{"text":[[{"start":8.15,"text":"China’s “national team” of funds has bought close to $9bn in equities as Beijing seeks to support the stock market following a bruising sell-off on Friday."}],[{"start":18.35,"text":"Funds associated with the central government announced they had purchased nearly Rmb60bn ($8.9bn) worth of stocks late on Sunday, helping boost Chinese indices on Monday even as other Asian markets dropped."}],[{"start":32.2,"text":"China’s benchmark CSI 300 rose 1.5 per cent and Hong Kong’s Hang Seng index jumped 2.4 per cent, while Japan’s Nikkei 225 and South Korea’s Kospi both fell more than 4 per cent."}],[{"start":46.400000000000006,"text":"Global equity markets suffered sharp declines last week, sparked by heavy selling of AI chipmaker stocks. The CSI 300 fell 3.6 per cent on Friday, its worst single-day drop since the market ructions caused by US President Donald Trump’s “liberation day” tariff announcements."}],[{"start":64,"text":"“The government wants to maintain stability, they don’t want to see crazy ups and downs,” said Wei Li, head of China multi-asset investments at BNP Paribas. “When the market starts to go down [in China], it can go down very deep.”"}],[{"start":78.15,"text":"Last week’s selling in China was concentrated in companies that have benefited from heavy spending on AI. China’s CSI Artificial Intelligence index and the tech-focused Star 50 fell 8 per cent and 7.1 per cent respectively on Friday."}],[{"start":96.25,"text":"Two major state-owned funds, part of the so-called national team that supports the country’s stock market, said they had stepped in to buy shares on Sunday."}],[{"start":105.35,"text":"China Reform Holdings disclosed a purchase of Rmb50bn in shares “to maintain market stability” and said it was “firmly optimistic about the development prospects of China’s capital market”."}],[{"start":118,"text":"It said it had taken advantage of “special relending funds” to make the purchases, a reference to a special relending facility launched by the central bank in 2024 as part of a stimulus programme to revive the stock market."}],[{"start":132.65,"text":"China Chengtong, another national team fund, said it had bought nearly Rmb10bn in stocks and that it would continue to make such purchases as part of efforts to “maintain the stable operation of the capital market”."}],[{"start":146.45000000000002,"text":"Both funds said they had focused share purchases on Chinese state-owned enterprises."}],[{"start":151.60000000000002,"text":"On Monday, China’s securities regulator said it had led an “investor symposium” on “promoting the stable and healthy development of the capital market”."}],[{"start":160.90000000000003,"text":"Such meetings with market participants, including brokerages and investment banks, are often held during periods of volatility or after a national team intervention."}],[{"start":170.70000000000005,"text":"The regulator said the meeting touched on “imported risks from abroad” that had caused “significant fluctuations” in the domestic stock market, as well as “regulating the development of quantitative trading and AI applications”."}],[{"start":191.85000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784551519_4369.mp3"}