Published: 2:15pm, 7 Jul, 2015 Updated: 2:16pm, 2 Sep, 2016
Haitong Securities has agreed to invest up to RMB 15bn ($2.42bn) in buying stocks (blue-chip ETFs) in mainland China's equity markets, to assist the regulators and central bank in their efforts to stabilise the market, which had fallen nearly 30% in three weeks; Haitong's commitment is separate to the agreement it had earlier entered into, in which several Chinese securities firms committed RMB 120bn ($19.3mn) towards buying stocks to stabilise the market. The deal was announced on Monday by a joint statement from the two companies, with both companies saying that they would "support each other as we work together for stability of the market".