Chinese energy giants announce share purchases to boost market confidence

Several Chinese central State-owned energy enterprises announced share purchase initiatives on Tuesday, underscoring their robust confidence in the long-term prospects of China's economy and capital market.

The combined value of the moves could exceed 10 billion yuan ($1.38 billion), they say.

China National Petroleum Corporation disclosed that it will buy A-shares and H-shares over the next year, with a total investment of up to 5.6 billion yuan, while China Petroleum and Chemical Corporation announced a similar 12-month purchase plan worth up to 3 billion yuan targeting shares listed in Shanghai and the Hong Kong Special Administrative Region.

China Huaneng Group Co Ltd said that its subsidiary has already initiated share purchases, while China National Coal Group also detailed a multi-tiered investment strategy.

The announcements come amid renewed efforts by State-owned enterprises to stabilize market expectations during a period of heightened volatility.