SHANGHAI, Sept 1 (Reuters) - China’s major brokerage Guotai Junan Securities Co said on Tuesday its board has agreed to use 20 pct of its net assets to invest in equities, up from 15 percent currently.
Guotai Junan made the announcement in a statement posted on the Shanghai Stock Exchange website.
Regualtors have been encouraging brokerages and listed companies to buy more shares to support a wobbly stock market.
In a joint statement issued Late on Monday, financial regulators encouraged listed firms to merge, offer cash dividends and buy back shares to support the market. (Reporting by Samuel Shen and Kazunori Takada)