July 6, 2015 / 1:34 AM / in 2 years

Three Chinese asset managers commit funds to stock purchase plans

SHANGHAI, July 6 (Reuters) - Three Chinese asset managers said on Monday they would commit a combined 210 million yuan ($33.85 million) of their own capital to buy equity funds, under a concerted effort announced over the weekend by institutional investors to help stabilise China’s tumbling stock markets.

China’s Harvest Fund Management Co said it would spend 50 million yuan, Yinhua Fund Management Co committed 90 million yuan, and the asset management arm of Orient Securities will spend 70 million yuan to buy equity funds.

The companies’ senior executives and fund managers also pledged to buy fund products.

Over the weekend, the China Mutual Fund Association said 25 fund companies pledged to buy shares while another 69 fund firms separately said they would do the same, as part of emergency measures to boost investor confidence and stem a nearly 30 percent slide in China’s stock markets over the past three weeks.

The fund companies gave no details at that time, however, about their stock purchasing plans.

China’s major brokerages and state-backed investor Central Huijin also vowed to buy stocks. ($1 = 6.2047 Chinese yuan renminbi) (Reporting by Samuel Shen and Pete Sweeney; Editing by Edmund Klamann)

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