China Chengtong Development Group Ltd

Wu Qing, chairman of the China Securities Regulatory Commission, said at a meeting with investors on the 20th that the regulator will do everything possible to maintain stable market operations. The pledge came after a stock plunge wiped out 10 trillion yuan in market value over the past two weeks. He stressed the need to prevent risks in the capital market, strengthen supervision, and uphold an open, fair, and just market order. At the meeting, investors put forward suggestions including more forceful counter-cyclical adjustments, bringing in long-term capital, and tougher penalties for securities-related crimes. Government-backed investment firms China Reform Holdings and China Chengtong Holdings Group invested about 60 billion yuan in stock purchases on the 19th. State-owned enterprises such as CRRC and SDIC Power also announced share purchases by major shareholders or buybacks. Bosera Funds said it would invest 50 million yuan in its own equity funds.