State-owned and central government-backed enterprises make intensive moves: Guoxin and Chengtong together increase their holdings by about 60 billion yuan to support the capital market

PANews July 19, 2024—China Guoxin Holding said it remains continuously optimistic about the prospects for China’s capital market development. Relevant entities under its Guoxin Investment have already increased holdings through stock repurchases via special relending loans and supporting funds, with a cumulative amount of over 50 billion yuan used to maintain market stability. Going forward, it will continue to make full use of the relending loan policy tools and, together with its own funds, further increase its shareholdings in central SOEs. In the same period, China Chengtong and its subsidiaries, Chengtong Capital and Chengyang Investment, also made substantial purchases of stock assets related to state-owned central SOEs, accumulating nearly 10 billion yuan in purchases. They said they will continue to use their own funds and special relending loans to step up purchases of stocks of state-owned central SOEs and technology companies, as well as ETFs. Both institutions said they are firmly confident in the outlook for China’s economy and capital markets, and will do their utmost to maintain the steady and healthy operation of the capital market.