Balance Medical shareholder taps new China c.bank funding scheme to...
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SHANGHAI, Oct 8 (Reuters) - Beijing Balance Medical Technology Co said on Tuesday its controlling shareholder plans to tap central bank-backed loans to lift his stake, making it one of the first firms to use the policy tool created to bolster the stock market.
The People's Bank of China (PBOC) said last month it would provide up to 300 billion yuan ($42.75 billion) in cheap loans to banks to help them fund share purchases and buybacks by listed companies and their major shareholders as part of a policy package to aid a struggling economy.
Balance Medical Technology said in an exchange filing that its controlling shareholder Jin Lei planned to buy up to 2.13 million shares of the company using the special loans "in response to the central bank's policy guidance."
The share purchases would be implemented within six months, with no predetermined price ranges, the medical equipment maker said.
China's stock market resumes trading on Tuesday after a week-long break for the National Day holiday.
Before the break, China announced the most aggressive stimulus measures since the pandemic and ประกัน the CSI300 Index soared 25% over five sessions.
In addition to the re-lending scheme to boost capital markets, the PBOC also introduced a swap programme with an initial size of 500 billion yuan that would allow funds, insurers and brokers easier access to funding in order to buy stocks. ($1 = 7.0176 Chinese yuan renminbi) (Reporting by Shanghai newsroom; Editing by Jamie Freed)
The People's Bank of China (PBOC) said last month it would provide up to 300 billion yuan ($42.75 billion) in cheap loans to banks to help them fund share purchases and buybacks by listed companies and their major shareholders as part of a policy package to aid a struggling economy.
Balance Medical Technology said in an exchange filing that its controlling shareholder Jin Lei planned to buy up to 2.13 million shares of the company using the special loans "in response to the central bank's policy guidance."
The share purchases would be implemented within six months, with no predetermined price ranges, the medical equipment maker said.
China's stock market resumes trading on Tuesday after a week-long break for the National Day holiday.
Before the break, China announced the most aggressive stimulus measures since the pandemic and ประกัน the CSI300 Index soared 25% over five sessions.
In addition to the re-lending scheme to boost capital markets, the PBOC also introduced a swap programme with an initial size of 500 billion yuan that would allow funds, insurers and brokers easier access to funding in order to buy stocks. ($1 = 7.0176 Chinese yuan renminbi) (Reporting by Shanghai newsroom; Editing by Jamie Freed)
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