Multiple Chinese SOEs unveil buybacks, stake increases to boost market confidence

(ECNS) -- Several Chinese state-owned enterprises (SOEs) announced a series of measures on Monday, including share buybacks, increased shareholdings and dividend distributions, underscoring their confidence in the long-term outlook of China's capital market.

Chinalco, a world-leading producer and supplier of aluminum products, announced that its controlling shareholder, Aluminum Corporation of China, together with parties acting in concert, plans to increase its holdings of the company's A-shares and H-shares through the Shanghai and Hong Kong stock exchanges. The planned shareholding increase will total between 1 billion yuan (about $147 million) and 2 billion yuan over the next 12 months.

China Coal Energy, one of the country's largest coal producers, announced that its controlling shareholder, China National Coal Group, plans to increase its holdings of the company's A-shares by between 50 million yuan and 100 million yuan over the next 12 months.

CRRC Corporation,a global leading supplier of rail transport equipment, also unveiled a shareholding increase plan, saying its controlling shareholder will raise its stake in the company's A-shares by between 150 million yuan and 300 million yuan within six months.

(By Kira)