More Chinese firms buyback shares as Beijing seeks to stabilize market

SHANGHAI  – More than 30 Chinese listed companies unveiled share buyback and purchase plans over the weekend while major mutual fund house E Fund Management Co said it would invest in its own product as Beijing steps up efforts to put a floor under a sliding stock market.

China has already announced a slew of measures, including share purchases by state fund Central Huijin, to stem declines in a stock market that last week hit the lowest level since 2019.

Amid government calls to revive the market, more than 20 listed companies, including Hainan Mining Co, Vatti Corp and Zhejiang Sanmei Chemical, unveiled share buyback plans or proposals late on Sunday.

In addition, companies such as CRRC Corp and Wuxi Lead Intelligent Equipment disclosed share purchase plans by their controlling shareholders.

Separately, E Fund Management said it would use 200 million yuan ($27.34 million) of its own money to buy its own product, E Fund CSI 300 ETF, while slashing fees on a slew of exchange traded products.

Central Huijin started buying ETFs last Monday to help prop up the market, and the state fund has since bought more than 17 billion yuan worth of ETFs, official Shanghai Securities News estimates.

($1 = 7.3145 Chinese yuan renminbi)