In the first two months following the Lunar New Year, the buyback performance reports for Hong Kong-listed companies have been released. Against the backdrop of a fluctuating and declining Hang Seng Tech Index, numerous leading enterprises have actively stepped in, using substantial capital to boost market confidence and push buyback amounts to elevated levels. Statistics show that in the first two months of 2026, a total of 148 Hong Kong-listed companies executed share buybacks, with a cumulative value reaching HKD 27.494 billion. Although this figure represents a decrease compared to the HKD 47.826 billion recorded in the same period of 2025, a significant structural shift in the buyback leaderboard signals a new trend: technology and industrial companies are now replacing financial stocks as the main drivers of the buyback market.
The reshuffle in buyback rankings highlights the rise of technology and industrial firms and the receding influence of financial stocks. Data indicates that from January to February 2026, the 148 companies collectively repurchased 890 million shares, totaling HKD 27.494 billion. Interestingly, a comparison with data from the same period in the previous year reveals a notable change in the industry composition of the top ten companies by buyback value. For the first two months of 2026, the top ten companies were: Tencent Holdings, ZTO Express, Xiaomi Group, Standard Chartered, Prudential, Geely Automobile, Sunny Optical Technology, Yum China, Midea Group, and SF Holding. Each of these top ten companies conducted buybacks exceeding HKD 500 million. Notably, with the exception of Standard Chartered and Prudential, the remaining eight companies belong to sectors such as technology, manufacturing, and consumer industries, indicating the absolute dominance of technology and industrial firms.
In contrast, during the same period a year earlier in 2025, financial institutions constituted half of the top ten list. At that time, four financial giants—HSBC Holdings, AIA Group, Prudential, and Standard Chartered—were featured alongside companies like Tencent, Alibaba, and COSCO Shipping Holdings. It is worth noting that market data shows the Hang Seng Tech Index has fallen more than 20% from its peak in October 2025, and its performance since the start of 2026 has been among the weakest globally for major asset classes.
Looking at individual companies, Tencent Holdings maintained its position as the "Buyback King" with repurchases totaling HKD 6.358 billion, demonstrating its firm confidence in the company's long-term value. The most striking change, however, came from Xiaomi Group. In the first two months of this year, Xiaomi's cumulative buyback amount reached HKD 3.932 billion, ranking third, behind only Tencent and ZTO Express. Excluding the impact of ZTO Express's repurchase of American Depositary Receipts (ADRs), Xiaomi's HKD 3.932 billion buyback makes it the second-largest repurchaser in the Hong Kong stock market.
Compared to its own historical activity, Xiaomi's buyback intensity this year is substantial. Data shows that in the same period of 2025, Xiaomi Group's buyback amount was merely HKD 225 million. This means the repurchase value in the first two months of this year surged by more than 16 times (1648%) year-over-year.
Behind this aggressive buyback strategy lies support from Xiaomi's core business fundamentals and a significant correction in its share price. In 2025, Xiaomi's automotive business achieved a breakthrough, delivering over 410,000 vehicles for the full year. Previously, CEO Lei Jun announced a delivery target of 550,000 vehicles for 2026. In January of this year, Xiaomi's vehicle deliveries exceeded 39,000 units. On February 11, Lei Jun stated that with the recent production of the final vehicle, the first-generation SU7 model had officially ceased production. He noted that from its initial delivery in April 2024 until February 2026, the first-generation SU7 achieved total deliveries exceeding 381,000 units in less than two years. It is noteworthy that alongside rising sales, several safety incidents involving Xiaomi vehicles have attracted significant market attention.
In the capital markets, Xiaomi Group's share price, after reaching a high of HKD 61.45 per share in mid-last year, has trended downwards overall, hitting a low of HKD 33.32 per share on February 5 this year, a decline of over 45% from the peak. During a recent live stream, Lei Jun reiterated that safety is the bottom line for Xiaomi's automotive business. Reports indicate that Xiaomi has internally established a safety committee with "veto power," and the safety-related team now comprises more than 3,500 personnel, actions taken to address external concerns and strengthen the foundation of brand trust.
Against this backdrop, industry analysts believe that Xiaomi Group's decision to increase buybacks while its share price is at a low level is intended to convey confidence to investors through tangible financial commitment.
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