Assured investors help shares rebound
Print Edition
SHANGHAI stocks yesterday recovered from a sharp loss on Tuesday, after listed companies revealed that state funding agencies were major shareholders in them.
The Shanghai Composite Index gained 1.23 percent to 3,794.11 points.
After the massive sell-off on Tuesday, investors yesterday were assured by latest reports from a number of listed companies that revealed major holdings held by the China Securities Finance Corp (CSF).
Another state agency, Central Huijin Investment Ltd — a unit of sovereign wealth fund China Investment Corp — was also confirmed as owning a considerable number of shares in several listed companies.
Such companies gained yesterday. Gree Real Estate Co, which said yesterday that the CSF is one of its 10 largest shareholders, saw its shares surge 7.49 percent to 25.98 yuan (US$4.06). Shares of Chengdu B-ray Media Co rallied by the daily 10 percent limit to 13.29 yuan after it also said the CSF is its third-largest shareholder.
Hundsun Technologies Inc, partly owned by Alibaba founder Jack Ma, also rallied by the daily 10 percent limit to 71.61 yuan after disclosing government-backed funds from both CSF and Central Huijin bought its shares.
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