Sinopec leads 23 firms in China’s US$1.55 billion stock buy-back rush

Quick Summary:

Firms waste no time answering Beijing’s call to use a relending facility designed to bolster the stock market.

Initially capped at 300 billion yuan, the scheme will be expanded depending on demand, according to the central bank.“For listed companies and their major shareholders, the relending tool offers a relatively low interest rate, and that will encourage more companies to buy back their shares,” said Lu Zhe, an analyst at Founder Securities.

Sinopec leads 23 firms in China’s US$1.

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Article Details

Author / Journalist: Zhang Shidong

Category: Business

Markets: Hong KongChina

Topics: Companies According Exchange China Relending Bank Billion Leads Yuan Sinopec Central

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-21 @ 16:15:09 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 287 words

Reading Time: 2 minutes read

Sentences: 9 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23149362

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