The year 2025 has concluded, bringing with it the official release of the full-year share buyback data for the Hong Kong stock market. According to data statistics, a total of 307 H-share companies initiated buybacks throughout 2025, repurchasing a combined 11.309 billion shares for a total amount of HK$319.154 billion. Despite the Hong Kong stock market's strong performance in 2025, both the volume and value of buybacks fell short of the figures recorded in 2024. Overall, in the Hong Kong market, Tencent repurchased over HK$80 billion for the full year, contributing a quarter of the total market's buyback volume and securing its position as the "Repurchase King" of Hong Kong stocks for the fourth consecutive year. In terms of repurchase value, companies from the internet and financial sectors were the main drivers of buyback activity in Hong Kong. Internet giants like Tencent, Alibaba, and Xiaomi Group ranked near the top, while financial firms such as HSBC Holdings, Standard Chartered, and AIA also featured prominently within the top five on the repurchase list. The full-year repurchase data for Hong Kong stocks is now available. The Hong Kong stock market concluded 2025 with its strongest annual performance in five years, with its core indices leading gains among major global capital markets, as a "valuation gap repair" trend persisted throughout the year. As of the market close on December 31, 2025, the Hang Seng Index had climbed from around 19,600 points at the start of the year to 25,630 points, achieving a full-year gain of 27.77%, its best annual result in five years. The Hang Seng Tech Index also advanced significantly, rising nearly 23.45%, while the Hang Seng China Enterprises Index gained 22.27% for the year. This performance ranked among the top globally, outpacing indices like the Nasdaq and the S&P 500. Despite the Hong Kong market's excellent performance, its repurchase data lagged behind that of 2024. According to statistics based on East Money Choice data, the 307 H-share companies that conducted buybacks in 2025 repurchased a combined 11.309 billion shares. This represents an 18.05% year-on-year decrease compared to the 13.8 billion shares repurchased in 2024. The total repurchase value for 2025 was HK$319.154 billion, down 17.64% from the HK$387.542 billion recorded in 2024. Among these, 104 H-share listed companies accumulated repurchase values exceeding HK$1 billion during the year, 31 companies surpassed HK$10 billion, and 6 companies had repurchase values over HK$100 billion. Sector-wise, the Hong Kong-listed companies initiating buybacks in 2025 were primarily concentrated in technology, banking, insurance, and healthcare industries. Looking at the top ten by repurchase value, the entry "threshold" was HK$70 billion. The list included Tencent Holdings, HSBC Holdings, Standard Chartered, AIA, Alibaba, Midea Group, Prudential, Yum China, KE Holdings, and COSCO SHIPPING Holdings. In terms of industry composition, the top ten companies by repurchase value included not only well-known internet tech giants like Tencent and Alibaba, and cash-rich bank and insurance firms like HSBC, Standard Chartered, AIA, and Prudential, but also home appliance leader Midea Group, Yum China (operator of KFC and Pizza Hut), real estate agency KE Holdings, and shipping and port operator COSCO SHIPPING Holdings. It is worth noting that Xiaomi Group also made significant repurchase efforts in 2025, ranking 11th with HK$6.285 billion. From the perspective of absolute repurchase amount, companies managing to repurchase over HK$100 billion in 2025 were exceptionally rare. The top six companies all exceeded the HK$100 billion mark, with Tencent, HSBC, and Standard Chartered taking the top three spots with repurchase values of HK$80.036 billion, HK$70.909 billion, and HK$21.434 billion, respectively. Tencent continues its reign as Hong Kong's repurchase king. Overall, in the Hong Kong market, Tencent contributed 25% of the total buyback volume, having served as the repurchase king for many consecutive years. In terms of specific execution, Tencent launched a total of 130 buyback operations throughout 2025, repurchasing a combined 153 million shares for a cumulative amount of HK$80.036 billion. Back in March 2025, Tencent had announced its intention to continue share repurchases in 2025, with an expected scale of at least HK$80 billion. With the release of the full-year 2025 repurchase data, this signifies that Tencent has successfully met its initial HK$80 billion repurchase target for the year. As of December 31, 2025, Tencent's stock closed at HK$599 per share, marking a 17.67% increase for the full year 2025, with a total market capitalization of HK$5.46 trillion. Previously disclosed third-quarter results for 2025 showed that Tencent's total revenue for the first three quarters reached RMB 557.395 billion, a 14% year-on-year increase, while net profit was RMB 166.582 billion, up 17% year-on-year. Across its business segments, the three core businesses—Value-Added Services, Online Advertising, and FinTech and Business Services—all achieved growth. The financial reports repeatedly highlighted the role of AI in driving the development of various businesses and emphasized continued investments in AI-related initiatives. It is also noteworthy that on December 31, 2025, the China Securities Regulatory Commission (CSRC) released the "Provisions on the Administration of Sales Expenses for Publicly Offered Securities Investment Funds," marking the smooth implementation of the third phase of reforms aimed at reducing fees in the public fund industry. In response, a relevant负责人 from Tencent's腾安基金commented that the Provisions represent one of the key implementation measures of the "Action Plan for Promoting High-Quality Development of Public Funds," demonstrating regulators' firm commitment to an "investor-first" approach and genuinely promoting industry benefits for the public. The officially released Provisions, having fully considered industry feedback, reflect the openness and prudence of the regulatory rule-making process. They effectively respond to the practical realities of the industry's development stage, facilitating the smooth implementation and long-term execution of the new rules. This will further urge sales institutions to firmly establish an investor-centric business philosophy and accelerate the industry's transition from a focus on "sales scale" to an emphasis on "investor returns and service capabilities."
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