Hong Kong-listed companies actively buying back shares; repurchase amount exceeded HK$20 billion since 2026

Financial Times Reporter Hu Huaxiong

Recently, during the adjustment of the Hong Kong stock market, some listed companies have shown a “buy more as prices fall” characteristic in their share repurchase activities.

Despite the ups and downs in the Hong Kong stock market this year, listed companies have maintained a high enthusiasm for share buybacks. Data from Wind shows that since 2026, the total amount of buybacks in the Hong Kong market has exceeded HKD 20 billion, involving over 130 listed companies.

Looking at the buyback amounts of individual Hong Kong-listed companies, industry leaders still dominate, including Tencent Holdings, Xiaomi Group, Zhongtong Express, Geely Auto, and Sunny Optical Technology, each having repurchased over HKD 1 billion this year. Among them, Tencent Holdings leads significantly, with a total buyback amount exceeding HKD 6 billion; Xiaomi Group has repurchased over HKD 4 billion this year.

In terms of the number of shares repurchased, more than 20 companies, including Xiaomi Group, Geely Auto, Shou Cheng Holdings, Yidu Technology, Jieli Trading Treasure, and Jiumaojiu, have repurchased over 10 million shares this year.

Recently, influenced by changes in global liquidity and tensions in the Middle East, the Hong Kong market has experienced some adjustments. However, many companies continue to buy back shares consistently, even showing a “buy more as prices fall” trend. Industry experts generally believe that such buyback activities under these circumstances signal confidence in the company’s long-term development.

For example, on March 4, Geely Auto’s stock price further declined, briefly falling below HKD 15 during trading, hitting a multi-month low. However, on the same day, Geely Auto increased its buyback efforts, repurchasing 7.378 million shares, amounting to HKD 110 million, a significant increase compared to previous days.

NetEase Cloud Music, after more than a year, started a new round of share buybacks from February 12 this year, with a buyback amount of about HKD 15 million on that day. Market data shows that on February 12, NetEase Cloud Music’s stock price closed nearly 10% lower, falling below HKD 160 during trading, down more than 40% from its peak in July 2025. Despite this, the company has maintained a continuous buyback trend, with daily buyback amounts around HKD 15 million.

During periods of low stock prices, Xiaomi Group has also conducted continuous share repurchases at a scale of about HKD 100 million per day. Data shows that Xiaomi’s stock price recently fell as low as HKD 31.2, nearly halving from its peak in 2025.

Research from Zheshang International suggests that large-scale buyback waves in the market often occur during bear markets, typically indicating that listed companies believe their stock prices are significantly below intrinsic value. This sends a positive signal to investors that current stock prices are severely undervalued, aiming to stabilize investor confidence and the company’s stock price.

The firm points out that market buyback data has certain guiding significance for future market trends. Since 2008, the Hong Kong stock market has experienced five waves of corporate buybacks, followed by a rally.