Last week was a quiet trading week in Hong Kong, with just half the normal daily volumes traded as a result of a 7-day national holiday in China.
Still, some companies took the opportunity to repurchase their own shares, many of which are suffering from a sharp sell-off as part of a broad decline among China stocks this year.
Corporate stock repurchases are often seen as a bullish proxy for investors since it indicates a company’s management thinks the shares are too cheap to resist snapping up.
The following are top 5 stock repurchasers in Hong Kong in order of the largest first (all amounts converted into USD):
- Tencent Holdings Limited (TCEHY) spent by far the largest sum of money on its stock, making $208 million of share purchases, hoovering up 0.05% of all its shares in issue
- HSBC plc HSBC repurchased $91 million of its shares on the open market, which is around 0.06% of its total market capitalization
- Insurer AIA Group Limited AAGIY made $70 million of stock repurchases, buying up 0.07% of all its stock in issue
- Xiaomi Corporation XIACY spent $20 million, buying back 0.05% of its total market capitalization
- Real estate developer ESR GROUP Limited ESRGF bucked the trend of most Hong Kong property firms and although it only spent $4 million it repurchased nearly 0.1% of all its shares in issue
On US exchanges, $19 billion infrastructure firm KE Holdings Inc BEKE and $220 billion tech giant Alibaba Group Holding Limited BABA also made similarly large purchases of their own ADRs.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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