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China Shares Open Higher on State-Backed Buying, Regulatory Pledges

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Chinese shares opened higher on Tuesday, buoyed by state-backed stock purchases and fresh reassurances from the country's top securities regulator.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.4% higher to 3,812.16. The Shenzhen Component Index rose 0.3% to 13,656.06.

China's state-backed asset managers deployed more than 50 billion yuan through relending facilities and matching funds for buybacks and stake increases, vowing to continue adding stocks of central state-owned enterprises.

China Chengtong bought nearly 10 billion yuan in Chinese equities, focusing on state-owned enterprises and technology companies, with plans for further purchases of stocks and ETFs.

Meanwhile, China Securities Regulatory Commission Chair Wu Qing pledged to maintain capital market stability, saying the regulator would dedicate its full efforts to coordinating risk prevention, strengthening oversight, advancing the capital market's high-quality development and ensuring smooth operations.

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