Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2025年12月1日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 证券代码：000333 证券简称：美的集团 公告编号：2025-091 美的集团股份有限公司 关于以集中竞价交易方式回购 A 股股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真 ...

格隆汇12月1日丨美的集团(00300.HK)公告，12月1日耗资人民币1亿元回购125.5万股A股，回购价格每 股79.2-80.2元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美的集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2025年12月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 000333 | 說明 | A股 (於深圳證券交易所上市) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出 ...

Core Insights - The article discusses the stock buybacks conducted by various companies on November 28, 2025, highlighting the total amounts and quantities repurchased, with Tencent Holdings leading the buyback efforts [1][3]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.039 million shares for a total amount of 636 million [2]. - Xiaomi Group-W (01810) repurchased 7 million shares for a total of 288 million [2]. - Midea Group (00300) repurchased 125,460 shares for a total of approximately 99.997 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 9.25 million shares for a total of 40.9914 million [2]. - COSCO Shipping Holdings (01919) repurchased 3 million shares for a total of 39.7825 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 79.961 million shares, representing 0.870% of its total share capital [2]. - Xiaomi Group has a cumulative buyback of 65.7954 million shares, representing 0.250% of its total share capital [2]. - China Feihe (06186) has a cumulative buyback of 189 million shares, representing 2.088% of its total share capital [2]. - Vitasoy International (00345) has a cumulative buyback of 15.64 million shares, representing 1.490% of its total share capital [2]. - Huazheng Medical (01931) has a cumulative buyback of 16.514 million shares, representing 1.020% of its total share capital [2].

Core Viewpoint - Midea Group announced a share buyback of 1 billion RMB to repurchase 1.25 million A-shares on November 28, 2023, following a similar buyback on November 27, 2023, for the same amount and shares [1]. Summary by Category Company Actions - Midea Group executed a buyback of 1.25 million A-shares at a cost of 1 billion RMB on November 28, 2023 [1]. - The company also conducted a buyback of 1.25 million A-shares for 1 billion RMB on November 27, 2023 [1].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美的集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2025年11月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 000333 | 說明 | A股 (於深圳證券交易所上市) | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美的集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2025年11月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 000333 | 說明 | A股 (於深圳證券交易所上市) | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

Core Insights - A total of 30 companies conducted share buybacks on November 26, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2] Group 1: Buyback Details - Tencent Holdings repurchased 1.022 million shares for a total of 636 million [2] - Xiaomi Group-W (01810) repurchased 7.5 million shares for 301 million, representing 0.230% of its total share capital [2] - Midea Group (00300) repurchased 126,630 shares for approximately 99.995 million [2] - SF Holding (06936) repurchased 128,030 shares for about 50.16 million [2] - China Petroleum & Chemical Corporation (00386) repurchased 11 million shares for 48.64 million, which is 0.160% of its total share capital [2] Group 2: Other Notable Buybacks - Kuaishou-W (01024) repurchased 400,000 shares for 27.49 million, accounting for 0.128% of its total share capital [2] - Vitasoy International (00345) repurchased 3.962 million shares for 26.62 million, representing 0.951% of its total share capital [2] - Mengniu Dairy (02319) repurchased 200,000 shares for 2.95 million, which is 0.696% of its total share capital [2] - Other companies such as NetDragon (00777), China Feihe (06186), and others also participated in the buyback activities, with varying amounts and percentages of total share capital [2]