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China State-Owned Giants Pledge $60 Billion to Prop Up China Stocks

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Two China state-owned enterprises disclosed fresh share purchases on Sunday to stabilize Chinese markets following a sharp sell-off, according to China state-run newspaper Economic Information Daily.

China State-owned Assets 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.

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