A-Share Buyback Monthly Report: Buyback Plan Scale Declines for Second Consecutive Month, Changan Automobile Leads Major Buyback Initiative, Green Power Electricity Completes Full-Scale Buyback Six Months Ahead of Schedule

Every Morning Reporter: Wu Yongjiu Zhang Wan Every Morning Editor: He Jianchuan

Share repurchases, as an important means for listed companies to convey confidence and maintain value, have always been a focus of market attention. As of February 2026, the share repurchase market in A-shares continues to cool down, with the number of companies announcing new repurchase plans and the proposed repurchase amounts declining for two consecutive months. This includes large-scale repurchases by state-owned enterprises, rapid execution by leading companies, and companies triggered by stock price hits to initiate “passive repurchases.” Among companies currently executing repurchases, the monthly repurchase amount in February saw a “big reshuffle” compared to January. Additionally, 28 central enterprises are advancing their repurchase plans, with 8 already meeting targets. Recently, the central enterprise Greenland Power announced the completion of its repurchase, finishing ahead of schedule by half a year with a maximum limit.

Companies announcing new repurchase plans for two consecutive months, led by Changan Automobile with significant amounts

According to Tonghuashun iFinD data, in February 2026, 19 A-share companies disclosed new repurchase plans (including 3 companies announcing proposed repurchases), down from 26 in January. Based on announced data, the total proposed repurchase upper limit for these 26 companies is approximately 4.68 billion yuan, a decrease of about 17.63% from January’s 5.682 billion yuan. Compared to December 2025, the number of companies issuing repurchase plans and the total proposed amounts have shown a double decline for two consecutive months.

In terms of the nature of issuing companies, Changan Automobile is a central enterprise, while Quzhou Development, Quzhou Dongfeng, and Shenk股份 are local state-owned enterprises.

In terms of proposed repurchase upper limits, Changan Automobile, Wens Food Group, Linyang Energy, Kaiying Network, Huitai Medical, Lianlian Technology, and Quzhou Development rank among the top, with proposed upper limits of 1.4 billion yuan, 1.2 billion yuan, 300 million yuan, 200 million yuan, 200 million yuan, 200 million yuan, and 200 million yuan respectively.

As a central enterprise with a market value of over 100 billion yuan, Changan Automobile’s repurchase actions attract market attention. On February 5, the company issued a tentative announcement of a repurchase plan, intending to buy back 1 billion to 2 billion yuan entirely for cancellation and capital reduction, with plans to repurchase 700 million to 1.4 billion yuan of A-shares and 300 million to 600 million yuan of B-shares. On March 3, the company announced a formal repurchase plan, proposing to buy back 40.79 million to 81.59 million A-shares, accounting for approximately 0.49% to 0.99% of the total A-shares outstanding.

Leading gaming company Kaiying Network moved quickly on its repurchase. On February 9, the board approved the repurchase, planning to buy back 100 million to 200 million yuan for equity incentive and employee stock ownership plans. The next day, the first purchase was initiated, and by February 27, the company had completed the repurchase of 150 million yuan in just 8 trading days. During this short cycle, the company also obtained a “Loan Commitment Letter” on February 12, with a maximum loan amount of no more than 180 million yuan and a term of 3 years. Did this repurchase involve a repurchase loan? A reporter from Daily Economic News contacted Kaiying Network’s securities department, and staff confirmed that part of the funds—about 150 million yuan—came from a repurchase loan, and part from self-owned funds. “The bank expedited (loan approval) because we really wanted to buy back quickly, to boost the stock price.”

Regarding the purpose of the repurchase, the Daily Economic News noted that both KePuYun and Quzhou Development announced that their repurchases aim to maintain company value and shareholder rights, though the specific triggering circumstances differ.

On February 25, KePuYun announced a repurchase plan, stating that as of February 24, the stock had experienced “a continuous twenty trading days with a cumulative decline of 20%,” and to protect company value and shareholder rights, the company plans to repurchase shares via centralized bidding, with a proposed amount of 50 million to 100 million yuan and a maximum price of 315 yuan per share. This price is over 155% higher than the closing price of 123.23 yuan on the announcement date (February 25).

Market analysis suggests this was a passive move. On the same day, the company announced the termination of a major asset restructuring that had begun in August 2025. This restructuring, which started as a positive catalyst, once drove the stock price to a high of 279.81 yuan on January 27, 2026. However, the stock quickly fell afterward, and on the day of the repurchase plan announcement, the stock dropped 14.78%, halving from the previous high. The plan was triggered by the regulatory requirement in the “Shanghai Stock Exchange Listed Company Self-Discipline Supervision Guidelines No. 7—Share Repurchase,” which states that a company can buy back shares “to maintain the company’s value and shareholder rights” when certain conditions are met.

(Shanghai Stock Exchange official screenshot)

This indicates that the current repurchase plan was initiated due to the triggering of relevant policies. The company acted swiftly, launching the repurchase on March 2, and has so far repurchased a total of 15.1239 million yuan. However, the rapid implementation did not prevent the stock from continuing to decline; as of March 12, the closing price was 117.45 yuan.

The repurchase was funded by self-owned funds. According to the latest performance report, the company’s 2025 earnings are expected to turn from profit to loss, with net profit attributable to shareholders of -10.8071 million yuan, down 152.5% year-over-year. Given the dual pressures of valuation and financial data, does using self-owned funds for repurchase further strain the company’s finances? A securities department staff member explained to the Daily Economic News that net profit affects owners’ equity and undistributed profits, while self-owned funds refer to cash, which are unrelated. The company’s repurchase account already had funds because in 2024, the company sold some repurchased shares, and the proceeds were used for this repurchase. The staff also said that the main purpose of this repurchase was to maintain market order, not to push up the stock price. Regulators do not want listed companies to manipulate their stock prices using their own funds, so the company can only support the stock price by absorbing large sell orders during declines, maintaining stability and avoiding sharp drops. The goal of the repurchase is to stabilize the stock price.

Quzhou Development, a real estate developer under the Quzhou State-owned Assets Supervision and Administration Commission, announced on February 13 that its controlling shareholder proposed a share repurchase, and on March 7, a formal plan was launched. The plan states that the repurchase aims to maintain company value and shareholder rights, triggered when the stock’s closing price falls below the most recent net asset per share. According to the company’s announcement, as of the end of Q3 2025, total owners’ equity attributable to the parent company was about 41.63 billion yuan, with a total share capital of approximately 8.509 billion shares, implying a net asset per share of about 4.89 yuan. Since peaking in August last year, the stock price has declined steadily, and since early September, it has been below the net asset per share. As of March 12, the closing price was 3.56 yuan.

Big reshuffle in monthly repurchase rankings in February, 8 central enterprises met targets, Greenland Power completed ahead of schedule

According to Tonghuashun data, among companies currently executing repurchases, about 264 disclosed progress as of the end of February, with a total payment of approximately 38.91 billion yuan. The sectors with the most companies involved are electronics, biomedicine, and electrical equipment, with 35, 32, and 25 companies respectively; the total payment by the 25 electrical equipment companies was the highest, totaling about 6.438 billion yuan.

In the monthly repurchase amount rankings, industry leaders still perform strongly. Compared to January, the list has seen a major reshuffle, with companies like Luxshare Precision, Kweichow Moutai, China Railway No. 7 Bureau, GoerTek, and Shougang Group ranking high, with monthly repurchases of 500 million, 230 million, 190 million, 158 million, and 138 million yuan respectively. Luxshare Precision officially launched its repurchase in February, buying back 500 million yuan in the first month—about 50% of its minimum proposed amount. GoerTek and Shougang Group have already exceeded their minimum repurchase amounts, and both have adjusted their plans.

Consumer electronics leader GoerTek announced a repurchase plan on April 11, 2025, proposing to buy back 500 million to 1 billion yuan for employee stock ownership or incentive plans. The repurchase is expected to conclude by April 10, 2026. However, in early February, just two months before the end of the period, the company announced an increase in the repurchase amount to 1 billion to 1.5 billion yuan and intensified efforts, with 158 million yuan repurchased in February. By the end of February, the total repurchased amount reached 1.108 billion yuan.

Shougang Group announced a repurchase plan on September 30, 2025, using 260 million to 520 million yuan of self-owned funds to buy back shares for equity incentives. On October 23, the plan was adjusted to include a “special loan for share repurchase,” with a maximum amount of 468 million yuan, not exceeding 90% of the total repurchase funds, with a term of up to 3 years. By the end of February 2026, the total repurchased amount was 310 million yuan, with 138 million yuan repurchased in February alone.

The Daily Economic News found that among companies executing repurchases, 28 are central enterprises; 8 have already met targets, with Greenland Power announcing completion on March 11.

Of these 8, Greenland Power had the longest original schedule. The company announced the plan in August 2025, proposing to buy back 61.84 million to 92.76 million yuan for cancellation and capital reduction. The plan was approved on September 16, and the first purchase began on November 27. The total repurchase reached 92.74 million yuan by March 9, nearly completing the plan ahead of the original September 15, 2026 deadline, with a relatively tight schedule.

Notably, on February 28, Greenland Power announced an “Valuation Enhancement Plan,” stating that from January 1 to December 31, 2025, the stock’s closing price was below the company’s audited net asset per share for the previous fiscal year, indicating a long-term undervaluation. The plan states that while continuing the remaining share repurchases, the company will evaluate the rationality of its equity structure, liquidity, and market environment, and flexibly use self-owned funds or compliant financing tools to initiate a second round of share repurchase when appropriate.

However, the company’s stock price surged in March, with three consecutive daily limit-ups by March 12, and a total increase of 39% for the month. The stock price has now exceeded its net asset per share, with the latest price at 12.51 yuan and the recent net asset per share at 9.68 yuan, resulting in a price-to-book ratio of approximately 1.29. Under such market conditions, will the company initiate a new round of repurchase? On the interactive platform, many investors asked related questions, and the company responded that it would consider market conditions, the company’s financial status, and shareholders’ interests, and would plan subsequent share repurchase activities accordingly. If further repurchases are made, the company will strictly follow regulatory disclosure procedures.

Vanadium-titanium shares, with the shortest remaining repurchase period, announced a plan on April 22, 2025, to buy back 100 million to 200 million yuan for equity incentives. As of the end of February, the company had repurchased 101 million yuan, matching its target from September last year. The company has not taken further action for five months since then. As of the time of writing, with about a month remaining until the end of the schedule, whether the company will continue repurchasing remains unknown. The stock price has risen overall this year, with some days exceeding the maximum proposed price of 4.3 yuan per share. As of March 12, the year-to-date increase has exceeded 30%.

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Daily Economic News