China’s ‘National Team’ Cut ETF Stakes Below 20% Disclosure Mark

China’s state-backed “national team” has reduced its presence in the country’s largest stock ETFs, signaling a pullback from earlier support as officials try to cool an overheated rally. The move points to softer official buying flows and a more cautious stance toward equity market exuberance. Impact is likely limited to Chinese equities and ETF flows rather than global markets.