China is encouraging long-term investors to buy more equities and major shareholders of listed firms to increase their holdings when stocks slump, in a bid to stabilise a stock market rocked by a worsening COVID-19 outbreak.
The government will also facilitate corporate financing in COVID-hit areas and urge state shareholders of listed firms to actively buy undervalued stocks, the country's securities watchdog said in a statement on its website late on Monday.fell 3.1% on Monday, the biggest drop in a month, as a lockdown in Shanghai and other parts of the country threatens economic growth.
The China Securities Regulatory Commission said in Monday's statement that authorities will take steps to stabilise expectations of listed companies and investors. Meanwhile, state shareholders should actively buy undervalued stocks, and support share buy-back and cash dividend plans by listed firms, according to the statement, which was jointly published by the CSRC, China's state assets supervisor, and the All-China Federation of Industry and Commerce.
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