Central Huijin Investment Co. Ltd. said it would buy shares of Industrial and Commercial Bank of China, Bank of China and China Construction Bank, Xinhua news agency reported, adding that 'operations had started on Thursday'.

The move was to 'shore up their share prices amid stock market slumps", Xinhua said.

Cash-rich Central Huijin was set up earlier this decade charged with reforming state-owned banks burdened with a high ratio of non-performing loans. -- AFP