China Vanke, one of the country's largest A-share listed property developers, saw its stock price surge 5.32% in Thursday's morning session amid a broad rally in China's equity markets.
The strong gains came after China's securities regulator and finance ministry announced a series of measures aimed at channeling more funds from public investment products and insurers into the A-share market over the next few years.
In a statement, China Securities Regulatory Commission (CSRC) Chairman Wu Qing said public funds like mutual funds will be required to increase their holdings of A-shares by at least 10% annually for the next three years. Wu also revealed plans for large state-owned insurance firms to invest 30% of new premium income into A-shares starting in 2025, with a second phase of an existing insurers' stock investment pilot expected to reach at least 100 billion yuan that year.
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