38 Listed Companies or Shareholders Received Buyback and Equity Increase Refinancing Commitment Letters This Year

Securities Daily Reporter Gui Xiaosun

Since the release of the stock repurchase, increased holdings, and re-lending policy, it has provided a clear boost to stabilize market expectations and strengthen the foundation for high-quality development of the capital market. Listed companies and related shareholders have responded actively. Data from Tonghuashun shows that as of March 13, 38 companies or shareholders have announced that they have received commitment letters for repurchase, increased holdings, and re-lending.

“Repurchase, increased holdings, and re-lending as innovative measures of structural monetary policy convey the country’s firm stance on maintaining stable operation of the capital market through market-based approaches. They provide critical financial support to stabilize investor expectations, promote reasonable valuation recovery, and support the realization of the value of high-quality enterprises,” said Liu Yan, Chairman of Anhui Anjue Asset Management Co., Ltd.

The reporter’s review of announcements found that before obtaining commitment letters for repurchase, increased holdings, and re-lending, many companies had already released plans related to increased holdings and repurchases. For example, on March 13, Quzhou Xinan Development Co., Ltd. announced that it had obtained a special stock repurchase loan commitment letter from a financial institution, providing dedicated loan support for the company’s stock repurchase. Prior to that, on March 6, the company’s board of directors approved a plan related to stock repurchase.

This operation mode of planning first and then implementing is a microcosm of the current operation of the repurchase, increased holdings, and re-lending tools.

Chen Xingwen, Chief Strategy Officer of Zhuhai Heikai Capital Investment Management Partnership (Limited Partnership), told Securities Daily that as market conditions gradually stabilize, this policy tool is also showing new operational characteristics. From the market rhythm perspective, it has shifted from “pulse-like support” to “normal operation”; from the implementation effect, it has unexpectedly achieved dual functions of “stabilizer” and “expectation anchor.”

Chen Xingwen explained that from a deeper impact analysis, the repurchase, increased holdings, and re-lending policy has to some extent reshaped the shareholder return culture in A-shares. For example, the emphasis on cancellation-style repurchases reflects a shift from “focusing solely on operations” to “balancing operations and market value,” and this ecological shift has more strategic value than short-term capital injections.

Looking ahead, Chen Xingwen suggests that the repurchase, increased holdings, and re-lending policy can focus on three dimensions: “expanding coverage, increasing efficiency, and fostering synergy.” First, expand the scope from listed companies to more high-quality enterprises; second, optimize incentives on the banking side by considering preferential risk weights or including them in assessments, and establish a dynamic evaluation mechanism for loan utilization efficiency; third, strengthen coordination with policies related to long-term funds entering the market, mergers and acquisitions, and restructuring, forming a positive closed loop of “repurchase cancellation, dividend increase, and institutional increased holdings.”