(Yicai Global) Oct. 17 -- E Fund Management, China’s largest public fund company, and five other Chinese asset managers have set out plans to buy CNY660 million (USD92 million) of their own fund products to boost market confidence.

E Fund plans to invest CNY150 million in its equity funds, the Guangzhou-based firm said today. Southern Asset Management, Universal Asset Management, and GF Fund Management said the same day that they intend to invest CNY100 million, respectively, to buy their own funds.

In addition, Guotai Junan Securities Asset Management, and Zhongtai Asset Management, the asset management unit of two brokerages, said they would spend CNY110 million and CNY100 million, respectively, on their products.

Affected by a series of negative factors, including geopolitical conflicts and domestic Covid-19 epidemic, Chinese mainland stock markets have suffered big losses this year, with the Shanghai Composite Index falling more than 15 percent, and the Shenzhen Component Index and the ChiNext Index both slumping nearly 25 percent.

Mainland market valuations are at the bottom, providing a good opportunity to buy quality assets for long-term profit, Yang Xiaosong, general manager of Southern Asset Management, told Yicai Global.

As of yesterday, more than 90 Chinese public fund companies had made self-purchases since the start of the year, spending more than CNY14.5 billion (USD2 billion), Securities Daily reported today, citing financial terminal Wind Information.

China’s stock market closed higher today. The Shanghai Composite Index rose 0.4 percent to close at 3,084.94 points, the Shenzhen Component Index advanced 0.4 percent to 11,162.26, and the ChiNext Index ended little changed at 2,435.02.

Editors: Dou Shicong, Peter Thomas