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China state giants the only stock winners in a divided market

Their outperformance is being driven by government policy while the rest of the market struggles

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Individual investors in China have turned defensive in a bearish market, with some of them adjusting their strategy to sell small caps and follow state-backed funds or "the national team" in purchasing large-cap shares.

Hong Kong

IN CHINA'S struggling stock market, it's easy to pick a winner. Back the state.

The SSE 50 Index comprising some of China's largest companies has surged 6.4 per cent in the past month, climbing to its highest level versus the broader Shanghai Composite Index in four years

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