Guotai Haitong Completes First Stock Purchases Under Third SFISF Batch

The detail that stands out is the sequence: repo financing first, then equity purchases, showing the SFISF being used as designed — as a funding channel rather than a direct injection. A mid-sized brokerage committing to further A-share and equity ETF accumulation signals that the facility's third batch is now translating into actual positioning, not just preparatory paperwork. Whether other participating institutions follow with comparable execution is the open question, and whether this activity broadens beyond a handful of named firms will indicate how much of the program's capacity is genuinely being drawn down.