(Bloomberg) -- Recent state-fund buying of Chinese equities in a bid to bolster market confidence has helped lift the value of the nation’s largest onshore stock exchange-traded fund to a record of 200 billion yuan ($28 billion).

While the Huatai-Pinebridge CSI 300 ETF has long been the heftiest mainland ETF, buying by sovereign wealth fund Central Huijin Investment Ltd. has been an added boon. Purchases of the ETF by the so-called “national team” are estimated to have totaled 50 billion yuan between October and last week, according to data compiled by Bloomberg Intelligence.

The Huatai-Pinebridge ETF’s market capitalization has swollen nearly 60% this year on a surge in new shares as funds pour in. The value of its next-largest rival E Fund CSI 300 ETF, another favorite national team target, has expanded about 190% to around 132 billion yuan.

--With assistance from Rebecca Sin.

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