Shares of China Mobile Service Corporation (CMSC) surged 9.10% in Thursday's morning trading session, amid news that China is guiding mutual funds and insurers to boost their investments in domestic stocks.
According to the China Securities Regulatory Commission (CSRC), mutual funds will need to raise their holdings of onshore equities by at least 10% annually for the next three years. Additionally, large state-owned insurers will be required to invest 30% of their new policy premiums into stocks starting in 2025.
The move is seen as the government's latest initiative to shore up China's ailing equity market, which has been under pressure in recent months due to fears over economic slowdown and potential trade tensions with the United States. By encouraging increased investments from mutual funds and insurers, the government hopes to provide a boost to the stock market and support companies listed on domestic exchanges.
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