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, reports Reuters. 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.
More than a dozen Chinese companies, including China Petroleum & Chemical Corp, China Railway Construction Corp, China Mobile said in stock exchanges filings on late Monday that they had purchased back their shares or plan to buy back shares in public markets.
