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Chinese firms increase support for stock market

An investor observes stock prices in Nanjing, China.
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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.