(File photo: VCG)
BEIJING, Jan. 26 (Xinhua) -- China's brokerages have stepped up efforts to finance cash-starved private firms, data from an association showed.
Nearly 8.5 billion yuan (around $125 million) of investment have been made through asset management products (AMPs) of 19 brokerage companies to aid promising private firms suffering from a cash crunch, according to the Securities Association of China.
The investment surged 6.6 times from that at the end of November and helped ease liquidity difficulties of private companies and shareholders, the association said.
Brokers initiated the AMPs-based program to finance the private sector at the beginning of November as a plunging stock market posed threats to firms that pledged their shares as collateral to borrow money.
With more brokers joining the program, 50 securities companies have announced plans to invest a collective 54.5 billion yuan so far.