Real cash boosts confidence as several leading A-share industry giants announce buyback plans

Wind data shows that as of 20:00 on April 6, a total of 116 A-share listed companies have released a new round of share repurchase plans. Among them, 77 companies will use the repurchased shares to implement equity incentives or employee share ownership plans, while 18 will use them for market value management. Among the listed companies that have already carried out repurchases, companies such as SF Holding, GoerTek, Hengyi Petrochemical, Wens Foodstuffs, Zijin Mining, and Industrial Securities (Luxshare Precision?) are among those with the highest repurchase amounts.

116 companies roll out repurchase plans

The above-mentioned 116 listed companies that released new rounds of repurchase plans have announced a total repurchase share count of approximately 2.988 billion shares. Of those, 75 listed companies had carried out repurchases after issuing repurchase plans earlier within the year.

Some leading companies in certain industries have clearly stated that the repurchased shares will be used for cancellation.

Taking BOE Technology A as an example, the company recently announced that it plans to repurchase shares using self-raised funds. The funding size for the repurchased shares will be not less than 500 million yuan and not more than 1 billion yuan. The repurchase price will not exceed 6 yuan per share. The type of shares to be repurchased will be the company’s issued A-share shares. All repurchased shares will be used for cancellation and to reduce the company’s registered capital.

Some leading listed companies have set upper limits for repurchase amounts that exceed 10 billion yuan.

Taking Midea Group as an example, on March 30 the company held the 13th meeting of the fifth session of its board of directors and approved the “Plan to Repurchase Company A-Share Shares by Centralized Competitive Bidding.” The company agreed to repurchase some of its A-share stocks issued domestically through centralized competitive bidding transactions to implement an equity incentive plan and/or an employee share ownership plan. The repurchase amount will be no more than 130 billion yuan and no less than 65 billion yuan. The implementation period will be within 12 months from the date on which the board of directors approves the repurchase share plan.

Leading companies step up repurchase pace

Recently, multiple listed companies have disclosed their repurchase progress externally, drawing market attention.

On the evening of April 2, Zijin Mining announced that in March 2026, the company had cumulatively repurchased 53.0301 million shares through centralized competitive bidding, accounting for 0.20% of the company’s total share capital. The highest purchase price was 33.69 yuan per share, and the lowest was 29.82 yuan per share. The cumulative amount paid was 1.682 billion yuan (excluding transaction fees). This repurchase complies with relevant laws and regulations and the requirements of the established plan. The company will continue to implement the repurchase within the repurchase period based on market conditions.

Previously, on March 20, Zijin Mining convened the second meeting of the ninth session of its board of directors and approved the “Proposal on Repurchasing A-Share Shares by Centralized Competitive Bidding.” The proposal agreed that the company would use its own funds to repurchase the company’s A-share shares through centralized competitive bidding. The total repurchase funds would be no less than 1.5 billion yuan (inclusive) and no more than 2.5 billion yuan (inclusive). The upper limit of the repurchase price would be 41.5 yuan per share (inclusive). The implementation period for this repurchase would be no more than 12 months from the date on which the board of directors approves the repurchase share plan.

On the evening of April 2, Kweichow Moutai announced that as of the end of March 2026, the company had cumulatively repurchased 794,200 shares, accounting for 0.0634% of total share capital. The cumulative amount paid was 1.112 billion yuan (excluding transaction fees).

Previously, on November 28, 2025, Kweichow Moutai held the 2025 first extraordinary general meeting of shareholders and approved the “Proposal on Repurchasing Company Shares by Centralized Competitive Bidding.” On December 25, 2025, it disclosed the “Repurchase Report on Repurchasing Company Shares by Centralized Competitive Bidding.” The company will use its own funds to repurchase shares through centralized competitive bidding for cancellation and to reduce registered capital. The repurchase price will not exceed 1,863.67 yuan per share (inclusive). The repurchase amount will be no less than 1.5 billion yuan (inclusive) and no more than 3.0 billion yuan (inclusive). The implementation period will be within 6 months from the date on which the company’s shareholders’ meeting approves the repurchase plan.

Adjusting repurchase prices and purposes

It is worth noting that many listed companies have recently issued announcements adjusting both the repurchase price and the repurchase purpose.

On the evening of April 6, Shenma Electric published an announcement regarding adjusting the upper limit of the repurchase share price. The announcement shows that, to ensure the smooth implementation of this repurchase plan, the company adjusted the upper limit of the repurchase share price from not more than 38 yuan per share (inclusive) to not more than 95 yuan per share (inclusive). The adjusted upper limit of the repurchase share price will not exceed 150% of the company’s average stock trading price over the 30 trading days prior to the date of the board resolution. As of now, through centralized competitive bidding, the company has cumulatively repurchased shares accounting for 1.8480% of the company’s total share capital, with total funds already paid of approximately 237 million yuan.

Before that, Shenma Electric announced externally that on July 29, 2025, the company convened the 29th meeting of the fifth session of its board of directors and approved the “Proposal on Repurchasing Company Shares by Centralized Competitive Bidding.” The total repurchase funds would be no less than 300 million yuan (inclusive) and no more than 400 million yuan (inclusive). The repurchase price would not exceed 38 yuan per share (inclusive). The repurchase period would be within 12 months from the date on which the board of directors approves this repurchase share plan.

In an earlier disclosure, Unisplendour Electronics disclosed an announcement regarding adjusting the upper limit of the share repurchase price and the repurchase purpose. The announcement shows that, for the smooth implementation of this repurchase plan, to effectively convey positive signals to the market, and to strengthen investors’ confidence in the company, the company will adjust the upper limit of the repurchase price to 40 yuan per share (inclusive), which will not be higher than 150% of the company’s average stock trading price over the 30 trading days prior to the date of the board resolution. The adjustment to the upper limit of the repurchase price will become effective after the board of directors approves it. At the same time, it will adjust the purpose of the repurchased shares from being used entirely for an employee share ownership plan to: for the employee share ownership plan, the total funds will be no less than 143.5 million yuan and no more than 287 million yuan; and for cancellation and reduction of registered capital, the total funds will be no less than 6.5 million yuan and no more than 13 million yuan. The adjustment to the repurchase purpose of the repurchased shares still needs to be submitted to the shareholders’ meeting for deliberation and approval.