Exceeding 80 Billion in Just Three Days! A-Share Buybacks and Increased Holdings Continue to Strengthen, Bolstering Market Confidence with Real Money.

This week, the A-share market has witnessed a massive wave of share buybacks and stake increases.

According to statistics from Caixin, within the last three trading days (April 7 to April 9), 114 publicly listed firms announced buyback plans or proposals from shareholders, with the maximum intended buyback amount reaching 42.07 billion yuan. Additionally, 68 listed companies disclosed shareholder stake increase plans, with the maximum intended increase amount totaling 38.236 billion yuan. The combined amount of these two actions reached 80.306 billion yuan, more than tripling the 19.94 billion yuan recorded for the entire month of March this year.

This wave of buybacks and stake increases is the result of both policy guidance and market spontaneity, as well as the coordinated efforts of state-owned enterprises, private companies, and institutions. Amid the impact of the tariff war, Chinese listed companies are sending a clear signal to the market with "real money": the long-term value logic of the capital market remains unchanged, and the intrinsic growth momentum of enterprises remains strong.

Companies Disclosing Buyback and Stake Increase Plans Ranked by Amount (April 7 to April 9)

Policy and Market Resonance, State-Owned and Private Enterprises Coordination

The outbreak of this round of buybacks and stake increases is closely tied to strong policy support. The State-owned Assets Supervision and Administration Commission (SASAC) recently stated that it will fully support and promote proactive actions by central state-owned enterprises and their listed subsidiaries, while strengthening guidance on the market value management of these enterprises.

The policy quickly extended to the local level. The Shanghai SASAC issued the "Several Opinions on Strengthening the Market Value Management of State-Controlled Listed Companies in Our City," proposing to promote share buybacks and stake increases as a fundamental institutional arrangement. The Anhui SASAC and the Anhui Securities Regulatory Bureau jointly issued the "Notice on Strengthening Market Value Management Matters of Provincial State-Controlled Listed Companies," requiring provincial state-controlled listed companies to establish a regular mechanism for share buybacks and stake increases. The SASACs of Zhejiang, Shandong, and other regions held symposiums on stake increases and buybacks by state-owned listed companies, not only urging state-owned listed companies to take the lead but also pledging to strengthen policy support and provide high-quality services.

After the release of these signals, the role of state-owned capital as a "ballast" became particularly prominent. China Chengtong Holdings Group and China Reform Holdings, two state-owned capital operation platforms, announced that they would invest 100 billion yuan and 80 billion yuan, respectively, through special relending for share buybacks and stake increases, to purchase shares of listed companies and ETF products, injecting long-term, patient, and strategic capital into the market.

Central state-owned enterprises also responded swiftly. According to Caixin statistics, among the 12 listed companies that disclosed buyback and stake increase plans totaling 2 billion yuan over the past three days, state-owned enterprises accounted for eight. Among them, central state-owned enterprises in the energy sector stood out. The controlling shareholders of PetroChina (601857.SH), CNOOC (600938.SH), Sinopec (600028.SH), and China Three Gorges Renewables (600905.SH) planned to increase their stakes by 2.8-5.6 billion yuan, 2-4 billion yuan, 2-3 billion yuan, and 1.5-3 billion yuan, respectively.

Other significant buyback and stake increase plans by central state-owned enterprises include: XCMG (000425.SZ) proposed a buyback plan of 1.8-3.6 billion yuan; the actual controller of Salt Lake (000792.SZ) plans to increase its stake by no less than 212 million shares, which, based on yesterday's closing price, would amount to no less than 3.4 billion yuan; the controlling shareholder of Chalco (601600.SH) plans to increase its stake by 1-2 billion yuan; Guotai Junan (601211.SH) plans to buy back 1-2 billion yuan; in addition, seven listed companies under China Merchants Group with market capitalizations of over 10 billion yuan—China Merchants Shekou (001979.SZ), China Merchants Port (001872.SZ), China Merchants Energy Shipping (601872.SH), China Merchants Expressway (001965.SZ), Sinotrans (601598.SH), Liaoning Port (601880.SH), and China Merchants Property Operation (001914.SZ)—collectively announced accelerated implementation of share buyback plans.

If central state-owned enterprises are the "stabilizers" of this action, then private leading enterprises have played the role of "engines." CATL (300750.SZ) proposed a buyback plan of 4-8 billion yuan, making it the company with the highest maximum intended buyback amount over the past three days. According to data, this sets a new record for the largest single buyback plan in the new energy sector in A-share history. Even among all A-share companies, this 8 billion yuan buyback plan ranks among the highest in history.

Industry Leaders Lead, Multiple Participants Enter

From an industry perspective, energy, technology, and consumer sectors have become the main forces in this wave of buybacks and stake increases. Energy companies have taken the lead in buybacks and stake increases. In addition to the "three oil giants" mentioned above, Rongsheng Petrochemical (002493.SZ), Hengli Petrochemical (600346.SH), Sichuan Investment Energy (600674.SH), and NARI Technology (600406.SH) have disclosed buyback and stake increase plans with maximum amounts of no less than 1 billion yuan. China Energy Group also announced that it firmly believes in the development prospects of China's capital market and actively supports the high-quality development of its listed subsidiaries.

The buybacks and stake increases by technology companies exhibit a strong "technology binding" characteristic. For example, Luxshare Precision (002475.SZ), which plans to buy back 1-2 billion yuan, and Lens Technology (300433.SZ), which plans to buy back 500 million-1 billion yuan, stated that the repurchased shares will be used for employee stock ownership plans or equity incentive plans. In addition, among consumer sectors, Midea Group (000333.SZ) plans to buy back 1.5-3 billion yuan, and Wuliangye (000858.SZ) major shareholder plans to increase its stake by 500 million-1 billion yuan, highlighting long-term growth confidence across different sub-sectors.

The diversification of market participants has further consolidated the long-term foundation. Not only have securities firms such as Guotai Junan, Orient Securities (600958.SH), Guojin Securities (600109.SH), and Great Wall Securities (002939.SZ) launched buyback and stake increase plans, but funds have also joined the effort to stabilize the market. Bosera Fund, Pengyang Fund, and China Merchants Fund were among the first to announce self-purchases of their equity products, with amounts ranging from tens of millions of yuan. Private funds have also actively participated, with many well-known private funds expressing long-term optimism about Chinese assets.

Cross-market coordination has also shown new characteristics. In the Hong Kong market, about 100 listed companies initiated buybacks and stake increases over the past three days, and some industry leaders have already conducted multiple rounds of buybacks this year. For example, Tencent Holdings (00700.HK) conducted buybacks for 12 consecutive days from March 24 to April 9, with daily buyback amounts reaching 600 million Hong Kong dollars from April 7 to 9. Kuaishou-W (01024.HK) has conducted 17 buybacks this year, including three consecutive days from April 7 to 9. Many A+H listed companies, such as PetroChina, Sinopec, and CNOOC, have also simultaneously advanced stake increases in both markets, forming cross-market confidence transmission.

Notably, "cancellation" has become a high-frequency term in this wave of buybacks and stake increases. After repurchasing shares, listed companies typically use them for equity incentives, direct cancellation, or retain them as inventory for future resale. Over the past three days, many companies, including WuXi AppTec (603259.SH), Weichai Power (000338.SZ), Dahua Technology (002236.SZ), and AVIC Heavy Machinery (600765.SH), have proposed large-scale buyback plans explicitly stating that the repurchased shares will be canceled, directly reducing registered capital. Yang Delong, chief economist of Qianhai Kaiyuan Fund, told Caixin that directly canceling repurchased shares can reduce the number of circulating shares, thereby increasing earnings per share, which is beneficial for stock price increases.

Establishing a Long-Term Mechanism, Likely to Remain Active

Historical experience shows that large-scale buybacks can help boost market confidence and improve market conditions during downturns or adjustments. Since 2018, the A-share market has experienced four waves of buyback enthusiasm, in October 2018-September 2019, February 2021-October 2021, April 2022-November 2022, and the end of 2023-2024. These waves of buybacks effectively stabilized or reversed market conditions. For example, the buyback wave that began in Q3 2018 boosted market confidence at the bottom, ultimately leading to a market reversal in early 2019.

The current intensive buyback and stake increase actions have already had an immediate impact on the market. On April 8, more than 3,200 stocks rose across the market, with net inflows into ETFs totaling 111.78 billion yuan, a record high. On April 9, more than 4,500 stocks rose across the market, and data shows that the trading volume of northbound funds in the A-share market has significantly increased over the past three days, with the daily average buy-sell total surging WoW.

In fact, the sustainability of this wave of buybacks and stake increases far exceeds previous "rescue-style" short-term actions. Taking buybacks as an example, according to disclosures by the China Securities Regulatory Commission (CSRC), in 2024, listed companies cumulatively repurchased 147.6 billion yuan, already a record high. In 2025, the trend continues to strengthen. According to data, in just over three months this year, more than 200 listed companies have implemented buybacks, with cumulative buyback amounts reaching approximately 90 billion yuan. This normalized and institutionalized buyback and stake increase mechanism is reshaping the capital market ecosystem.

As the earnings season progresses, the market expects more listed companies to join the buyback and stake increase ranks. On the policy side, tools such as special relending are expected to continue to be strengthened. On April 8, the National Financial Regulatory Administration issued the "Notice on Adjusting the Regulatory Ratio of Insurance Funds' Equity Assets," accelerating the pace of insurance capital entering the market, which is expected to inject trillions of yuan of liquidity into the A-share market. The National Social Security Fund has clearly stated that it will continue to increase its stock holdings, maintaining a positive outlook on the market. Central Huijin has stated that it will play a role similar to a "stabilization fund" and will continue to increase its holdings, resolutely maintaining the stable operation of the capital market.

On the corporate side, the deepening of market value management guidance and assessments will drive more "cancellation-style buybacks" and "incentive-type stake increases." For example, Kweichow Moutai (600519.SH) announced that it will complete the remaining approximately 4.05 billion yuan of its buyback and share cancellation process as soon as possible, in line with the previously planned maximum buyback amount (6 billion yuan), and has already begun drafting a new round of buyback plans. China Electronics Technology Group announced that it has completed stake increases and buybacks of its listed subsidiaries' shares exceeding 2 billion yuan and will continue to fulfill its mission as a "national pillar," accelerating the implementation of stake increases and buybacks to provide strong support for the high-quality development of listed companies.