China’s “national team” of state‑backed funds bought close to $9bn (Rmb60bn) in equities on Sunday to shore up the market after a bruising sell‑off on Friday.

The CSI 300 rose 0.7 % and the Hang Seng jumped 1.8 % on Monday, while Japan’s Nikkei 225 and South Korea’s Kospi fell more than 4 %. The CSI 300 had dropped 3.6 % on Friday, its worst day since the tariff‑driven turmoil under Donald Trump. The sell‑off was concentrated in AI‑related stocks, with the CSI Artificial Intelligence index and the Star 50 tumbling 8 % and 7.1 % respectively.

Two major funds announced the purchases. China Reform Holdings disclosed a Rmb50bn buy “to maintain market stability” and said it was “firmly optimistic” about China’s capital market, using the central bank’s special relending facility. China Chengtong added nearly Rmb10bn and pledged further buying. Both focused on state‑owned enterprises. BNP Paribas’ Wei Li noted the government wants to avoid “crazy ups and downs.” Regulators later said they would hold a special symposium with securities firms and listed companies to further stabilise the market.