Beijing’s bid to persuade investors to value its giant state-owned enterprises according to their socialist credentials, rather than by conventional western capitalist measures, has flopped after a rally in their shares fizzled this month.
The stocks rose after officials in November called for the creation of a “valuation system with Chinese characteristics” that departed from traditional market methods by recognising the merits of “Communist party corporate governance”.
To bolster the move, government-backed asset managers set up 16 mutual funds, nine of them index-linked, with a mandate to invest in state-owned listed companies.
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