S.F. Holding Co., Ltd. recently announced progress on its share repurchase program. Over the past three months, the company repurchased shares totaling more than 1.5 billion yuan. Following the introduction of its "Shared Growth" employee stock ownership plan (A-shares) in late August, S.F. Holding's stock price has generally trended downward. However, the number of shareholders saw a significant increase in the third quarter, marking the first rise since Q2 2024.
On the evening of December 11, 2025, S.F. Holding disclosed an update on its A-share repurchase initiative. From September 3 to December 11, 2025, the company repurchased approximately 38.96 million A-shares via centralized bidding, spending roughly 1.542 billion yuan (excluding transaction fees). The repurchased shares account for 0.77% of the company’s total outstanding shares, with an average price of 39.59 yuan per share (peaking at 42.23 yuan and bottoming at 37.07 yuan).
Notably, less than two months prior, S.F. Holding adjusted the total repurchase budget. The original plan, which allocated between 500 million and 1 billion yuan, was revised to a range of 1.5 billion to 3 billion yuan.
Before this adjustment, S.F. Holding’s stock had retreated from its yearly high of 50.23 yuan on June 20, 2025. It remained above 45 yuan until August 28 but began a sustained decline the following day, briefly dipping below 40 yuan before the repurchase budget revision.
Despite the increased repurchase commitment, the stock has yet to stabilize. At current prices, the repurchased shares are in a paper loss. Nevertheless, the swift execution of over 1.5 billion yuan in buybacks signals strong confidence to the market.
Since the launch of the "Shared Growth" plan, S.F. Holding’s stock has faced persistent pressure. Investor opinions on the plan, as seen on platforms like Xueqiu, are divided. Some argue it may strain short-term profits, while others view it as a long-term safeguard for the company’s competitiveness and moat.
In Q3 2025, S.F. Holding’s shareholder count surged by 90.75%, rising from 141,400 at the end of June to 269,700 by September 30—the first increase since Q2 2024. This rebound suggests that most retail investors support the "Shared Growth" initiative.
According to disclosures, S.F. Holding’s controlling shareholder donated 200 million shares (about 4% of total shares) to the plan on a non-trading basis to support the company’s long-term vision. The transfer was completed on September 17, 2025, via China Securities Depository and Clearing Corporation’s Shenzhen branch.
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