BEIJING, April 8 (Xinhua) — Several Chinese central state-owned enterprises (SOEs) have rolled out share purchase initiatives, underscoring their robust confidence in the long-term prospects of the country’s economy and capital market.
China National Petroleum Corporation on Tuesday disclosed that it will buy A-shares and H-shares over the next 12 months, with a total investment of up to 5.6 billion yuan (about 777.37 million U.S. dollars), while China Petroleum and Chemical Corporation announced a similar 12-month purchase plan worth up to 3 billion yuan targeting shares listed in Shanghai and Hong Kong.
China Electronics Technology Group Corporation said it had already completed over 2 billion yuan in buybacks for its listed subsidiaries and pledged to accelerate further acquisitions to strengthen sci-tech innovation synergy and safeguard shareholder interests.
Also on Tuesday, China Electronics Corporation expressed firm confidence in China’s capital market, pledging to advance high-level technological self-reliance amid long-term optimism about the country’s economic outlook.
The company, a key player in China’s cyberspace and information technology sector, said it would bolster market value management for its listed units through share purchases, increased holdings, and mergers and acquisitions.
Emphasizing its commitment to driving the green transition and pledging active share purchases, China Huaneng Group Co., Ltd. said that its subsidiary Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. had already initiated share purchases.
China National Coal Group detailed a multi-tiered investment strategy that included respective injections of up to 80 million yuan and 50 million yuan into its subsidiaries China Energy and Shanghai Energy, while it planned to advance ongoing repurchases for Xinji Energy.
Reaffirming their patient capital approaches, central state-owned investment firms, including China Chengtong Holdings Group Ltd. and China Reform Holdings Corporation Ltd., also increased their stock holdings or disclosed plans to accelerate share purchases on Monday. ■
