Summer equities bailout leaves "national team" holding 6% of stock market

China’s “national team” of state financial institutions corralled into purchasing shares to stem this summer’s equities rout now collectively own at least 6% of the mainland stock market, The Financial Times reported, citing data from Wind Financial. The figures, compiled from quarterly financial statements disclosing listed firms’ ten largest shareholders, likely underestimate the national team’s actual holdings. The government cash infusion came after the Shanghai Composite index fell more than 40% from its seven-year high on June 12 till late August. Goldman Sachs estimated in September that the government had spent RMB1.5 trillion (US$234 billion) to support the market in July and August.