Dozens of China-listed companies announced plans on late Monday to buy back shares or scrap plans of stock selling, following a slew of measures authorities took to boost a flagging stock market.
This follows more than a hundred Chinese companies committing to buybacks or withdrawing share sales in August after China imposed new rules as part of measures to shore up a sinking stock market as the country’s post-COVID-19 recovery lost momentum.
Its blue-chip stock index <.CSI300>, however, is near one-year lows as investor sentiment remained weak in recent months despite stimulus policies to shore up confidence.
Source: US News
