China Guoxin's Massive $11 Billion Stock Buy

China Guoxin, a state holding company, announced plans to purchase 80 billion yuan ($11 billion) in stocks and ETFs. The acquisition will be conducted through a share buyback relending scheme as specified in a company notice on Tuesday.

China Guoxin, a prominent state-owned enterprise, has announced its intent to purchase 80 billion yuan in stocks and ETFs, a move valued at approximately $11 billion. The announcement was made through a company notice on Tuesday.

According to the notice, the state holding company plans to increase its stock holdings via a strategic share buyback relending scheme. This initiative is part of a broader effort to bolster market confidence and stabilize stock valuations amid economic fluctuations.

With the current exchange rate showing $1 equal to 7.3081 yuan, this significant investment underscores China's commitment to leveraging state resources to reinforce its financial markets.

(With inputs from agencies.)