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The largest fund tracking STAR 50 index, the 50 largest companies listed on the Shanghai Stock Exchange Science and Technology Innovation Board, saw a record inflow of 13.8 billion yuan (HK$15.98 billion) on Monday, Bloomberg reported.
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It was reported that such large inflow reflects a shift in government support towards technology stocks, expansion of the market stabilization strategy from a previous focus on blue-chip stocks to the worst-performing technology sector.
State-backed investor Huatai-PineBridge CSI 300 ETF also attracted 12.6 billion yuan in inflows, second only to the STAR 50.
This comes as Mainland China steps to stabilize the stock market, in an attempt to curb a sell-off triggered by AI and semiconductor stocks.
At least five insurance companies have joined the support effort, with units of China Life Insurance (2628) purchasing more than 10 billion yuan worth of stocks and funds, and pledging to increase holdings in new growth sectors.
In addition, GF Securities (1776) announced to raise its margin financing quota by 90 billion yuan for a higher liquidity.
It was also reported that the index has fallen by more than 20 percent from its June high.
