(Bloomberg) -- Record inflows into a handful of key Chinese exchange traded funds suggest state-led funds have sprung into action to buffer the stock market plunge. 

The Huatai-Pinebridge CSI 300, E Fund CSI 300, China AMC CSI 300, Harvest CSI 300 and China AMC SSE 50 ETF together saw 128.5 billion yuan ($17.9 billion) of inflows so far in January, more than five times the aggregate amount seen in July 2015, when the so-called “national team” jumped in to stem a rout. 

These five ETFs, which are also the most purchased this year, have been monitored by traders as likely purchase targets by vehicles such as Central Huijin Investment Ltd., a unit of the $1.4 trillion China wealth fund. However, similar to efforts in 2015, these rounds of buying have done little to revive sentiment. The CSI 300 Index dropped 2.7% in the past two sessions to give up last week’s gains, while a gauge of growth shares is at its lowest since August 2019.

EARLIER: China ETF Weekly Trading Spike May Signal State Fund Buying

--With assistance from Jeffrey Hernandez.

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