从2024年回购数据来看，以回购金额来排名，腾讯控股(00700.HK)、汇丰控股(00005.HK)、美团-W(03690.HK)、友邦保险(01299.HK)、渣打集团(02888.HK)、百胜中国(09987.HK)、阿里巴巴-SW(09988.HK)、贝壳-W(02423.HK)、快手-W(01024.HK)、保诚(02378.HK)、小米集团-W(01810.HK)分别为905.58亿港元、697.71亿港元、281.57亿港元、244.82亿港元、135.75亿港元、83.22亿港元、80.78亿港元、45.14亿港元、40.36亿港元、37.90亿港元、37.08亿港元。① What is the buyback situation of Hong Kong stocks so far this year? ② What impact does the buyback frenzy have on the Hong Kong stock market?
CLC October 11th news (Editor Hu Jiarong) The recent trend of the Hong Kong stock market has indeed attracted market attention. However, it is worth noting that since the beginning of this year, the number and amount of buybacks by Hong Kong companies have both reached historical highs for the same period.
According to statistics from Choice, since 2024, a total of 278 Hong Kong companies have participated in buybacks, with a total amount reaching 292 billion Hong Kong dollars. This data has exceeded the total amount of buybacks by Hong Kong companies for the whole year of 2023. According to statistics, there were a total of 221 companies participating in buybacks last year, with a total amount of 181 billion Hong Kong dollars.
Looking at the buyback data for 2024, in terms of buyback amounts, Tencent (00700.HK), HSBC Holdings (00005.HK), Meituan-W (03690.HK), AIA (01299.HK), StanChart (02888.HK), Yum China (09987.HK), Alibaba-SW (09988.HK), KE Holdings-W (02423.HK), Kuaishou-W (01024.HK), Prudential (02378.HK), and Xiaomi Group-W (01810.HK) ranked at 90.558 billion Hong Kong dollars, 69.771 billion Hong Kong dollars, 28.157 billion Hong Kong dollars, 24.482 billion Hong Kong dollars, 13.575 billion Hong Kong dollars, 8.322 billion Hong Kong dollars, 8.078 billion Hong Kong dollars, 4.514 billion Hong Kong dollars, 4.036 billion Hong Kong dollars, 3.79 billion Hong Kong dollars, 3.708 billion Hong Kong dollars respectively.
Note: 2024 Hong Kong stock buyback data (partial stocks)
Tencent's hundred-billion dollar buyback is expected to be completed ahead of schedule
From the above chart, Tencent Holdings leads other stocks with over 90 billion Hong Kong dollars in buyback amount. The company repurchased 0.254 billion shares during the same period.
Note: Tencent Holdings' share repurchase
Note: The repurchase amount of Tencent Holdings
In fact, on March 20, Tencent announced that in 2024 it will invest no less than HKD 100 billion to repurchase shares, more than double the repurchase amount in 2023. Currently, the company's hundred-billion repurchase plan has completed 90%.
Furthermore, Tencent's continued large-scale repurchases have effectively offset the impact of major shareholder Prosus' shareholding reduction. According to reports, in the third quarter of this year, Prosus sold 31.6 million Tencent shares, a reduction intensity lower than in the second quarter, accounting for only 33% of the shares repurchased by Tencent during the same period. The selling of shares by major shareholders has been almost completely offset in the secondary market, confirming previous institutional reports that this plan offsets the pressure of shareholders reducing their holdings financially.
Institutions say that the market valuation repair rally is expected to continue
The emergence of this wave of repurchases is usually interpreted by the market as the company's recognition of its own value and confidence in future development prospects. Large-scale repurchases not only can enhance earnings per share and improve shareholder structure but also, to a certain extent, reduce market supply, strengthen demand, and thus provide support to stock prices.
Analysts generally believe that the emergence of the repurchase wave often indicates that the market valuation repair rally is expected to continue. Haitong Securities' Chief Economist Xun Yugen pointed out that with the positive shift in domestic policies and the constant introduction and implementation of policy combinations, the fundamental macroeconomic situation in China is expected to gradually improve. At the same time, the Fed's interest rate cuts also help improve domestic macro liquidity and may lead to a temporary return of foreign capital, thereby supporting the continued upward trend of Hong Kong stocks.
CITIC Securities' Chief Analyst for Overseas Strategy Xu Guanghong believes that although the fastest phase of the rise driven by short squeezes may have passed, against the backdrop of policies gradually being implemented and investors' ongoing excitement, the market's valuation repair rally is expected to continue until early November. He recommends focusing on non-banking financial sectors benefiting from monetary easing, real estate, and the continuous implementation of policies to boost capital markets, as well as consumer and technology-related industries that are expected to continue their valuation recovery.
