Top shareholders look to buy back stock in their China-listed firms

Major shareholders in as many as twelve mainland-listed firms companies have increased their holdings in the companies in a sharp turnaround from a drive just weeks ago by stakeholders to sell shares and profit from rising prices, Reuters reported, citing stock exchange filings from the companies. One filing from Zhejiang CONBA Pharmaceutical Co. said major shareholder and senior manager Zhu Lin had bought 224,100 shares of the company on Wednesday for RMB5.6 million (US$902,847.19) as part of a plan to buy up to 1 million shares over the next three months. Shares in the firm were trading nearly 40% lower than their June 9 peak as of the filing.