Stocks advance, adding to a rebound last week on bets China will deliver more supporting measures. China Evergrande slumps after losing a winding-up litigation in Hong Kong.
Any order to wind up Evergrande, which has about $327 billion in liabilities, will likely send ripples through China’s financial system at a time when policymakers are trying to stem a stock market rout.
The bill cites Chinese entities such as Third Military Medical University and Key Laboratory of High-Altitude Medicine as examples of ‘espionage tools’ of the Communist Party.
China’s liquidity injection will help repair fragile sentiment towards the world’s second largest equity market, investment chief Rene Buehlmann says, adding that valuations are ‘very attractive’.
Stocks advance for a third day, helping the market recoup at least US$208 billion of value since the plunge on Monday. The rout has now galvanised Chinese authorities to act and overcome jitters among global investors.