Zheng Quan Shi Bao·2025-11-26 18:23Core Viewpoint - The Hong Kong stock market has experienced a pullback, prompting companies to actively repurchase shares as a response to declining stock prices [2]. Group 1: Company Actions - Tencent Holdings announced a share buyback on November 26, spending HKD 636 million to repurchase 1.022 million shares at a price range of HKD 618.5 to 629 per share. Year-to-date, Tencent has repurchased shares worth HKD 65.4 billion [2]. - On the same day, Xiaomi Group repurchased over HKD 300 million in shares, while China COSCO Shipping Holdings repurchased nearly HKD 40 million. Kuaishou repurchased over HKD 27 million, and Vitasoy International repurchased over HKD 26 million [2]. - Other companies such as SOTY Technology, Kingsoft, and Decon Animal Husbandry also initiated buybacks in the million-dollar range [2]. Group 2: Market Context - The aggressive buyback activity is largely attributed to the continuous decline in stock prices, with Xiaomi Group's stock price dropping over 30% since the end of September. Consequently, Xiaomi has conducted multiple share repurchases [2]. - On November 24, Xiaomi's founder and CEO Lei Jun personally invested over HKD 100 million to buy 2.6 million shares at an average price of approximately HKD 38.58, increasing his ownership stake to 23.26% [2]. - Analysts suggest that the current wave of buybacks is a result of both corporate value assessments and market conditions, with many Hong Kong companies being perceived as "undervalued," making buybacks a direct way to convey confidence [2].