early HK$180 Billion in Share Buybacks: 238 Hong Kong-Listed Companies Participate, Led by Financial and Tech Giants

From January 1 to July 11, 2025, a total of 238 Hong Kong-listed companies repurchased approximately 6.988 billion shares, with the cumulative buyback value reaching HK$179.882 billion. Compared to the same period in 2024, when 221 companies repurchased 6.231 billion shares for a total of HK$200.2 billion, this year saw a broader participation and a higher volume of repurchased shares, although the total amount slightly declined. Leading the repurchases were financial and technology giants such as HSBC Holdings, Tencent Holdings, AIA, Standard Chartered Group, Alibaba, Prudential, COSCO SHIPPING Holdings, KE Holdings, China National Building Material Group, and Midea Group, all of which executed buybacks exceeding HK$3 billion, with the top five exceeding HK$10 billion. HSBC Holdings topped the list with HK$43.525 billion, followed by Tencent Holdings at HK$40.043 billion and Alibaba at HK$11.879 billion.

Tencent maintained a steady pace of repurchases with daily amounts exceeding HK$500 million and previously disclosed in its 2024 annual report its plan to buy back at least HK$80 billion worth of shares in 2025. On July 2, Alibaba reported to the Hong Kong Stock Exchange that during the quarter ending June 30, 2025, it repurchased 56 million ordinary shares for US$805 million. As of June 30, it still had US$19.3 billion remaining under its board-approved buyback program, which remains valid through March 2027. Market analysts view this consistent buyback activity as a reflection of growing confidence and financial resilience among listed firms.

In contrast to past practices focused solely on share repurchases, tech giants have synchronized their buybacks with significant capital expenditure in AI. Tencent reported Q1 2025 revenue of RMB180.02 billion, up 13% year-on-year, with non-IFRS operating profit of RMB69.32 billion, marking an 18% increase. Its Q1 R&D expenses rose 21% to RMB18.91 billion, while capital expenditure surged 91% year-on-year to RMB27.48 billion. Alibaba also announced in February it would invest more than RMB380 billion over the next three years in cloud and AI infrastructure, exceeding its past decade’s total capital outlay.

Tencent has deployed AI widely in consumer applications. Its AI-native product Yuanbao, powered by Hunyuan and DeepSeek dual engines, has seen substantial user growth. WeChat, QQ, and Licaitong have all integrated AI to enhance functionality. Looking ahead to Tencent’s Q2 2025 results, Citic Securities forecasts revenue of RMB178.6 billion and non-IFRS net profit of RMB62.2 billion, while UBS estimates RMB156 billion in revenue and RMB60 billion in net profit. Both institutions believe high-margin businesses within the WeChat ecosystem will continue to drive earnings in the near term, with the AI multiplier effect expected to manifest progressively.