DOZENS of China-listed firms announced plans late Monday to buy back shares or scrap plans of stock selling, following a slew of measures authorities took to boost the stock market.

This follows more than a hundred Chinese companies committing to buybacks or withdrawing share sales in August after China imposed new rules as part of measures to shore up a flagging stock market.

More than a dozen Chinese companies, including China Petroleum & Chemical Corp., China Railway Construction Corp., China Mobile, said in stock exchanges filings late Monday that they had purchased back their shares or plan to buy back shares in public markets.

Meanwhile, more than 70 other companies in filings vowed that their major shareholders would not sell shares in the coming months, or withdrew plans to offload shares.

It comes as China’s State fund Central Huijin Investment increased stakes in China’s major banks last week, fuelling hopes that the authorities would step in to rescue the market. (SD-Agencies)