China’s ‘National Team’ Steps In as Stocks Fall
Listen to the full version
Trading in major Chinese exchange-traded funds (ETFs) surged Monday, pointing to fresh support buying by state-backed investors as stocks slid in a broad sell-off.
Turnover jumped in several large, widely watched ETFs often associated with China’s so-called “national team,” a group of state-backed entities that typically uses broad-based funds to support equities during market stress.
The buying came as the market fell sharply. The benchmark Shanghai Composite Index lost 3.6%, while the Shenzhen Component Index dropped 3.8% and the ChiNext Index fell 3.5%. More than 5,100 stocks declined, underscoring the breadth of the downturn.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
- DIGEST HUB
Digest Hub
Back
- Major Chinese ETFs saw a surge in trading due to state-backed "national team" support as stocks slumped.
- On Monday, the Shanghai Composite Index fell 3.6%, while the Huatai-PineBridge CSI 300 ETF turnover hit 6.8 billion yuan.
- Markets rebounded Tuesday, with the Shanghai Composite Index up 1.8% and the Shenzhen Component Index rising 1.4%.
- Huatai-PineBridge Fund Management Co., Ltd.
- Huatai-PineBridge Fund Management Co., Ltd. is associated with a major Chinese exchange-traded fund (ETF). Its Huatai-PineBridge CSI 300 ETF experienced a surge in turnover, reaching 6.8 billion yuan, nearly doubling prior levels. This suggests support buying by state-backed investors during a market downturn, as the fund also saw net increases in outstanding shares.
- E Fund Management Co., Ltd.
- The E Fund CSI 300 ETF, managed by E Fund Management Co., Ltd., experienced a significant surge in turnover, jumping nearly 200% to 1.4 billion yuan. This elevated trading activity occurred during a broad market sell-off, suggesting potential support buying from state-backed investors.
- ChinaAMC Fund Management Co., Ltd.
- ChinaAMC Fund Management Co., Ltd. (华夏基金) manages the ChinaAMC SSE 50 ETF. This ETF experienced a significant increase in trading, with turnover rising to 4 billion yuan from 2.7 billion yuan in the previous session, indicating potential support buying by state-backed investors during a market downturn.
- Early February 2026：
- Highest previous turnover in the Huatai-PineBridge CSI 300 ETF before the spike seen on March 23, 2026.
- Previous session before March 23, 2026：
- Turnover in the ChinaAMC SSE 50 ETF was 2.7 billion yuan.
- Friday, March 20, 2026：
- Turnover in the Huatai-PineBridge CSI 300 ETF is at a certain level, used as a baseline for the subsequent surge on March 23, 2026.
- Monday, March 23, 2026：
- Trading in major Chinese ETFs surges, with turnover in Huatai-PineBridge CSI 300 ETF reaching 6.8 billion yuan (nearly double that of March 20, 2026); broad sell-off in Chinese stocks occurs, with the Shanghai Composite Index falling 3.6%, the Shenzhen Component Index dropping 3.8%, and the ChiNext Index down 3.5%.
- Monday, March 23, 2026：
- Huatai-PineBridge CSI 300 ETF records net increases in outstanding shares, ending an eight-week stretch of outflows.
- Monday, March 23, 2026：
- Turnover in the ChinaAMC SSE 50 ETF rises to 4 billion yuan; turnover in E Fund CSI 300 ETF jumps nearly 200% to 1.4 billion yuan.
- Tuesday, March 24, 2026：
- Chinese stocks rebound, with the Shanghai Composite Index rising 1.8%, the Shenzhen Component Index gaining 1.4%, and the ChiNext Index up 0.5%.
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新