At the start of the Lunar New Year, the repurchase performance report for the first two months of Hong Kong-listed companies has officially been unveiled.
Against the backdrop of a volatile downward trend in the Hang Seng Tech Index, numerous leading enterprises have actively stepped in with 'real money' to boost market confidence, driving repurchase amounts to new heights.
According to statistics from China Securities Journal, in the first two months of 2026, a total of 148 Hong Kong-listed companies carried out share repurchases, with an accumulated repurchase amount reaching 27.494 billion Hong Kong dollars. Although this figure is lower than the 47.826 billion Hong Kong dollars recorded during the same period in 2025, the structural changes in the repurchase rankings reveal new signals: technology and industrial firms are replacing financial stocks as the main force driving the repurchase market.
Repurchase Rankings Reshuffled: Rise of Technology and Industry, Decline of Financial Stocks
Based on data compiled by East Money Choice and reported by China Securities Journal, from January to February 2026, 148 Hong Kong-listed companies collectively repurchased 890 million shares, with a total repurchase value of 27.494 billion Hong Kong dollars.
Interestingly, comparing data from the same period over the past two years, there has been a notable shift in the composition of the top ten industries participating in stock repurchases in Hong Kong.
In the first two months of 2026, the top ten Hong Kong-listed companies in terms of repurchase amounts were:$TENCENT (00700.HK)$、$ZTO EXPRESS-W (02057.HK)$、$XIAOMI-W (01810.HK)$、$STANCHART (02888.HK)$、$PRU (02378.HK)$、$GEELY AUTO (00175.HK)$、$SUNNY OPTICAL (02382.HK)$、$YUM CHINA (09987.HK)$、$MIDEA GROUP (00300.HK)$and$SF HOLDING (06936.HK)$with all top ten Hong Kong-listed companies having repurchased shares worth more than 500 million Hong Kong dollars. Of these, except for$STANCHART (02888.HK)$and$PRU (02378.HK)$, the remaining eight companies belong to industrial sectors such as technology, manufacturing, and consumer goods, with technology and industrial enterprises taking a dominant position.
In contrast, a year earlier during the same period in 2025, financial firms accounted for 'half of the top ten.' At that time, HSBC Holdings, AIA, Prudential, and Standard Chartered Group – four financial giants – joined Tencent, Alibaba, and COSCO Shipping Holdings in the top ten list.
It is worth mentioning that market data shows that since the peak in October 2025,$Hang Seng TECH Index (800700.HK)$The cumulative decline has exceeded 20%, and its performance since 2026 ranks nearly at the bottom among global asset classes.
Xiaomi Group spent a staggering 3.9 billion, with its repurchase amount surging over 16 times.
Looking at individual companies,$TENCENT (00700.HK)$it continues to firmly hold the title of 'top repurchaser' with a repurchase amount of 6.358 billion Hong Kong dollars, demonstrating its strong confidence in the company's long-term value.
The most striking change comes from$XIAOMI-W (01810.HK)$. In the first two months of this year, Xiaomi’s cumulative repurchase amount reached 3.932 billion Hong Kong dollars, ranking third after Tencent and ZTO Express. Excluding the impact of ZTO Express’ repurchase of American Depositary Receipts (ADRs), Xiaomi holds the position as the second-largest repurchaser in the Hong Kong stock market with a repurchase amount of 3.932 billion Hong Kong dollars.
Compared to its own performance, Xiaomi’s repurchase efforts this year are considered 'massive.' Data shows that during the same period in 2025, Xiaomi Group’s repurchase amount was only 225 million Hong Kong dollars. This means that the repurchase amount in the first two months of this year surged by more than 16 times (1648%) year-on-year.
Behind these large-scale repurchases lies the support of Xiaomi’s core business fundamentals and a significant correction in its share price.
In 2025, Xiaomi’s automotive business made breakthrough progress, delivering over 410,000 vehicles for the entire year. Previously, Lei Jun announced a delivery target of 550,000 units for 2026. In January this year, Xiaomi’s automobile deliveries surpassed 39,000 units.
On February 11 this year, Lei Jun stated that a few days ago, with the final vehicle rolling off the production line, the first-generation SU7 officially ceased production. Lei Jun noted that the first generation of SU7, which began deliveries in April 2024, delivered a total of over 381,000 units in less than two years until February 2026.
Notably, as sales increased, several safety incidents involving Xiaomi Auto garnered widespread market attention. In the capital markets, the share price of Xiaomi Group has been on a continuous downtrend since reaching a new high of HKD 61.45 per share in the middle of last year, hitting a low of HKD 33.32 per share on February 5 this year, representing a decline of over 45% from its peak.
During a recent live stream, Lei Jun reiterated that safety remains the bottom line for Xiaomi Auto. It is reported that Xiaomi has established an internal Safety Committee with veto power, and its safety-related teams now comprise more than 3,500 personnel, aiming to address external concerns and reinforce brand trust.
Against this backdrop, industry insiders believe that Xiaomi Group’s decision to intensify share repurchases amid a low stock price reflects an effort to convey confidence to investors through tangible financial commitment.
