MK sports Korea on April 9, 2025. Photo:VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-04-10/d4f72b29-0406-495e-8d5b-7fab025aefff.jpeg" />

A large screen shows gains in Chinese stock markets in East China's Shanghai, on April 9, 2025. Photo:VCG

More Chinese centrally administered state-owned enterprises (SOEs) have joined a share buyback rally that began on Monday to prop up domestic stock markets, according to exchange filings, signaling resolute confidence in the country's long-term economic outlook despite recent market jitters triggered by sweeping US tariffs.

The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) on Wednesday pledged "full support" for share repurchases by centrally administered SOEs, per a release on the commission's official website.

More than 230 listed companies, including over 20 centrally administered SOEs, announced share repurchase or stake increase plans on Monday and Tuesday in a concentrated wave of market support measures, data from financial information service Wind showed, with nine additional centrally administered SOEs joining the buyback campaign within 12 hours through Wednesday morning.

The stock market rallied on Wednesday in response to the "national team's" swift and extensive rescue efforts, with China's three major indices each climbing about 1 percent. 

As of the close, the Shanghai Composite Index had gained 1.31 percent, the Shenzhen Component Index had risen 1.22 percent, and the ChiNext Index had added 0.98 percent, extending Tuesday's upward momentum.  

Among the latest moves, China Minmetals Corp announced plans to increase its stake in its holding subsidiary Qinghai Yanhu Industry Co by at least 4 percent of the total shares, equivalent to more than 211.66 million shares, within the next six months, per the exchange filing made by the company on Wednesday.

The mining giant noted in a release that the move aims to safeguard stable capital market operations, boost investor confidence and achieve mutual benefits for all stakeholders. It expressed unwavering faith in China's long-term economic growth, with continued optimism toward the prospects of China's capital markets.

Aluminum Corp of China (Chalco) announced on Tuesday that its listed subsidiary, Aluminum Corp of China Ltd has disclosed a share purchase plan, with the buyback amount estimated between 1 billion to 2 billion yuan ($138-276 million), per a release on the group's official website.

Other centrally administered SOEs, including State Grid, PetroChina and China Energy Investment Corp, were among the latest SOEs in the buyback wave on Wednesday, expressing their firm confidence in the capital markets' prospects and the corporate sector.

In the face of external shocks brought by US tariff policies, the response from Chinese market entities has been swift and wide-ranging, which is crucial for maintaining stability in the capital market, said Zhao Xijun, co-president of the China Capital Market Research Institute at the Renmin University of China.

"It's clear that the increased shareholding and repurchase actions have achieved this goal," Zhao told the Global Times on Wednesday.

"This time, it's primarily state investment institutions directly entering the market to increase holdings and conduct repurchases, with a broad range of institutions participating, all reflecting confidence and determination in stabilizing the market," Zhao said.

He expressed confidence in China's institutional advantages in mobilizing resources and implementing policies to address external pressures and changes.