2022-11-25 06:18:10

Brokers, investors back Chinese state firms, toeing Beijing's line

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Channel NewsAsia
By Cna

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SHANGHAI : China's biggest brokers and investors are touting the value in the economy's state-owned sector as they toe Beijing's line on building a market with Chinese characteristics, triggering a big jump in the share prices of these firms.

Brokerages have rushed to recommend undervalued stocks of state-owned enterprises (SOEs) to their clients, while fund managers are actively promoting exchange-traded funds (ETFs) targeting the sector, after China's top securities regulator called for better understanding of SOEs' intrinsic value early this week.

China has stepped up efforts to reform its SOEs over the past three years to make them leaner and stronger, but that has done little to change the West's perception that SOEs are inefficient and tend to overlook private shareholders' interests.

The endorsements come on the heels of President Xi Jinping's pledge last month to unswervingly consolidate and develop the public ownership system, accelerate state economy restructuring, and make SOEs stronger, better, and bigger.

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