China Central SOEs Step Up Share Buybacks, Stake Purchases to Steady Capital Markets

MT Newswires Live07-22

China central state-owned enterprises have unveiled share repurchase plans or major shareholder stake increases, signaling strong confidence in their valuations and the broader market.

China Three Gorges Renewables (SHA:600905) announced its controlling shareholder will acquire 1.5 billion to 3 billion yuan worth of shares via open-market purchases over the next year. Metallurgical Corp. of China (SHA:601618, HKG:1618) has repurchased over 146 million A-shares costing 415.4 million yuan and 25 million H-shares. Sinopec (SHA:600028, HKG:0386) bought back approximately 77.9 million A-shares since mid-June, totaling 365.4 million yuan.

The moves align with regulatory efforts to stabilize capital markets. China's securities regulator will soon hold symposiums with securities firms, fund managers and listed companies to gather input for future policymaking.

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