Core Viewpoint - The Hong Kong Stock Exchange's reform allowing companies to retain repurchased shares as treasury stock has led to a surge in share buybacks among listed companies, particularly Cathay Securities International, which has been actively repurchasing shares since July 2024 [1][5]. Group 1: Share Buyback Activity - As of June 19, 2024, 199 Hong Kong-listed companies have repurchased a total of 3.864 billion shares, amounting to over 87 billion HKD [1]. - Cathay Securities International has conducted over 60 buybacks since July 2024, repurchasing 36.5 million shares for over 35 million HKD, with costs ranging from 0.6 HKD to 1.22 HKD per share [1][5]. - In the second half of 2024, the company repurchased 17.445 million shares for 14.671 million HKD, and from early 2025 to June 18, 2025, it repurchased 19.055 million shares for a total of 20.782 million HKD [2]. Group 2: Financial Performance - Cathay Securities International reported a 37% year-on-year increase in revenue for 2024, reaching 4.422 billion HKD, and a 73% rise in net profit to 348 million HKD [10]. - The company's revenue sources include institutional investor services and wealth management, which together account for approximately 43% of total revenue, with institutional services seeing a 90% increase year-on-year [10]. - The company participated in 232 bond issuance underwriting projects in 2024, a 59% increase from the previous year, with a total issuance amount of approximately 389.1 billion HKD, marking an 85% year-on-year growth [10]. Group 3: Dividend Policy - Cathay Securities International has consistently paid cash dividends since 2010, with a dividend payout ratio of 88% for 2024, following the removal of a 50% dividend cap in 2022 [11][14]. - The total dividend for 2024 is 0.032 HKD per share, including an interim dividend of 0.012 HKD per share [11]. - The company has maintained a high dividend payout in recent years, with payout ratios of 594% in 2022 and 95% in 2023 [14].