SOEs in Shantou and Dongguan to bail out local firms
The move follows that of Shenzhen, Guangzhou, Foshan, Jiangmen and other cities in Guangdong province
Shantou and Dongguan cities are the latest major centres to have issued relevant policies for state-owned enterprises (SOEs) to bail out listed companies amid the recent A-share slump.
The move follows that of Shenzhen, Guangzhou, Foshan, Jiangmen and other cities in Guangdong province, The Paper reported.
The Shantou municipal government has set up a 5-billion-yuan Mutual Development Fund led by Shantou SOEs, Haitong Securities and Yihua Group, to help local listed companies ease the risk of equity-pledging.
While the Dongguan municipal government has established a limited partnership for investing local listed companies, with a partnership period until October 19, 2023.
There are five partners, including two Dongguan SOEs, two subsidiaries of Dongguan Financial Holdings Group and Dongguan Securities.
The main business scope is venture capital, equity investment, industrial investment, investment consulting and business management consulting.