Core Viewpoint - The significant increase in share buybacks by Hong Kong-listed companies in 2023 reflects strong confidence in their intrinsic value and aims to boost market sentiment amid economic uncertainties [1][7][8] Group 1: Buyback Activity - As of November 25, 2023, 264 Hong Kong-listed companies have conducted buybacks, totaling approximately 2,360 billion HKD and 89.8 billion shares repurchased [2][5] - In comparison, only 187 companies engaged in buybacks during the same period in 2022, with a total of 1,021.98 billion HKD and 73.92 billion shares [2] - Notably, 56 companies have repurchased over 1 billion HKD, with 4 companies exceeding 10 billion HKD in buybacks [2][4] Group 2: Leading Companies - Tencent Holdings leads the buyback activity with 2.65 billion shares repurchased, amounting to over 900 billion HKD [2][4] - Other significant players include HSBC, Meituan-W, and AIA, with buybacks of approximately 390 billion HKD, 280 billion HKD, and 280 billion HKD respectively [2][4] - Companies like Kuaishou-W, Xiaomi Group-W, and Dongyue Group also made substantial buybacks, with amounts around 44 billion HKD, 37 billion HKD, and 37 billion HKD respectively [2] Group 3: Industry Insights - The internet and financial sectors are the most active in buybacks, with major companies in these industries showing a preference for returning capital to shareholders rather than pursuing expansion [5][8] - The pharmaceutical sector, represented by WuXi Biologics and CSPC Pharmaceutical, has also seen significant buyback activity, with repurchases of 19 billion HKD and 13 billion HKD respectively [5][6] Group 4: Market Confidence - Analysts suggest that buybacks are a strategic move to enhance shareholder returns and signal management's confidence in the company's future performance [7][8] - The revised buyback regulations by the Hong Kong Stock Exchange have increased flexibility and reduced costs for companies, further encouraging buyback activities [7] - Buybacks are viewed as a method to improve earnings per share and stabilize stock prices, thereby attracting more investor interest [8]