Mobile, revealed in stock exchange filings that they have repurchased or plan to repurchase shares in public markets. Additionally, over 70 other companies have pledged that their major shareholders will not sell shares in the coming months or have withdrawn plans to sell shares.

Wanma Technology and GoodWe Technologies Co have both stated that their controlling shareholders will not sell stocks in the next six months, expressing confidence in their companies’ future development. These actions coincide with China’s state fund Central Huijin Investment increasing its stakes in the country’s “Big Four” state banks, raising hopes of government intervention to support the market.

The article was reported by Jason Xue in Shanghai and Tom Westbrook in Singapore, with editing by Marguerita Choy. The Thomson RushHourDaily Trust Principles apply.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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