China Markets Rally on Coordinated SOE Action
Chinese shares closed higher on Tuesday amid a wave of of state-owned enterprises' share buyback and stake-increase announcementsThe Shanghai Composite Index, the main gauge of Chinese stocks, closed 1.8% higher to 3,864.37. The Shenzhen Component Index jumped 4.8% to 14,264.29.Several Chinese state-owned enterprises disclosed share buybacks, stake increases and dividend payouts to reinforce confidence in the country's capital market, state media Xinhua News reported.Chinalco, China Coal (HKG:1898, SHA:601898), and CRRC (HKG:1766, SHA:601766) unveiled A-share and H-share purchase plans of up to 2 billion yuan, 100 million yuan and 300 million yuan, respectively.China Pacific Insurance (SHA:601601, HKG:2601) pledged higher equity allocations, while China Shenhua (SHA:601088, HKG:1088) committed to sustained interim dividends in 2026.In company news, Dosilicon (SHA:688110) projected first-half attributable net profit of between 640 million yuan and 680 million yuan, compared with loss of 111.0 million yuan the previous year. Shares of the memory chips producer closed 20% higher Tuesday.
