Hong Kong Stock Buyback Wave Persists, 247 Listed Companies Repurchase Over HKD 150 Billion This Year

The Momentum Of Share Buybacks And Dividends In Hong Kong Continues Unabated. Tencent Holdings, Xiaomi Group‑W, And More Than Sixty Other Hong Kong‑Listed Companies Have Successively Filed Share Repurchase Announcements Via The HKEX Disclosure Platform. According To Wind, As Of November 25, A Total Of 247 Hong Kong‑Listed Firms Have Executed Buybacks This Year, With An Aggregate Amount Of HKD 153.667 Billion. Among Them, Tencent Holdings, HSBC Holdings, And AIA Group Each Surpassed HKD 10 Billion In Repurchase Value.

Industry Observers Note That Corporate Buybacks Typically Signal Management’s View That Current Share Prices Sit Well Below Intrinsic Value, Communicating A Strong Message Of Undervaluation To Stabilize Investor Confidence And Stock Performance. Historically, Buyback Cycles In Hong Kong Often Move Inverse To Broader Market Trends, Serving As A Notable Indicator Of Bottoming And Subsequent Rebounds.

Alongside Recovery Signals, Dividend Activity Provides Further Performance Support. Wind Data Show That In 2025, 966 Hong Kong‑Listed Companies Have Completed Dividends, With 1,391 Cash Distributions Totaling HKD 1.35 Trillion—Already Near Last Year’s Full‑Year Level—And This Year’s Dividend Total Is Poised To Reach A New High.

Fourteen Hong Kong Companies Have Repurchased More Than HKD 1 Billion This Year - The Curtain Has Risen Again On Share Repurchases Across Hong Kong. Wind Reports That Since 2025, 247 Listed Companies Have Bought Back A Combined 6.762 Billion Shares, Amounting To HKD 153.667 Billion.

In Terms Of Scale, Many Firms Have Acted Generously: Sixty‑Three Companies Exceeded HKD 1 Billion In Buybacks, And Fourteen Surpassed HKD 10 Billion. Names Include Tencent Holdings, HSBC Holdings, AIA Group, China Hongqiao, COSCO Shipping Holdings, Xiaomi Group‑W, Kuaishou‑W, WuXi Biologics, Anta Sports, Swire Pacific A, Chow Tai Fook, Yum China, Zhuzhou CRRC Times Electric, And Hang Seng Bank.

This Year’s Most Aggressive Program Comes From Tencent Holdings. On November 24, Tencent Announced Changes In Issued Shares And A Repurchase, Completing 1.022 Million Shares That Day For HKD 636 Million. Data Show That Tencent Has Conducted 105 Buybacks Year‑To‑Date, Repurchasing 126 Million Shares—Accounting For 0.014% Of Current Share Capital—With A Cumulative Amount Of HKD 63.508 Billion.

Buyback Enthusiasm Is Most Evident In Technology And Consumer Discretionary. Since November, Tencent Holdings, Xiaomi Group, China Feihe, And Helen’s Have Continued Steady Repurchases, Reflecting Strong Corporate Confidence In The Future Of These Sectors.

At The Company Level, Beyond The Persistent Leadership Of Tencent Holdings, HSBC Holdings, And AIA Group, Several Familiar Participants Remain Active. Xiaomi Group‑W Announced On November 21 Via HKEX That It Repurchased 8 Million Shares Through Centralized Bidding, Totaling HKD 303 Million—Its Fourteenth Buyback This Year. Notably, After Three Repurchases In January, Xiaomi Paused Until Late September Before Resuming, Accumulating 21.5 Million Shares Repurchased Over The Past 30 Days For HKD 811 Million. On November 20, Xiaomi’s Single‑Day Buyback Exceeded HKD 507 Million, Marking Its Largest One‑Day Repurchase Since Listing.

While Some Companies Are Increasing Buybacks, Others Are Scaling Back. AIA Group And Kuaishou‑W Maintained A Regular Pace Through The First Seven Months But Halted Repurchases From July. GAC Group Conducted Three Buybacks In January And Has Not Acted Since; In 2024, It Completed 36 Buybacks With Multiple Rounds Per Month.

Dividend Activity Is Also Climbing: Dividends Have Been Active In Hong Kong This Year. A Total Of 966 Listed Companies Have Distributed Cash Dividends Amounting To HKD 1.35 Trillion, Nearly Matching Last Year’s Full‑Year Total.

Structurally, High‑Dividend Stock Connect Constituents Are The Main Drivers. Wind Indicates That Thirty Such Constituents Delivered HKD 527.311 Billion, Representing Nearly Forty Percent Of All Dividends In Hong Kong.

High Dividend Yields Form The Core Appeal. Hang Seng Bank And Hong Kong Telecom Maintain Yields In The 5%–7% Range, Significantly Above The Roughly 3% Annualized Returns Of Bank Wealth Products. Coupled With Potential Share Price Appreciation, Composite Return Advantages Stand Out. Capital Flows Echo This Trend: Dividend‑Focused ETFs Have Expanded By HKD 39.145 Billion This Year, While Insurance And Other Long‑Term Funds Have Concentrated Positions In High‑Dividend Names Across Banking And Utilities.

By Sector, Financials, Energy, And Utilities Continue Their Steady Dividend Tradition. Established Players Such As Hong Kong And China Gas And AIA Group Maintain Long‑Term Payout Records. Under The “China Special Valuation” Backdrop, State‑Owned SOE H‑Shares Such As China Mobile And CNOOC Show Strengthening Dividend Stability, With Some Raising Payout Ratios And Emerging As New Dividend Pillars.

How Far Has Hong Kong’s Adjustment Progressed? Hong Kong Equities Delivered Strong Performance Early This Year, With The Hang Seng Index And Hang Seng Tech Index Hitting Twenty‑One‑Year Highs In Early October. Since Mid‑October, The Market Entered A Correction, With Losses Widening Over The Past Week: The Hang Seng Index Fell Up To 5.1%, And The Hang Seng Tech Index Dropped 8.1%. After Six Straight Down Sessions, The Market Turned Positive Yesterday.

Huatai Securities Notes That Hong Kong Equities Are Entering A Positioning Phase. Recent Volatility Has Been Driven By Liquidity, Sentiment, And Risk Appetite. Concerns Over Apparent Divergence Between Softer Economic Data And Equity Performance Are Not Viewed Pessimistically. The Domestic Asset Revaluation Theme Persists, And The Quest For Core Assets Remains, But A Shift From Valuation To Earnings And A Rebalance Between Onshore And Offshore Capital Requires More Discerning Allocation. Hong Kong’s Correction Began Earlier And Ran Deeper Than A‑Shares, Making Current Levels Increasingly Attractive.

Guotai Haitong’s Overseas Strategy Team Highlights Tight U.S. Dollar Liquidity And Easing Federal Reserve Rate‑Cut Expectations, Along With Growing AI Bubble Concerns, As Drivers Of The Pause. From A Mid‑Term Angle, Incremental Capital Inflows And The Concentration Of Quality Assets Suggest Hong Kong’s Bull Market Could Continue. If Short‑Term Headwinds Subside, Clear Incremental Flows And Scarce High‑Quality Chinese Assets May Sustain The Rally.

GF Securities’ Strategy Team Adds That Hong Kong May Again Offer A Constructive Entry Point. The Bull Market’s Foundation Remains Intact, Though The Path Is Likely To Be A “Volatile Uptrend With Gradual Elevation” Rather Than A One‑Sided Surge. November’s Fundamental Drivers Are Strong, And High‑Prosperity Sectors Merit Attention. A Barbell Approach Is Favored: Stable Value H‑Shares With Elevated AH Premiums As Long‑Term Core Holdings, Alongside Growth Assets With Solid Industry Logic That Offer Opportunities Amid Volatility. When Triggers Emerge, Capital May Flow Toward China’s Most Globally Competitive Core Assets.