Sinopec Spearheads $1.55 Billion Stock Buy-Back Surge: Chinese Firms Swiftly Heed Beijing’s Call to Bolster Market via Relending Facility

Sinopec spearheads a group of 23 companies in China's rush to buy back stocks worth US$1.55 billion. These companies promptly respond to Beijing's urging to utilize a re-lending facility, a measure intended to strengthen the stock market.

The infusion of capital, anticipated to further stimulate a globally leading market surge, arrives merely three days following the PBOC's revelation of details concerning the 300 billion yuan re-lending facility.

"Publicly traded companies and their primary stakeholders find the relending tool attractive due to its comparatively low interest rates, which will likely incentivize more companies to repurchase their own stocks," stated Lu Zhe, a market analyst at Founder Securities.