Stock downtrend sparks buybacks

As the market caps of A-share companies have been low during the first half of this year, a large number of listed companies have announced buyback plans to perk up market sentiment, insiders said.

On July 8, the Shanghai Stock Exchange website disclosed that 21 listed companies had announced buyback plans worth 10.1 billion yuan ($1.5 billion) this year.

Among the buybacks is the 2.2 billion yuan repurchase plan of Ningbo Joyson Electronics. The company said the move will protect investor interest and enhance market visibility for its stock.