A total of 38 companies repurchased HK$810 million ($105 million) of their shares on the Hong Kong Stock Exchange Thursday.
Two more Hong Kong-listed companies, Yum China Holdings Inc. (NYSE:YUMC) and KE Holdings Inc (NYSE:BEKE), are scheduled to make stock and ADR purchases, respectively, in the US trading session.
With Hong Kong shares down 18% on the year, the exchange is one of the poorest performers in the world in 2023, making for what some asset managers are seeing as bargains to be snapped up. Stock repurchases can be a proxy for a company's bullish forecast about its own outlook.
Of all 38 stock repurchases made Thursday, 5 companies spent over eight figures on buying back their shares. Those companies are listed here in order of the amount of money spent with the largest first (all amounts are converted into USD):
- Concorde New Energy Group Limited bought back $20.4 million of its shares, lifting the stock by 1.6%. The shares are 17% lower year-to-date.
- Insurer AIA Group Limited (OTC:AAGIY) repurchased $16.4 million of stock, lifting shares 0.8% for the day.
- Dongfeng Motor Group Company Limited (OTC:DNFGF) spent $14 million buying back its stock which ended the day down 0.33%. Dongfeng is down 33% year-to-date.
- Xiaomi Corporation (OTC:XIACF) scooped up $11 million of its H-listed shares as they dipped 1.5% by market close. The company is flat since the start of the year.
- Tencent Holdings Limited (OTC:TCEHY) made $10.5 million in stock purchases as the company's shares rose 0.7% during the trading session, ending the year-to-date down 14.2%