[Read the Earnings Report] Tencent, Xiaomi Group, and Pop Mart Lead: Hong Kong-listed Companies Increase Share Repurchases Amid Market Adjustments

Recently, the Hong Kong stock market has entered a volatile cycle, with the Hang Seng Index and the Hang Seng Tech Index experiencing increased fluctuations. In response to market adjustments, Hong Kong-listed companies have initiated a new wave of share repurchases. Industry leaders such as Tencent, Xiaomi Group, and Pop Mart have intensified their repurchase efforts amid declining stock prices. Notably, Tencent had two trading days in April where it repurchased shares worth over HKD 1 billion in a single day.

Public data compiled by Xinhua Finance and Bread & Butter Finance Research shows that despite the impact of the quiet period, there were still 95 listed companies in the Hong Kong stock market initiating repurchases in March, totaling 443 million shares repurchased, with a combined repurchase amount of HKD 9.311 billion.

China Hongqiao, Xiaomi Group, and Pop Mart ranked among the top in terms of repurchase amounts in March. Additionally, companies like AIA and Li Auto conducted their first repurchases of the year in March.

March Repurchase Review: China Hongqiao, Xiaomi Group, Pop Mart Lead in Repurchase Amounts

According to disclosure data, there were 95 listed companies in the Hong Kong stock market initiating repurchases in March 2026, totaling 443 million shares repurchased, with a combined repurchase amount of HKD 9.311 billion.

On an individual stock basis, China Hongqiao, Xiaomi Group, and Pop Mart ranked among the top in terms of repurchase amounts in March.

Figure 1: Leading listed companies in the Hong Kong stock market by repurchase amount in March 2026

Xiaomi Group's repurchase amount in March was HKD 1.326 billion, with a repurchase quantity of 40.5038 million shares, at a minimum price of HKD 31.54 per share and a maximum price of HKD 35.18 per share. As of data available on April 10, Xiaomi Group has repurchased over 40 times this year, totaling more than HKD 6 billion.

Pop Mart also recently increased its repurchase efforts. On March 25, Pop Mart's stock price plummeted after the release of its earnings report. On March 26, the company spent approximately HKD 600 million to repurchase 3.94 million shares; on March 27, the company again spent HKD 299 million to repurchase 1.98 million shares. At the beginning of April, Pop Mart executed another two repurchases. Since the end of March, the company's total repurchase amount has reached nearly HKD 1.4 billion.

Additionally, companies like AIA and Li Auto conducted their first repurchases of the year in March.

On March 24, Li Auto announced that its board had approved a share repurchase program of up to 1 billion US dollars, covering Class A ordinary shares and/or American Depositary Shares. To date, on the Hong Kong stock market, the company has repurchased 2.9281 million shares for approximately 202 million Hong Kong dollars.

The software services industry sees a relatively high number of companies implementing share buybacks.

Hong Kong-listed companies initiating share repurchases in March 2026 are mainly concentrated in industries such as software services.

Specifically, according to the Hang Seng Industry Classification, due to China Hongqiao's large-scale repurchase, the general metals and minerals industry led in repurchase amounts in March, reaching 1.823 billion Hong Kong dollars.

Figure 2: Industry Statistics on Share Repurchases in the Hong Kong Stock Market in March 2026

The number of companies in the software services sector carrying out share repurchases ranks at the top, with 11 companies involved, including Tencent and WeRide. Year-to-date, Tencent has cumulatively repurchased over 1 billion Hong Kong dollars worth of shares, totaling more than 17 million shares.

[Reading Financial Reports] is a column co-produced by Xinhua Finance and Bread财经 that focuses on interpreting listed company financial reports. Xinhua Finance is the national financial information platform constructed by Xinhua News Agency, providing authoritative, professional, and comprehensive financial information services covering global stock, foreign exchange, and bond markets.

(Article Serial Number: 2042530728662667264/GJ)

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