Major Chinese brokerages stepped up their contributions to support the stock market Tuesday, according to filings on the Shanghai Stock Exchange website.
The new allocations from the firms, many state-owned, come amid increasing pressure for the government to prop up the collapsing stock market. The is now in a bear market but was touted earlier this year as a high-return investment.
As of 9 p.m. Beijing time Tuesday (9 a.m. ET), 16 publicly listed Chinese brokerages had added to equity allocations, according to Chinese financial data firm Wind Information.