People's Insurance of China Ltd

ChangXin Technology surged 465.82 percent on its first trading day, reaching a market capitalization of 3.31 trillion yuan and overtaking Industrial and Commercial Bank of China to become the most valuable stock on the A-share market. Multiple banks and insurance companies that invested in the firm are sitting on paper gains exceeding 100 billion yuan. According to estimates from Guolian Minsheng Securities, banks hold roughly 4.0 percent of shares after the IPO, implying a combined potential appreciation of over 100 billion yuan based on a 3.3 trillion yuan market cap. On the insurance side, Hexie Health Insurance, China Life Investment, PICC Capital, and others together hold about 2.384 billion shares, worth approximately 116.8 billion yuan at the latest price. In addition, several insurers participated in the strategic placement, and bank wealth management and insurance institutions also crowded into the offline allotment. Bank of Ningbo stated that by deeply analyzing semiconductor industry trends, it actively took part in the offline inquiry and subscription for ChangXin Technology, supporting the high-quality development of China's memory chip industry.

Chinese authorities have stepped up stock market stabilisation measures by mobilising financial institutions and state-backed entities to support the market, aiming to stem selling in technology and semiconductor shares. The ChinaAMC STAR 50 ETF, the largest exchange-traded fund tracking the STAR 50 Index, saw a record inflow of 13.8 billion yuan on Monday. While the source of the funds could not be identified, the size of the inflow has led the market to believe it was a purchase by government entities. Meanwhile, the Huatai-PineBridge CSI 300 ETF, a fund regularly used by China's national team to buy stocks, recorded an inflow of 12.6 billion yuan, less than the STAR 50 ETF. In addition, at least five major insurers announced increased investments in the stock market. China Life Insurance purchased stocks and funds worth over 10 billion yuan and raised its allocation to future industries. PICC and Ping An Insurance also declared a similar stance. Bosera Fund Management invested 50 million yuan of its own capital into its in-house equity funds, and GF Securities increased its margin lending quota by 90 billion yuan. The moves come amid selling pressure that has pushed the STAR 50 Index down more than 21 percent from its June peak, and as the market braces for the major IPO of CXMT Corp.

Insurance stocks rallied across the board, with China Pacific Insurance leading the gains. China Pacific Insurance announced at midday that it firmly believes in the long-term improvement of China's economy and is strongly optimistic about the development prospects of China's capital market. It will continue to invest in stocks and ETFs in sectors such as technology growth, consumption, and new energy, support the cultivation of new quality productive forces, and act as genuine patient capital in the market. The company also stated it will steadfastly implement its existing profit distribution policy, optimize the frequency of dividends, and in 2026 focus on optimizing the dividend rhythm while actively preparing for interim profit distribution. At the close, China Pacific Insurance stood at 31.73 yuan per share, up 6.32 percent; Ping An Insurance at 53.23 yuan per share, up 4.99 percent; PICC at 7.54 yuan per share, up 4 percent; China Life Insurance at 40.60 yuan per share, up 3.97 percent; and New China Life Insurance at 64.84 yuan per share, up 3.25 percent.

China Reform Holdings Corporation and China Chengtong Holdings Group simultaneously disclosed progress on large-scale secondary market purchases, having together deployed nearly 60 billion yuan into core A-share assets. China Reform’s investment arm used over 50 billion yuan from a special central bank relending facility for share buybacks and increases, while China Chengtong, together with Chengtong Capital and Chengtong Yang Capital, has cumulatively bought close to 10 billion yuan. Both firms define these purchases as medium- to long-term strategic allocations, with funds continuously deployed via the central bank’s special relending facility. On the same day, five central enterprises—China Coal Energy, CRRC, Aluminum Corporation of China, NARI Technology, and China Shenhua Energy—jointly announced share increases, buybacks, asset injections, and dividend plans. Among them, three controlling shareholders’ increase plans total between 1.2 billion and 2.4 billion yuan. Five insurance institutions with assets under management exceeding one trillion yuan each voiced support for the stock market. China Pacific Insurance said it will continue to add positions in technology, consumer, and new energy stocks and ETFs. Ping An Insurance stated it will increase allocations to emerging industries, advanced manufacturing, and undervalued value stocks. New China Life Insurance expressed confidence in the market’s long-term value and will raise equity allocations. PICC and China Life Group also expressed a firm bullish stance and plans to boost allocations. On the evening of July 20, more than 20 listed companies issued share increase and buyback announcements, with confirmed deployed funds exceeding 720 million yuan and planned implementation funds totaling between 4.64 billion and 7.6 billion yuan. China Securities Regulatory Commission Chairman Wu Qing visited a securities branch to exchange views with investor representatives, listening to suggestions on strengthening oversight of quantitative and AI program trading and encouraging listed companies to increase dividend payouts.

On July 20, People's Insurance Company of China and China Pacific Insurance Group separately expressed firm confidence in the development prospects of China's capital market. PICC stated that China's macroeconomy is highly resilient and dynamic, with dividends from industrial upgrading and technological innovation continuing to materialize, providing solid fundamental support for the capital market. The company will actively seize the dual opportunities of valuation recovery and industrial growth. CPIC issued an announcement saying it firmly believes in the long-term improvement of China's economy. Since the beginning of this year, it has continuously increased its equity allocation ratio and will continue to invest in stocks and ETFs in sectors such as technology growth, consumption, and new energy, playing the role of patient capital. CPIC also stated that it will optimize the frequency of dividends, actively prepare for the mid-2026 interim profit distribution, and enhance the stability and predictability of dividends.