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Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q

2022-08-16

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Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q

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on Monda","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-08-16 06:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4191":"家用电器","CRCT":"Cricut, Inc.","BK4176":"多领域控股","NU":"Nu Holdings Ltd.","BK4539":"次新股","BK4550":"红杉资本持仓","TERN":"Terns Pharmaceuticals, Inc.","BK4534":"瑞士信贷持仓","BK4007":"制药","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4581":"高盛持仓","BRK.B":"伯克希尔B","BK4207":"综合性银行"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259739073","content_text":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n\n\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n\n\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n\n\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n\n\n \n\n\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  August 15, 2022 18:35 ET (22:35 GMT)\n\n\n  Copyright (c) 2022 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"NU":0.9,"BRK.B":0.8,"END":1,"CRCT":0.64,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993990153,"gmtCreate":1660611089174,"gmtModify":1676536364658,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993990153","repostId":"2259739073","repostType":2,"repost":{"id":"2259739073","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1660602900,"share":"https://ttm.financial/m/news/2259739073?lang=en_US&edition=fundamental","pubTime":"2022-08-16 06:35","market":"us","language":"en","title":"Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q","url":"https://stock-news.laohu8.com/highlight/detail?id=2259739073","media":"Dow Jones","summary":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monda","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-08-16 06:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4191":"家用电器","CRCT":"Cricut, Inc.","BK4176":"多领域控股","NU":"Nu Holdings Ltd.","BK4539":"次新股","BK4550":"红杉资本持仓","TERN":"Terns Pharmaceuticals, Inc.","BK4534":"瑞士信贷持仓","BK4007":"制药","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4581":"高盛持仓","BRK.B":"伯克希尔B","BK4207":"综合性银行"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259739073","content_text":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n\n\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n\n\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n\n\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n\n\n \n\n\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  August 15, 2022 18:35 ET (22:35 GMT)\n\n\n  Copyright (c) 2022 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"NU":0.9,"BRK.B":0.8,"END":1,"CRCT":0.64,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":2070,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086473727,"gmtCreate":1650495749747,"gmtModify":1676534735577,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086473727","repostId":"9095347976","repostType":1,"repost":{"id":9095347976,"gmtCreate":1644839765739,"gmtModify":1676533966537,"author":{"id":"3527667627336929","authorId":"3527667627336929","name":"Nick2666","avatar":"https://static.tigerbbs.com/92ab25a7c423a9b25866de3a00d155b5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667627336929","authorIdStr":"3527667627336929"},"themes":[],"title":"How to Invest in Gold? Star Stocks and ETFS","htmlText":"On Friday, February 12th, the price of gold rose by more than 1.3%, the biggest increase in the past four months. This moving price signal is usually a good time for us to pay attention to an asset class. As one of the investment categories, gold is usually famous for its value storage means such as avoiding risks and resisting inflation. Under the background of tense regional political situation and high inflation in Europe and America, it is a good time for gold to come on stage. Personally, the following comment is a good analysis of some factors in the current gold price game: Also on Friday, February 12th, the yield of 10-year US bonds rose above 2% for the first time in two and a half years, which put some pressure on the rise of \"interest-free\" gold. On the other hand, the price of","listText":"On Friday, February 12th, the price of gold rose by more than 1.3%, the biggest increase in the past four months. This moving price signal is usually a good time for us to pay attention to an asset class. As one of the investment categories, gold is usually famous for its value storage means such as avoiding risks and resisting inflation. Under the background of tense regional political situation and high inflation in Europe and America, it is a good time for gold to come on stage. Personally, the following comment is a good analysis of some factors in the current gold price game: Also on Friday, February 12th, the yield of 10-year US bonds rose above 2% for the first time in two and a half years, which put some pressure on the rise of \"interest-free\" gold. On the other hand, the price of","text":"On Friday, February 12th, the price of gold rose by more than 1.3%, the biggest increase in the past four months. This moving price signal is usually a good time for us to pay attention to an asset class. As one of the investment categories, gold is usually famous for its value storage means such as avoiding risks and resisting inflation. Under the background of tense regional political situation and high inflation in Europe and America, it is a good time for gold to come on stage. Personally, the following comment is a good analysis of some factors in the current gold price game: Also on Friday, February 12th, the yield of 10-year US bonds rose above 2% for the first time in two and a half years, which put some pressure on the rise of \"interest-free\" gold. On the other hand, the price of","images":[{"img":"https://static.tigerbbs.com/30a76a55859512e2fe600b8e3133db40","width":"839","height":"469"},{"img":"https://static.tigerbbs.com/c66193ccb92bcf6bd16e51a83580bd9b","width":"1154","height":"366"},{"img":"https://static.tigerbbs.com/8b661fe0173709d9ea81cfdb047d596f","width":"2000","height":"1333"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095347976","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086831433,"gmtCreate":1650429955482,"gmtModify":1676534723125,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086831433","repostId":"1136227043","repostType":2,"repost":{"id":"1136227043","kind":"news","pubTimestamp":1650418875,"share":"https://ttm.financial/m/news/1136227043?lang=en_US&edition=fundamental","pubTime":"2022-04-20 09:41","market":"sh","language":"zh","title":"Enlightenment from previous A-share repurchase booms: low valuation is king","url":"https://stock-news.laohu8.com/highlight/detail?id=1136227043","media":"追寻价值之路","summary":"2022年年初至今，A股回购热潮再次掀起。从历史经验来看，回购对公司市场价值提升效果明显，特别是采取回购股份注销形式的、以市值管理为目的的回购，是直接回报股东的一种方式。通过复盘A股历次回购热潮，可以","content":"<p><html><head></head><body><b>Since the beginning of 2022, the A-share repurchase boom has set off again. From the historical experience, repurchase has a significant effect on improving the company's market value, especially the repurchase for the purpose of market value management in the form of cancellation of repurchased shares, which is a way to directly repay shareholders. Through the previous A-share repurchase boom in review, the following enlightenment can be obtained: 1) Low-valuation companies have obvious excess returns after the release of the repurchase plan; 2) The proportion of the company's repurchase amount to the total market value is positively correlated with excess returns; 3) Company repurchases have a long-term supporting effect on stock prices. As the current stock market has undergone a round of obvious correction, the valuation is at a low position. Looking forward, with the successive disclosure of annual reports of listed companies and the successive convening of board of directors and shareholders' meetings, the popularity of A-share repurchases is expected to further increase. It is recommended to pay long-term attention to relevant targets that adopt active repurchases to safeguard company value and shareholders' rights and interests.</b></p><p><b>After the release of new regulations on stock repurchases in 2018, the scale of repurchases expanded significantly.</b>Judging from the amount and frequency of repurchases, since the rise of A-share repurchases in 2012, it has experienced two rounds of repurchase booms, namely 2018Q4 to 2019Q3 and 2020Q3 to 2021Q3. Since the beginning of 2022, the repurchase boom in the A-share market has resumed. The amount of repurchases implemented by listed companies is about 27.2 billion yuan, and the number of companies that have implemented repurchases during the year exceeds 400.</p><p><b>Stock repurchases are mainly concentrated at the bottom of the market or the downward range of the industry.</b>In the first wave of repurchases, the amount of repurchases was evenly distributed across the industry, and A shares as a whole were in a downward stage. In the second wave of repurchases, the amount of repurchases is obviously differentiated among different industries, and the overall trend of A shares is strong. However, the stock price of the home appliance industry continues to fall, and the enthusiasm for repurchases in the home appliance industry is high.</p><p><b>Stock repurchases have little impact on stock prices in the short term, but have a supporting effect in the long run.</b>After the listed company releases the repurchase plan, it will have little impact on the stock price in the short term (regardless of the impact of the rise and fall on the plan date). After half a year and one year, it will reach an average return of 5.09% and 13.18% respectively, and one year later it will form an average excess return of 5.27%.</p><p><b>The proportion of stock repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the long-term performance of individual stocks.</b>The excess returns of companies whose repurchase amount accounts for more than 5% of the company's total market value continue to be higher than those of companies whose repurchase amount accounts for relatively low proportions, and the average excess returns of companies whose repurchase amount accounts for 10.62% one year later.</p><p><b>After the release of the repurchase plan, the stock price of low-valuation companies rose even more, and the short-term trend was better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained.</p><p><b>Risk warning: Repurchases increase financial leverage risks, repurchase plans may not be implemented, historical experience does not represent the future, the macro economy is less than expected, and overseas markets fluctuate significantly</b></p><p><b>Report text</b></p><p><b>1. The A-share market welcomes another repurchase boom</b></p><p>Stock repurchase mainly refers to a capital operation mode in which listed companies use their own funds or self-raised funds to buy back shares through the secondary market as treasury shares or cancel them. Generally speaking, in terms of financial effects, stock repurchases can improve profit indicators such as earnings per share and return on assets. At the same time, active stock repurchase has a certain positive announcement effect. Listed companies can use repurchase behavior to convey the signal to the market that the company's stock price is undervalued, thus boosting market confidence and raising the stock price.</p><p><b>At present, the main purpose of stock repurchase in China is to implement equity incentive, market value management, equity incentive cancellation, profit compensation, employee stock ownership plan and others, which can be divided into passive and active types</b>。 Among them, equity incentive cancellation and profit compensation are usually passive stock repurchases, which are generally related to employees' resignation and loss of exercise conditions, and asset restructuring performance failing to meet promised expectations. The number of such repurchases accounts for a relatively large proportion, but the amount of repurchases is generally not large, which usually does not have a positive impact on stock market prices. The purpose of implementing repurchases such as equity incentives, employee stock ownership plans, and market value management represents active stock repurchases. Such repurchases have a more obvious improvement in the company's market value, especially the market value management that adopts the method of cancellation of repurchased shares, which can increase earnings per share and is a way to directly reward shareholders.</p><p><b>1.1 A-shares have experienced two rounds of repurchase peaks since 2012</b></p><p>Before 2012, the number of A-share listed companies that issued stock repurchase plans was relatively small, and the number of companies that successfully implemented repurchases did not exceed double digits. Since 2012, stock repurchases in the A-share market have begun to rise. After the Company Law made special amendments to the terms of share repurchases in October 2018, in November of the same year, the implementation rules of the Shanghai and Shenzhen Stock Exchanges on share repurchases of listed companies were issued in a short period of time. The introduction has greatly stimulated the vitality of the market, and the enthusiasm of listed companies for repurchases has significantly increased, ushering in a boom in stock market repurchases.</p><p>Judging from the amount of repurchases and the number of companies, Q4 in 2018 to Q3 in 2019 was the peak period of the first round of A-share repurchases. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies repurchased in each quarter was about 500 (the company only counts once when implementing multiple repurchases in a single quarter).</p><p>From Q3 in 2020 to Q3 in 2021, it is the peak period for the second round of A-share repurchases. During this period, the quarterly repurchase amount reached a maximum of 38.8 billion yuan, which occurred in Q3 in 2021. The average single-quarter repurchase amount in the five quarters during the peak period of the second round of repurchases was 29.8 billion yuan, and the number of companies repurchased in each quarter was about 400.</p><p><img src=\"https://static.tigerbbs.com/8cdde7b958bf587dd17a770817173349\" tg-width=\"643\" tg-height=\"409\" referrerpolicy=\"no-referrer\"/></p><p>Since the beginning of 2022, the upsurge of stock market buybacks has started again. As of April 15, the amount of repurchases implemented by listed companies during the year was approximately 27.2 billion yuan, and the number of companies that implemented repurchases during the year exceeded 400. As the current stock market has undergone a round of substantial adjustments, the valuations of many companies are at historically low levels. With the successive disclosure of annual reports of listed companies at the end of April and the successive convening of board of directors and shareholders' meetings, the popularity of the A-share stock repurchase market is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of A-share market repurchase</b></p><p><b>Judging from the industry distribution of A-share market repurchases since 2012, the industry differentiation of A-share stock repurchases is obvious, mainly concentrated in several industries such as household appliances, medicine and biology, chemicals and electronics.</b></p><p>Judging from the amount of repurchases in different industries, the industry concentration of A-share repurchases is relatively high. The household appliance industry has the highest repurchase amount, with a total of 58.8 billion yuan, accounting for 15% of the total repurchase amount. In addition, the top seven industries in terms of repurchase amount accounted for more than 50% of the total repurchase amount, while the remaining 20 industries generally accounted for a low proportion. Even though the price-to-book ratio of the A-share banking industry has fallen below 1, it has never conducted repurchases. This may be because commercial banks are affected by the risk management requirements of the Basel Accord, and their scale expansion is generally constrained by the capital adequacy ratio, and share repurchase will reduce their net assets. Therefore, banks may prefer to choose to use their limited net assets for issuing loans to expand revenue rather than repurchase to reduce net assets.</p><p>Judging from the number of repurchases in different industries, the repurchases in pharmaceutical biology, computer, mechanical equipment, electronics, chemical industry, electrical equipment and other industries are more frequent. The cumulative number of repurchases of companies in these industries exceeds 500 (if the company has multiple repurchases, they are counted quarterly, once every quarter), which is related to the large number of companies in these industries. The number of companies in these industries ranges from about 250 to nearly 400. The low number of repurchases in the household appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the leading share is very concentrated. The main reason is that industry leaders Gree Electric, Midea Group, Haier Smart Home, etc. are conducting large-scale repurchases. Leading companies in the home appliance industry have extremely abundant cash flow, and when the stock price performance is lower than expected, they can conduct large-scale repurchases.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Purpose distribution characteristics of repurchase in A-share market</b></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, 56% of the repurchase purposes are for other purposes, 18% are used for market value management, 13% are used for equity incentive implementation, and 9% are used for equity incentive cancellation. Further checking against the company's announcement, we found that most of the repurchase purposes are to implement equity incentives or employee stock ownership plans, a few are market value management or conversion of convertible bonds issued by listed companies, and a few are used to reduce registered capital. As the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted according to a single category, and they are temporarily classified into others.</p><p><img src=\"https://static.tigerbbs.com/addc1f166e61c9e5a41e032f73246d28\" tg-width=\"635\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, the number of cancellations of equity incentives accounts for the highest proportion, accounting for 71%. The number of repurchases for other purposes accounts for 15%. In addition, the number of repurchases for profit compensation accounts for 6%, and the number of repurchases for market value management accounts for 4%. We believe that the repurchase of equity incentive cancellation has little impact on the analysis of the repurchase on the stock price, and it is recommended to eliminate it in the actual analysis.</p><p><img src=\"https://static.tigerbbs.com/7ab66157038f5ffb20258e0cc0fdb9b3\" tg-width=\"646\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/></p><p><b>Since 2019, listed companies' awareness of active repurchases has increased.</b>Before 2019, listed companies mainly conducted repurchases for the purpose of equity incentive cancellation, and passive repurchases dominated; After 2019, the purpose of market value management and other types of repurchases has increased significantly, and the repurchase amount is much higher than the cancellation of equity incentives. Generally speaking, listed companies' awareness of active repurchases has increased, releasing positive signals in safeguarding investors' interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 A-share market repurchase statistics since 2022</b></p><p>As of April 15, the number of companies that have newly released repurchase plans in the A-share market since 2022 has reached 374. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes accounts for a relatively large proportion, but the amount is relatively low, with less impact on the stock market), the remaining number of companies that have newly released repurchase plans is 181. Among them, six companies only disclosed the repurchase quantity, but the repurchase price was not disclosed or was not the market price. The remaining 175 companies are sorted from high to low according to the upper limit of the repurchase plan amount, and the top 75 companies with the largest amount are selected. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/a8662899a00f877eaaf07a9eebe0e321\" tg-width=\"732\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/></p><p>As of April 15, the number of companies that have actually implemented repurchases in the A-share market since 2022 has exceeded 400 (including companies whose repurchase plan date is earlier than 2022). The three companies with the largest repurchase amounts are Hengli Petrochemical, SF Holdings and Mindray Medical, the repurchase amount that has been implemented in 2022 will all exceed 1 billion yuan. Arrange from high to low according to the actual repurchase amount, and select the top 75 companies with the largest amount. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/80e182db7539bfb8eb3385c996436f3c\" tg-width=\"829\" tg-height=\"822\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Institutional background of share repurchase of A-share listed companies</b></p><p><b>2.1 The development history of share repurchase of listed companies in my country</b></p><p><b>2.1. 1 Exploratory phase (before 1999)</b></p><p>Compared with developed countries, my country's capital market share repurchase system started late. After the reform and opening up, in order to conform to the trend of economic development, some companies carried out tentative shareholding system reform under the guidance of policies, and became the first companies to be listed, and the scale of the securities market continued to expand. Share repurchase has become a hot topic in the capital market. The first share repurchase in China took place in 1992. As the major shareholder of Little Yuyuan Company, Dayuyuan Company repurchased all the shares of Little Yuyuan Company and cancelled them.</p><p>In 1993, China passed the Company Law, which stipulated two situations in which share repurchase was allowed: (1) the company cancelled its shares due to capital reduction; (2) Merge with shareholders holding shares of the Company. With the introduction of policies and the development of the market, more and more listed companies have carried out share repurchases. In 1994, Lujiazui agreed to repurchase state-owned shares and then issued additional B shares, in 1996, Xiamen International Trade repurchased some state-owned shares of Yuntianhua and Shenergy in 1999. The successful repurchases are typical cases of share repurchases during this period.</p><p>On the whole, before 1999, China's share repurchase system was still in the exploratory stage, and the share repurchases that occurred mainly served the state's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and reorganization of state-owned assets, and adjusting the state-owned economic structure and layout\", conforming to the historical mission of reducing state-owned shares, with more administrative components and less commercial color. Since then, due to the narrow delineation of share acquisition scenarios in the Company Law, long-term weak market conditions, lack of liquidity, and the low willingness of listed companies to participate in repurchases, stock repurchases have gradually faded out of the market.</p><p><img src=\"https://static.tigerbbs.com/7a62376282a0525a12355b0f7ce5edd8\" tg-width=\"643\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 2 Stage of state-owned share reduction (1999 ~ 2004)</b></p><p>According to the statistics of companies reported in Shanghai and Shenzhen stock markets in 1998, there are as many as 273 companies in China with state-owned shares and state-owned legal person shares accounting for more than 50% of the total share capital, accounting for 33.58% of all 813 companies, especially 112 of which have a total share capital of more than 400 million yuan, and the proportion of state-owned shares exceeds half and exceeds 70%, which has an obvious absolute controlling position. The control power of state-owned shares is too strong, which makes corruption phenomena such as \"absence of owners\" occur repeatedly, and the incentive and restraint mechanism of enterprises is imperfect.</p><p>In order to achieve the purpose of separating the ownership and administrative power of state-owned enterprises, China mainly reduces the state-owned shares through share repurchase. On December 4, 1999, the relevant person in charge of the Ministry of Finance pointed out that the first step of reducing state-owned shares was to reduce the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the situation, and relevant measures for reducing state-owned shares will be introduced. On June 12, 2001, the State Council officially issued the Interim Measures for the Administration of Reducing State-owned Shares to Raise Social Security Funds, which marked the official start of the reduction of state-owned shares.</p><p>Although theoretically, using share repurchase to implement the policy of reducing state-owned shares can avoid the impact on the secondary market to the greatest extent, it does not require a large amount of cash flow, and has the advantages of being easier to be accepted by investors and greatly increasing the company's net profit per share. However, since June 14, 2001, coupled with factors such as the bursting of the U.S. technology stock bubble and the Iraq war, the Shanghai Composite Index began to fall from 2,245 points, starting a five-year bear market in which both volume and price fell.</p><p><img src=\"https://static.tigerbbs.com/4237c3c3eaaa3553915c5c202d9d94f9\" tg-width=\"637\" tg-height=\"411\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 3 Stage of share-trading reform (2005 ~ 2008)</b></p><p>At the beginning of the establishment of China's securities market, a unique policy of \"non-tradable shares\" was adopted, that is, the shares of A-share listed companies were divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on the exchange become tradable shares, mainly including stocks held by the public. Stocks that are temporarily not listed and traded before and after the public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares produced by the shareholding system reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offering. This split phenomenon has caused serious principal-agent contradiction.</p><p>In order to meet the needs of capital market opening and stable development, and meet the standard of \"the shareholding cost of all shares of listed companies is the same\", on April 29th, 2005, with the approval of the State Council, China Securities Regulatory Commission issued the Notice on Relevant Issues of the Pilot Reform of Non-tradable Shares of Listed Companies, which started the pilot work of non-tradable shares reform, marking the official start of the reform of non-tradable shares.</p><p>On June 16, 2005, the China Securities Regulatory Commission promulgated the \"Administrative Measures for the Repurchase of Public Shares by Listed Companies (Trial)\" and the third revision of the \"Company Law\" in the same year, further broadening the scenarios for share repurchases by listed companies: (3) Listed companies repurchase shares as rewards for employees; (4) Shareholders require the company to buy back their shares because they have objections to the merger and division of the company made by the shareholders' meeting. At the same time, in order to relax the restrictions on listed companies' repurchase of tradable shares, the China Securities Regulatory Commission encourages the use of open market methods to repurchase shares on the basis of tender repurchase. In addition, the CSRC encourages listed companies to correct and solve the problem of controlling shareholders' embezzlement of listed companies' funds through reasonable pricing, that is, listed companies are allowed to repurchase the shares held by controlling shareholders at a specific price, and the repurchase price payable is offset by the liabilities formed by the controlling shareholders' embezzlement of listed companies' funds. The measure of \"paying off debts with shares\" effectively avoids the behaviors of \"evading debts with shares, defaulting on debts\" and embezzlement of corporate funds by major shareholders, and alleviates the contradiction between principal and agent in China's capital market.</p><p>Under the background of the smooth implementation of the non-tradable share reform, the enthusiasm of A-share listed companies for repurchase has greatly increased, with a record 38 repurchase events between 2005 and 2006. At the same time, A-share listed companies have ushered in a substantial increase in performance and valuation, and investors have poured into the stock market. During this period, the Shanghai Composite Index started a \"fast bull\" market, rising from 988 points at the bottom in 2005 to 6,124 points in 2007. The average P/E of the whole market reached about 50 times, which has not been surpassed so far.</p><p><img src=\"https://static.tigerbbs.com/92ed96e7981daeac67acc29d02b7512d\" tg-width=\"638\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 4 Rapid development stage (2008-present)</b></p><p>In October, 2008, the China Securities Regulatory Commission issued the Supplementary Provisions on Share Repurchase by Listed Companies. Drawing lessons from the experience of mature foreign markets, the administrative review system of share repurchase agreements was changed to a filing system, which greatly reduced the process of share repurchase by listed companies and further improved the degree of marketization. After that, the significance of share repurchase is more to lift the weak stock price and maintain the long-term investment value of listed companies.</p><p>In 2015, A-shares once again went out of the \"roller coaster\" market. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission launched a \"5 out of 5\" rescue plan such as holding increase and repurchase. During this period, a total of 37 companies issued repurchase plans, and 9 companies repurchased more than 1 billion yuan. The share repurchase during this period is mainly to protect the interests of investors and make the stock price reflect the intrinsic value of the company.</p><p><img src=\"https://static.tigerbbs.com/35fd16f12349f13ccaacc5d9c55c27bf\" tg-width=\"633\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.2 Amendments to the Companies Act of 2018 on Share Repurchase</b></p><p>In order to deepen financial reform, on October 26, 2018, the Sixth Session of the 13th National People's Congress passed the amendment to the Company Law, which mainly made three major adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchase, and adds the following share repurchase situations: (5) listed companies use it for equity conversion in order to cooperate with the issuance of convertible corporate bonds and warrants; (6) Necessary for the listed company to safeguard the company's credit and shareholders' rights and interests; (7) Other circumstances stipulated by laws and administrative regulations. Among them, Article 7, as a bottom clause, greatly increases the flexibility of share repurchase of listed companies.</p><p>At the same time, in addition to increasing the situation of share repurchase and improving the implementation decision-making procedures, the draft amendment mentions \"establishing a treasury stock system\" for the first time, and makes it clear that the listed company can transfer, cancel or hold the shares in treasury after cooperating with the issuance of convertible bonds and warrants for equity conversion and repurchasing the company's shares to safeguard the company's credit and shareholders' rights and interests. At the same time, in order to limit the company's long-term holding of treasury shares and affect the supply of shares in the market, it is clearly stipulated that if it is held in treasury, the holding period shall not exceed three years.</p><p>When the company's assets and liabilities are stable and its cash flow is good, according to the signal theory, the existence of treasury stocks can allow the management familiar with the company's business model to convey the management's judgment on the company's valuation level to the market by repurchasing, saving or canceling treasury stocks. In addition, the existence of treasury stocks allows companies to adjust the growth rate of EPS and selectively send positive signals to the market.</p><p><img src=\"https://static.tigerbbs.com/31e63bb5379976c2aaf189136e292db5\" tg-width=\"634\" tg-height=\"518\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/17c2b078395e89b6c099e3e47af6c44e\" tg-width=\"984\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>3. Review of market performance of previous repurchase booms</b></p><p>Since the promulgation of the new repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. The opening of stock repurchases by listed companies is mainly concentrated at the bottom of the market or the downward range of the industry. Among them, there have been two rounds of repurchase peak periods since 2018, namely 2018Q4 to 2019Q3, and 2020Q3 to 2021Q3.</p><p><b>3.1 Peak period of the first round of repurchase</b></p><p>During the peak period of the first round of repurchases (2018Q4 to 2019Q3), the industry distribution was relatively evenly. Listed companies in chemical, pharmaceutical and biological, real estate, media and other industries all participated in repurchases with nearly 10 billion funds. At this stage, A-shares as a whole were in a downward range.</p><p><img src=\"https://static.tigerbbs.com/4bd5570ed01802e52a2b3044659e1ffc\" tg-width=\"648\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d2ba556d68d3035cf44f8aa171027fff\" tg-width=\"634\" tg-height=\"688\" referrerpolicy=\"no-referrer\"/></p><p><b>3.2 Peak period of the second round of repurchase</b></p><p>The repurchase amount during the peak period of the second round of repurchases (2020Q3 to 2021Q3) was obviously differentiated among various industries, mainly supported by household appliances, and the repurchase amount was as high as 46.1 billion yuan. The repurchase amount of the household appliance industry exceeds the sum of the repurchase amounts of the 2nd-7th industries. During this period, the overall trend of A-shares was strong, but the trend of the household appliances sector was not good. Gree Electric Appliances and Midea Group, the leading companies in this industry, had a high enthusiasm for repurchases, repurchasing 27 billion yuan and 15.8 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/6fe4e2752887e5bbe2455efef09514ff\" tg-width=\"642\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/f0ddf0822fa5c33605122ff175ef2ccc\" tg-width=\"642\" tg-height=\"829\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/71dddb1434cc7a240e34dcbc903d23b4\" tg-width=\"639\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/a455b29e25422a606dd257e058a03acb\" tg-width=\"646\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p><b>The repurchase boom at the beginning of 2022 is accompanied by another round of rapid decline in A shares.</b>At the beginning of 2022, A-share listed companies were enthusiastic about repurchases, and stock repurchases were mainly concentrated in pharmaceutical and biological, electronics, chemicals, and computers. The overall trend of A-shares went down slightly, and the downward trend of various industries that started the repurchase boom was relatively obvious.</p><p><img src=\"https://static.tigerbbs.com/eafbf3ce1e4d7d16d56dbad59361d7dc\" tg-width=\"646\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/80ae35a9a5e90339609355252615a24f\" tg-width=\"641\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>Low-valued companies are more inclined to open stock buybacks.</b>Since 2012, listed companies in the A-share market have issued a total of 7,461 repurchase plans, of which 1,521 companies that issued repurchase plans had a P/E quantile between 0% and 10% on the day of the plan, accounting for 20.39%; The P/E quantile is only 473 times between 90% and 100%, accounting for only 6.34%. It can be seen that undervalued companies are more inclined to start stock repurchases, releasing signals to the market that stock prices are undervalued.</p><p><img src=\"https://static.tigerbbs.com/43bc7c4242338f81ff2d42c9631804f2\" tg-width=\"640\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Analysis of the impact of share buyback behavior on A shares</b></p><p><b>4.1 The short-term and long-term impact of repurchase behavior on stocks</b></p><p>In order to analyze the impact of stock repurchase in the A-share market on stock price trends, this paper selects listed companies whose repurchase plan date is between March 31, 2018 and March 31, 2021, and the repurchase amount is greater than 1 million, and the repurchase situation is implemented or Completed for analysis, the total sample size is 2548 (for the same listed company, if different repurchase plans are issued during the period, they will be calculated separately). In addition, the calculation of excess returns is based on the Shanghai Composite Index.</p><p><b>A-share stock repurchase has little impact on stock prices in the short term, but has a supporting effect in the long run.</b>After the listed company issues the repurchase plan, it has little impact on the stock price within one month, which shows that the effect of the repurchase announcement in the A-share market is weak. The listed company's repurchase plan reached an average return of 5.09% and 13.18% after half a year and one year, respectively, and formed an excess return of 5.27% one year later. This means that listed companies that issue repurchase plans are likely to be in low valuation space, and there is a possibility of appreciation in the future. It should be noted that the above-mentioned income calculation takes the closing price of the plan day as the starting point, while the general plan is released the night before the plan day. We have not calculated the impact of this part of the rise and fall that opened higher on the plan day. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on that day. However, if it is not illegally obtained inside information and traded in advance, it is difficult to obtain this part of the increase, so we do not include the daily increase or decrease of the plan in the calculation.</p><p><img src=\"https://static.tigerbbs.com/047cdacd161d37d1991af2658fd3e578\" tg-width=\"645\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>4.2 The ratio of repurchase amount to total market value is positively correlated with excess returns</b></p><p><b>The proportion of repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the performance of individual stocks in the long run.</b>The excess return whose repurchase amount accounts for more than 5% of the company's total market value continues to be higher than that of companies with a relatively low proportion, and the excess return is as high as 10.62% one year later. On the one hand, listed companies release repurchase plans higher than 5% of the total market value, which sends a stronger signal to the market and can significantly boost investor confidence; On the other hand, the rise in the company's stock price in the long run is mainly driven by the company's intrinsic value, so the intrinsic value of this part of the company is more likely to be undervalued.</p><p><img src=\"https://static.tigerbbs.com/012b0094fc955a478fc5cbc68be26764\" tg-width=\"646\" tg-height=\"408\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.3 There is no significant relationship between industry repurchase scale and excess returns after repurchase</b></p><p><b>The performance of excess returns in various industries is different, and there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases.</b>In terms of industries, in the long run (T+360), food and beverage, chemicals, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The excess returns of commercial trade, leisure services, architectural decoration and other industries were the worst, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively; In the short term (T+30), non-bank finance, leisure services, and mining industries performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are industries with low repurchase times, so Its excess returns are not mainly affected by repurchases. From the data point of view, there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases, and the positive excess returns are more affected by the intrinsic value of individual stocks.</p><p><img src=\"https://static.tigerbbs.com/c794afe4124cea1e06caa26a97776bbf\" tg-width=\"642\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>4.4 Comparison of excess returns for different repurchase purposes</b></p><p><b>The excess returns of repurchases for the purpose of equity incentive cancellation and other types of repurchases are higher.</b>In the long run (T+360), the repurchase behavior for the cancellation of equity incentives and other purposes brought the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while the repurchase behavior for the purpose of implementing equity incentives brought the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentive belongs to passive repurchase, which can convey the negative signal of the failure of the company's equity incentive to the market on the one hand; On the other hand, the cancellation of repurchased shares can convey positive signals by improving profit indicators such as ROE. It can be seen that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to repurchase companies. Other types of repurchase purposes contain many possibilities, and their scale is currently expanding rapidly, and the market has responded positively to them.</p><p><img src=\"https://static.tigerbbs.com/80a434052d4c1b85dcfbd8cfe59602bf\" tg-width=\"637\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/></p><p><b>4.5 Comparison of excess returns from repurchase behavior initiated in different valuation ranges</b></p><p><b>The stock prices of listed companies in the low valuation range have risen more after stock repurchases, and the short-term trend is better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained. (Among them, listed companies with P/E quantiles in the 90%-100% range have excess returns of 10.54% one year after the release of the repurchase plan, which is mainly affected by the small number of samples. There are only 129 samples in this range, which is not representative. Strong.)</p><p><img src=\"https://static.tigerbbs.com/5d013abc083c90597b0cc6287e428ad7\" tg-width=\"647\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"zxjzzl","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Enlightenment from previous A-share repurchase booms: low valuation is king</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEnlightenment from previous A-share repurchase booms: low valuation is king\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">追寻价值之路</strong><span class=\"h-time small\">2022-04-20 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Since the beginning of 2022, the A-share repurchase boom has set off again. From the historical experience, repurchase has a significant effect on improving the company's market value, especially the repurchase for the purpose of market value management in the form of cancellation of repurchased shares, which is a way to directly repay shareholders. Through the previous A-share repurchase boom in review, the following enlightenment can be obtained: 1) Low-valuation companies have obvious excess returns after the release of the repurchase plan; 2) The proportion of the company's repurchase amount to the total market value is positively correlated with excess returns; 3) Company repurchases have a long-term supporting effect on stock prices. As the current stock market has undergone a round of obvious correction, the valuation is at a low position. Looking forward, with the successive disclosure of annual reports of listed companies and the successive convening of board of directors and shareholders' meetings, the popularity of A-share repurchases is expected to further increase. It is recommended to pay long-term attention to relevant targets that adopt active repurchases to safeguard company value and shareholders' rights and interests.</b></p><p><b>After the release of new regulations on stock repurchases in 2018, the scale of repurchases expanded significantly.</b>Judging from the amount and frequency of repurchases, since the rise of A-share repurchases in 2012, it has experienced two rounds of repurchase booms, namely 2018Q4 to 2019Q3 and 2020Q3 to 2021Q3. Since the beginning of 2022, the repurchase boom in the A-share market has resumed. The amount of repurchases implemented by listed companies is about 27.2 billion yuan, and the number of companies that have implemented repurchases during the year exceeds 400.</p><p><b>Stock repurchases are mainly concentrated at the bottom of the market or the downward range of the industry.</b>In the first wave of repurchases, the amount of repurchases was evenly distributed across the industry, and A shares as a whole were in a downward stage. In the second wave of repurchases, the amount of repurchases is obviously differentiated among different industries, and the overall trend of A shares is strong. However, the stock price of the home appliance industry continues to fall, and the enthusiasm for repurchases in the home appliance industry is high.</p><p><b>Stock repurchases have little impact on stock prices in the short term, but have a supporting effect in the long run.</b>After the listed company releases the repurchase plan, it will have little impact on the stock price in the short term (regardless of the impact of the rise and fall on the plan date). After half a year and one year, it will reach an average return of 5.09% and 13.18% respectively, and one year later it will form an average excess return of 5.27%.</p><p><b>The proportion of stock repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the long-term performance of individual stocks.</b>The excess returns of companies whose repurchase amount accounts for more than 5% of the company's total market value continue to be higher than those of companies whose repurchase amount accounts for relatively low proportions, and the average excess returns of companies whose repurchase amount accounts for 10.62% one year later.</p><p><b>After the release of the repurchase plan, the stock price of low-valuation companies rose even more, and the short-term trend was better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained.</p><p><b>Risk warning: Repurchases increase financial leverage risks, repurchase plans may not be implemented, historical experience does not represent the future, the macro economy is less than expected, and overseas markets fluctuate significantly</b></p><p><b>Report text</b></p><p><b>1. The A-share market welcomes another repurchase boom</b></p><p>Stock repurchase mainly refers to a capital operation mode in which listed companies use their own funds or self-raised funds to buy back shares through the secondary market as treasury shares or cancel them. Generally speaking, in terms of financial effects, stock repurchases can improve profit indicators such as earnings per share and return on assets. At the same time, active stock repurchase has a certain positive announcement effect. Listed companies can use repurchase behavior to convey the signal to the market that the company's stock price is undervalued, thus boosting market confidence and raising the stock price.</p><p><b>At present, the main purpose of stock repurchase in China is to implement equity incentive, market value management, equity incentive cancellation, profit compensation, employee stock ownership plan and others, which can be divided into passive and active types</b>。 Among them, equity incentive cancellation and profit compensation are usually passive stock repurchases, which are generally related to employees' resignation and loss of exercise conditions, and asset restructuring performance failing to meet promised expectations. The number of such repurchases accounts for a relatively large proportion, but the amount of repurchases is generally not large, which usually does not have a positive impact on stock market prices. The purpose of implementing repurchases such as equity incentives, employee stock ownership plans, and market value management represents active stock repurchases. Such repurchases have a more obvious improvement in the company's market value, especially the market value management that adopts the method of cancellation of repurchased shares, which can increase earnings per share and is a way to directly reward shareholders.</p><p><b>1.1 A-shares have experienced two rounds of repurchase peaks since 2012</b></p><p>Before 2012, the number of A-share listed companies that issued stock repurchase plans was relatively small, and the number of companies that successfully implemented repurchases did not exceed double digits. Since 2012, stock repurchases in the A-share market have begun to rise. After the Company Law made special amendments to the terms of share repurchases in October 2018, in November of the same year, the implementation rules of the Shanghai and Shenzhen Stock Exchanges on share repurchases of listed companies were issued in a short period of time. The introduction has greatly stimulated the vitality of the market, and the enthusiasm of listed companies for repurchases has significantly increased, ushering in a boom in stock market repurchases.</p><p>Judging from the amount of repurchases and the number of companies, Q4 in 2018 to Q3 in 2019 was the peak period of the first round of A-share repurchases. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies repurchased in each quarter was about 500 (the company only counts once when implementing multiple repurchases in a single quarter).</p><p>From Q3 in 2020 to Q3 in 2021, it is the peak period for the second round of A-share repurchases. During this period, the quarterly repurchase amount reached a maximum of 38.8 billion yuan, which occurred in Q3 in 2021. The average single-quarter repurchase amount in the five quarters during the peak period of the second round of repurchases was 29.8 billion yuan, and the number of companies repurchased in each quarter was about 400.</p><p><img src=\"https://static.tigerbbs.com/8cdde7b958bf587dd17a770817173349\" tg-width=\"643\" tg-height=\"409\" referrerpolicy=\"no-referrer\"/></p><p>Since the beginning of 2022, the upsurge of stock market buybacks has started again. As of April 15, the amount of repurchases implemented by listed companies during the year was approximately 27.2 billion yuan, and the number of companies that implemented repurchases during the year exceeded 400. As the current stock market has undergone a round of substantial adjustments, the valuations of many companies are at historically low levels. With the successive disclosure of annual reports of listed companies at the end of April and the successive convening of board of directors and shareholders' meetings, the popularity of the A-share stock repurchase market is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of A-share market repurchase</b></p><p><b>Judging from the industry distribution of A-share market repurchases since 2012, the industry differentiation of A-share stock repurchases is obvious, mainly concentrated in several industries such as household appliances, medicine and biology, chemicals and electronics.</b></p><p>Judging from the amount of repurchases in different industries, the industry concentration of A-share repurchases is relatively high. The household appliance industry has the highest repurchase amount, with a total of 58.8 billion yuan, accounting for 15% of the total repurchase amount. In addition, the top seven industries in terms of repurchase amount accounted for more than 50% of the total repurchase amount, while the remaining 20 industries generally accounted for a low proportion. Even though the price-to-book ratio of the A-share banking industry has fallen below 1, it has never conducted repurchases. This may be because commercial banks are affected by the risk management requirements of the Basel Accord, and their scale expansion is generally constrained by the capital adequacy ratio, and share repurchase will reduce their net assets. Therefore, banks may prefer to choose to use their limited net assets for issuing loans to expand revenue rather than repurchase to reduce net assets.</p><p>Judging from the number of repurchases in different industries, the repurchases in pharmaceutical biology, computer, mechanical equipment, electronics, chemical industry, electrical equipment and other industries are more frequent. The cumulative number of repurchases of companies in these industries exceeds 500 (if the company has multiple repurchases, they are counted quarterly, once every quarter), which is related to the large number of companies in these industries. The number of companies in these industries ranges from about 250 to nearly 400. The low number of repurchases in the household appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the leading share is very concentrated. The main reason is that industry leaders Gree Electric, Midea Group, Haier Smart Home, etc. are conducting large-scale repurchases. Leading companies in the home appliance industry have extremely abundant cash flow, and when the stock price performance is lower than expected, they can conduct large-scale repurchases.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Purpose distribution characteristics of repurchase in A-share market</b></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, 56% of the repurchase purposes are for other purposes, 18% are used for market value management, 13% are used for equity incentive implementation, and 9% are used for equity incentive cancellation. Further checking against the company's announcement, we found that most of the repurchase purposes are to implement equity incentives or employee stock ownership plans, a few are market value management or conversion of convertible bonds issued by listed companies, and a few are used to reduce registered capital. As the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted according to a single category, and they are temporarily classified into others.</p><p><img src=\"https://static.tigerbbs.com/addc1f166e61c9e5a41e032f73246d28\" tg-width=\"635\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, the number of cancellations of equity incentives accounts for the highest proportion, accounting for 71%. The number of repurchases for other purposes accounts for 15%. In addition, the number of repurchases for profit compensation accounts for 6%, and the number of repurchases for market value management accounts for 4%. We believe that the repurchase of equity incentive cancellation has little impact on the analysis of the repurchase on the stock price, and it is recommended to eliminate it in the actual analysis.</p><p><img src=\"https://static.tigerbbs.com/7ab66157038f5ffb20258e0cc0fdb9b3\" tg-width=\"646\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/></p><p><b>Since 2019, listed companies' awareness of active repurchases has increased.</b>Before 2019, listed companies mainly conducted repurchases for the purpose of equity incentive cancellation, and passive repurchases dominated; After 2019, the purpose of market value management and other types of repurchases has increased significantly, and the repurchase amount is much higher than the cancellation of equity incentives. Generally speaking, listed companies' awareness of active repurchases has increased, releasing positive signals in safeguarding investors' interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 A-share market repurchase statistics since 2022</b></p><p>As of April 15, the number of companies that have newly released repurchase plans in the A-share market since 2022 has reached 374. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes accounts for a relatively large proportion, but the amount is relatively low, with less impact on the stock market), the remaining number of companies that have newly released repurchase plans is 181. Among them, six companies only disclosed the repurchase quantity, but the repurchase price was not disclosed or was not the market price. The remaining 175 companies are sorted from high to low according to the upper limit of the repurchase plan amount, and the top 75 companies with the largest amount are selected. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/a8662899a00f877eaaf07a9eebe0e321\" tg-width=\"732\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/></p><p>As of April 15, the number of companies that have actually implemented repurchases in the A-share market since 2022 has exceeded 400 (including companies whose repurchase plan date is earlier than 2022). The three companies with the largest repurchase amounts are Hengli Petrochemical, SF Holdings and Mindray Medical, the repurchase amount that has been implemented in 2022 will all exceed 1 billion yuan. Arrange from high to low according to the actual repurchase amount, and select the top 75 companies with the largest amount. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/80e182db7539bfb8eb3385c996436f3c\" tg-width=\"829\" tg-height=\"822\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Institutional background of share repurchase of A-share listed companies</b></p><p><b>2.1 The development history of share repurchase of listed companies in my country</b></p><p><b>2.1. 1 Exploratory phase (before 1999)</b></p><p>Compared with developed countries, my country's capital market share repurchase system started late. After the reform and opening up, in order to conform to the trend of economic development, some companies carried out tentative shareholding system reform under the guidance of policies, and became the first companies to be listed, and the scale of the securities market continued to expand. Share repurchase has become a hot topic in the capital market. The first share repurchase in China took place in 1992. As the major shareholder of Little Yuyuan Company, Dayuyuan Company repurchased all the shares of Little Yuyuan Company and cancelled them.</p><p>In 1993, China passed the Company Law, which stipulated two situations in which share repurchase was allowed: (1) the company cancelled its shares due to capital reduction; (2) Merge with shareholders holding shares of the Company. With the introduction of policies and the development of the market, more and more listed companies have carried out share repurchases. In 1994, Lujiazui agreed to repurchase state-owned shares and then issued additional B shares, in 1996, Xiamen International Trade repurchased some state-owned shares of Yuntianhua and Shenergy in 1999. The successful repurchases are typical cases of share repurchases during this period.</p><p>On the whole, before 1999, China's share repurchase system was still in the exploratory stage, and the share repurchases that occurred mainly served the state's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and reorganization of state-owned assets, and adjusting the state-owned economic structure and layout\", conforming to the historical mission of reducing state-owned shares, with more administrative components and less commercial color. Since then, due to the narrow delineation of share acquisition scenarios in the Company Law, long-term weak market conditions, lack of liquidity, and the low willingness of listed companies to participate in repurchases, stock repurchases have gradually faded out of the market.</p><p><img src=\"https://static.tigerbbs.com/7a62376282a0525a12355b0f7ce5edd8\" tg-width=\"643\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 2 Stage of state-owned share reduction (1999 ~ 2004)</b></p><p>According to the statistics of companies reported in Shanghai and Shenzhen stock markets in 1998, there are as many as 273 companies in China with state-owned shares and state-owned legal person shares accounting for more than 50% of the total share capital, accounting for 33.58% of all 813 companies, especially 112 of which have a total share capital of more than 400 million yuan, and the proportion of state-owned shares exceeds half and exceeds 70%, which has an obvious absolute controlling position. The control power of state-owned shares is too strong, which makes corruption phenomena such as \"absence of owners\" occur repeatedly, and the incentive and restraint mechanism of enterprises is imperfect.</p><p>In order to achieve the purpose of separating the ownership and administrative power of state-owned enterprises, China mainly reduces the state-owned shares through share repurchase. On December 4, 1999, the relevant person in charge of the Ministry of Finance pointed out that the first step of reducing state-owned shares was to reduce the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the situation, and relevant measures for reducing state-owned shares will be introduced. On June 12, 2001, the State Council officially issued the Interim Measures for the Administration of Reducing State-owned Shares to Raise Social Security Funds, which marked the official start of the reduction of state-owned shares.</p><p>Although theoretically, using share repurchase to implement the policy of reducing state-owned shares can avoid the impact on the secondary market to the greatest extent, it does not require a large amount of cash flow, and has the advantages of being easier to be accepted by investors and greatly increasing the company's net profit per share. However, since June 14, 2001, coupled with factors such as the bursting of the U.S. technology stock bubble and the Iraq war, the Shanghai Composite Index began to fall from 2,245 points, starting a five-year bear market in which both volume and price fell.</p><p><img src=\"https://static.tigerbbs.com/4237c3c3eaaa3553915c5c202d9d94f9\" tg-width=\"637\" tg-height=\"411\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 3 Stage of share-trading reform (2005 ~ 2008)</b></p><p>At the beginning of the establishment of China's securities market, a unique policy of \"non-tradable shares\" was adopted, that is, the shares of A-share listed companies were divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on the exchange become tradable shares, mainly including stocks held by the public. Stocks that are temporarily not listed and traded before and after the public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares produced by the shareholding system reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offering. This split phenomenon has caused serious principal-agent contradiction.</p><p>In order to meet the needs of capital market opening and stable development, and meet the standard of \"the shareholding cost of all shares of listed companies is the same\", on April 29th, 2005, with the approval of the State Council, China Securities Regulatory Commission issued the Notice on Relevant Issues of the Pilot Reform of Non-tradable Shares of Listed Companies, which started the pilot work of non-tradable shares reform, marking the official start of the reform of non-tradable shares.</p><p>On June 16, 2005, the China Securities Regulatory Commission promulgated the \"Administrative Measures for the Repurchase of Public Shares by Listed Companies (Trial)\" and the third revision of the \"Company Law\" in the same year, further broadening the scenarios for share repurchases by listed companies: (3) Listed companies repurchase shares as rewards for employees; (4) Shareholders require the company to buy back their shares because they have objections to the merger and division of the company made by the shareholders' meeting. At the same time, in order to relax the restrictions on listed companies' repurchase of tradable shares, the China Securities Regulatory Commission encourages the use of open market methods to repurchase shares on the basis of tender repurchase. In addition, the CSRC encourages listed companies to correct and solve the problem of controlling shareholders' embezzlement of listed companies' funds through reasonable pricing, that is, listed companies are allowed to repurchase the shares held by controlling shareholders at a specific price, and the repurchase price payable is offset by the liabilities formed by the controlling shareholders' embezzlement of listed companies' funds. The measure of \"paying off debts with shares\" effectively avoids the behaviors of \"evading debts with shares, defaulting on debts\" and embezzlement of corporate funds by major shareholders, and alleviates the contradiction between principal and agent in China's capital market.</p><p>Under the background of the smooth implementation of the non-tradable share reform, the enthusiasm of A-share listed companies for repurchase has greatly increased, with a record 38 repurchase events between 2005 and 2006. At the same time, A-share listed companies have ushered in a substantial increase in performance and valuation, and investors have poured into the stock market. During this period, the Shanghai Composite Index started a \"fast bull\" market, rising from 988 points at the bottom in 2005 to 6,124 points in 2007. The average P/E of the whole market reached about 50 times, which has not been surpassed so far.</p><p><img src=\"https://static.tigerbbs.com/92ed96e7981daeac67acc29d02b7512d\" tg-width=\"638\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 4 Rapid development stage (2008-present)</b></p><p>In October, 2008, the China Securities Regulatory Commission issued the Supplementary Provisions on Share Repurchase by Listed Companies. Drawing lessons from the experience of mature foreign markets, the administrative review system of share repurchase agreements was changed to a filing system, which greatly reduced the process of share repurchase by listed companies and further improved the degree of marketization. After that, the significance of share repurchase is more to lift the weak stock price and maintain the long-term investment value of listed companies.</p><p>In 2015, A-shares once again went out of the \"roller coaster\" market. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission launched a \"5 out of 5\" rescue plan such as holding increase and repurchase. During this period, a total of 37 companies issued repurchase plans, and 9 companies repurchased more than 1 billion yuan. The share repurchase during this period is mainly to protect the interests of investors and make the stock price reflect the intrinsic value of the company.</p><p><img src=\"https://static.tigerbbs.com/35fd16f12349f13ccaacc5d9c55c27bf\" tg-width=\"633\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.2 Amendments to the Companies Act of 2018 on Share Repurchase</b></p><p>In order to deepen financial reform, on October 26, 2018, the Sixth Session of the 13th National People's Congress passed the amendment to the Company Law, which mainly made three major adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchase, and adds the following share repurchase situations: (5) listed companies use it for equity conversion in order to cooperate with the issuance of convertible corporate bonds and warrants; (6) Necessary for the listed company to safeguard the company's credit and shareholders' rights and interests; (7) Other circumstances stipulated by laws and administrative regulations. Among them, Article 7, as a bottom clause, greatly increases the flexibility of share repurchase of listed companies.</p><p>At the same time, in addition to increasing the situation of share repurchase and improving the implementation decision-making procedures, the draft amendment mentions \"establishing a treasury stock system\" for the first time, and makes it clear that the listed company can transfer, cancel or hold the shares in treasury after cooperating with the issuance of convertible bonds and warrants for equity conversion and repurchasing the company's shares to safeguard the company's credit and shareholders' rights and interests. At the same time, in order to limit the company's long-term holding of treasury shares and affect the supply of shares in the market, it is clearly stipulated that if it is held in treasury, the holding period shall not exceed three years.</p><p>When the company's assets and liabilities are stable and its cash flow is good, according to the signal theory, the existence of treasury stocks can allow the management familiar with the company's business model to convey the management's judgment on the company's valuation level to the market by repurchasing, saving or canceling treasury stocks. In addition, the existence of treasury stocks allows companies to adjust the growth rate of EPS and selectively send positive signals to the market.</p><p><img src=\"https://static.tigerbbs.com/31e63bb5379976c2aaf189136e292db5\" tg-width=\"634\" tg-height=\"518\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/17c2b078395e89b6c099e3e47af6c44e\" tg-width=\"984\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>3. Review of market performance of previous repurchase booms</b></p><p>Since the promulgation of the new repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. The opening of stock repurchases by listed companies is mainly concentrated at the bottom of the market or the downward range of the industry. Among them, there have been two rounds of repurchase peak periods since 2018, namely 2018Q4 to 2019Q3, and 2020Q3 to 2021Q3.</p><p><b>3.1 Peak period of the first round of repurchase</b></p><p>During the peak period of the first round of repurchases (2018Q4 to 2019Q3), the industry distribution was relatively evenly. Listed companies in chemical, pharmaceutical and biological, real estate, media and other industries all participated in repurchases with nearly 10 billion funds. At this stage, A-shares as a whole were in a downward range.</p><p><img src=\"https://static.tigerbbs.com/4bd5570ed01802e52a2b3044659e1ffc\" tg-width=\"648\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d2ba556d68d3035cf44f8aa171027fff\" tg-width=\"634\" tg-height=\"688\" referrerpolicy=\"no-referrer\"/></p><p><b>3.2 Peak period of the second round of repurchase</b></p><p>The repurchase amount during the peak period of the second round of repurchases (2020Q3 to 2021Q3) was obviously differentiated among various industries, mainly supported by household appliances, and the repurchase amount was as high as 46.1 billion yuan. The repurchase amount of the household appliance industry exceeds the sum of the repurchase amounts of the 2nd-7th industries. During this period, the overall trend of A-shares was strong, but the trend of the household appliances sector was not good. Gree Electric Appliances and Midea Group, the leading companies in this industry, had a high enthusiasm for repurchases, repurchasing 27 billion yuan and 15.8 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/6fe4e2752887e5bbe2455efef09514ff\" tg-width=\"642\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/f0ddf0822fa5c33605122ff175ef2ccc\" tg-width=\"642\" tg-height=\"829\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/71dddb1434cc7a240e34dcbc903d23b4\" tg-width=\"639\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/a455b29e25422a606dd257e058a03acb\" tg-width=\"646\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p><b>The repurchase boom at the beginning of 2022 is accompanied by another round of rapid decline in A shares.</b>At the beginning of 2022, A-share listed companies were enthusiastic about repurchases, and stock repurchases were mainly concentrated in pharmaceutical and biological, electronics, chemicals, and computers. The overall trend of A-shares went down slightly, and the downward trend of various industries that started the repurchase boom was relatively obvious.</p><p><img src=\"https://static.tigerbbs.com/eafbf3ce1e4d7d16d56dbad59361d7dc\" tg-width=\"646\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/80ae35a9a5e90339609355252615a24f\" tg-width=\"641\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>Low-valued companies are more inclined to open stock buybacks.</b>Since 2012, listed companies in the A-share market have issued a total of 7,461 repurchase plans, of which 1,521 companies that issued repurchase plans had a P/E quantile between 0% and 10% on the day of the plan, accounting for 20.39%; The P/E quantile is only 473 times between 90% and 100%, accounting for only 6.34%. It can be seen that undervalued companies are more inclined to start stock repurchases, releasing signals to the market that stock prices are undervalued.</p><p><img src=\"https://static.tigerbbs.com/43bc7c4242338f81ff2d42c9631804f2\" tg-width=\"640\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Analysis of the impact of share buyback behavior on A shares</b></p><p><b>4.1 The short-term and long-term impact of repurchase behavior on stocks</b></p><p>In order to analyze the impact of stock repurchase in the A-share market on stock price trends, this paper selects listed companies whose repurchase plan date is between March 31, 2018 and March 31, 2021, and the repurchase amount is greater than 1 million, and the repurchase situation is implemented or Completed for analysis, the total sample size is 2548 (for the same listed company, if different repurchase plans are issued during the period, they will be calculated separately). In addition, the calculation of excess returns is based on the Shanghai Composite Index.</p><p><b>A-share stock repurchase has little impact on stock prices in the short term, but has a supporting effect in the long run.</b>After the listed company issues the repurchase plan, it has little impact on the stock price within one month, which shows that the effect of the repurchase announcement in the A-share market is weak. The listed company's repurchase plan reached an average return of 5.09% and 13.18% after half a year and one year, respectively, and formed an excess return of 5.27% one year later. This means that listed companies that issue repurchase plans are likely to be in low valuation space, and there is a possibility of appreciation in the future. It should be noted that the above-mentioned income calculation takes the closing price of the plan day as the starting point, while the general plan is released the night before the plan day. We have not calculated the impact of this part of the rise and fall that opened higher on the plan day. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on that day. However, if it is not illegally obtained inside information and traded in advance, it is difficult to obtain this part of the increase, so we do not include the daily increase or decrease of the plan in the calculation.</p><p><img src=\"https://static.tigerbbs.com/047cdacd161d37d1991af2658fd3e578\" tg-width=\"645\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>4.2 The ratio of repurchase amount to total market value is positively correlated with excess returns</b></p><p><b>The proportion of repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the performance of individual stocks in the long run.</b>The excess return whose repurchase amount accounts for more than 5% of the company's total market value continues to be higher than that of companies with a relatively low proportion, and the excess return is as high as 10.62% one year later. On the one hand, listed companies release repurchase plans higher than 5% of the total market value, which sends a stronger signal to the market and can significantly boost investor confidence; On the other hand, the rise in the company's stock price in the long run is mainly driven by the company's intrinsic value, so the intrinsic value of this part of the company is more likely to be undervalued.</p><p><img src=\"https://static.tigerbbs.com/012b0094fc955a478fc5cbc68be26764\" tg-width=\"646\" tg-height=\"408\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.3 There is no significant relationship between industry repurchase scale and excess returns after repurchase</b></p><p><b>The performance of excess returns in various industries is different, and there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases.</b>In terms of industries, in the long run (T+360), food and beverage, chemicals, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The excess returns of commercial trade, leisure services, architectural decoration and other industries were the worst, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively; In the short term (T+30), non-bank finance, leisure services, and mining industries performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are industries with low repurchase times, so Its excess returns are not mainly affected by repurchases. From the data point of view, there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases, and the positive excess returns are more affected by the intrinsic value of individual stocks.</p><p><img src=\"https://static.tigerbbs.com/c794afe4124cea1e06caa26a97776bbf\" tg-width=\"642\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>4.4 Comparison of excess returns for different repurchase purposes</b></p><p><b>The excess returns of repurchases for the purpose of equity incentive cancellation and other types of repurchases are higher.</b>In the long run (T+360), the repurchase behavior for the cancellation of equity incentives and other purposes brought the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while the repurchase behavior for the purpose of implementing equity incentives brought the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentive belongs to passive repurchase, which can convey the negative signal of the failure of the company's equity incentive to the market on the one hand; On the other hand, the cancellation of repurchased shares can convey positive signals by improving profit indicators such as ROE. It can be seen that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to repurchase companies. Other types of repurchase purposes contain many possibilities, and their scale is currently expanding rapidly, and the market has responded positively to them.</p><p><img src=\"https://static.tigerbbs.com/80a434052d4c1b85dcfbd8cfe59602bf\" tg-width=\"637\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/></p><p><b>4.5 Comparison of excess returns from repurchase behavior initiated in different valuation ranges</b></p><p><b>The stock prices of listed companies in the low valuation range have risen more after stock repurchases, and the short-term trend is better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained. (Among them, listed companies with P/E quantiles in the 90%-100% range have excess returns of 10.54% one year after the release of the repurchase plan, which is mainly affected by the small number of samples. There are only 129 samples in this range, which is not representative. Strong.)</p><p><img src=\"https://static.tigerbbs.com/5d013abc083c90597b0cc6287e428ad7\" tg-width=\"647\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/cXxs30d0To4ROjrrKOkLzA\">追寻价值之路</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/cXxs30d0To4ROjrrKOkLzA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136227043","content_text":"2022年年初至今，A股回购热潮再次掀起。从历史经验来看，回购对公司市场价值提升效果明显，特别是采取回购股份注销形式的、以市值管理为目的的回购，是直接回报股东的一种方式。通过复盘A股历次回购热潮，可以获得如下启示：1）低估值公司在回购预案发布后超额收益明显；2）公司回购金额占总市值比例与超额收益正相关；3）公司回购对股价长期存在支撑作用。由于当前股市经历了一轮明显调整，估值处于较低位置。往后看，随着上市公司年报陆续披露和董事会、股东会相继召开，A股回购热度有望进一步提升，建议长期关注采取主动式回购维护公司价值及股东权益的相关标的。2018年股票回购新规发布后，回购规模大幅扩张。从回购金额以及次数来看，2012年A股回购兴起至今，共经历两轮回购热潮，即2018Q4到2019Q3以及2020Q3到2021Q3。2022年年初至今，A股市场回购热潮再起，上市公司已实施的回购金额约272亿元，年内已实施回购的公司数量逾400家。股票回购主要集中于市场阶段性底部或者行业下行区间。第一次回购潮，回购金额行业分布均匀，A股整体处于下行阶段。第二次回购潮，回购金额在不同行业间分化明显， A股整体走势强劲，但家电行业股价持续走低，家电行业回购热情高涨。股票回购短期内对股价影响较小，长期来看存在支撑作用。上市公司发布回购预案后，短期内对股价影响较小（不考虑预案日当天涨跌幅影响），半年后、一年后分别达到5.09%、13.18%的平均收益，一年后形成5.27%的平均超额收益。股票回购金额占公司总市值比例与超额收益长期来看成正比关系，即占比越高，长期个股表现越佳。回购金额占公司总市值超过5%的公司其超额收益持续高于占比较低的公司，且高占比公司一年后的平均超额收益达10.62%。低估值公司在回购预案发布后股价上行幅度更大，且短期内走势要好于高估值公司。市盈率分位数位于0%-10%区间内的上市公司，回购预案发布后持续获得正超额收益，且收益远高于其他估值区间。随着估值区间增高，回购后获得负超额收益的概率上升，且长期来看，也未必获得正超额收益。风险提示：回购增加财务杠杆风险、回购预案可能无法实施、历史经验不代表未来、宏观经济不及预期、海外市场大幅波动报告正文1，A股市场再迎回购热潮股票回购主要指上市公司通过二级市场使用自有资金或自筹资金等方式购回股份，用以作为库藏股或注销的一种资本运作方式。通常来说，股票回购在财务效应方面，可以提升每股收益、资产收益率等盈利指标。与此同时，主动式的股票回购具有一定的积极公告效应，上市公司借回购行为可以向市场传达公司股价被低估的信号，从而提振市场信心，拉升股价。目前我国股票回购的主要目的有实施股权激励、市值管理、股权激励注销、盈利补偿、员工持股计划以及其他，可以分为被动式和主动式两种类型。其中股权激励注销、盈利补偿通常是被动式的股票回购，一般与员工离职失去行权条件、资产重组业绩不达承诺预期有关，这类回购数量占比较大，但回购金额一般不大，对股票市场价格通常不具有正面影响。而实施股权激励、员工持股计划、市值管理等回购目的则代表主动式的股票回购，这类回购对公司市场价值的提升更为明显，特别是采取回购股份注销方式的市值管理，能够提升每股收益，是直接回报股东的一种方式。1.1 2012年至今A股经历两轮回购高峰2012年以前A股上市公司发布过股票回购预案的公司数量较少，回购顺利实施完成的公司数量未超过两位数。2012年起A股市场股票回购开始兴起，2018年10月《公司法》对股份回购条款进行专项修改后，同年11月沪深交易所关于上市公司股份回购的实施细则在短时间内相继出台，极大激发了市场活力，上市公司回购积极性明显提升，迎来了股市回购热潮。从回购金额及公司数来看，2018年Q4到2019年Q3为A股第一轮回购高峰期，期间各个季度实际回购金额均超250亿元，各个季度回购的公司数量在500家左右（单个季度公司多次实施回购仅统计一次）。2020年Q3到2021年Q3为A股的第二轮回购高峰期，期间季度回购金额最高达388亿元，发生在2021年Q3。第二轮回购高峰期5个季度的单季回购金额平均值为298亿元，各个季度回购的公司数量在400家左右。2022年年初至今，股市回购的热潮再次掀起。截至4月15日，上市公司年内已实施的回购金额约272亿元，年内已实施回购的公司数量逾400家。由于当前股市经历了一轮大幅调整，许多公司的估值处于历史低位，随着4月底上市公司年报陆续披露和董事会、股东会相继召开，A股股票回购市场的热度有望进一步提升。1.2  A股市场回购的行业分布特征从2012年至今A股市场回购的行业分布来看，A股股票回购的行业分化明显，主要集中在家用电器、医药生物、化工以及电子等几个行业。从不同行业的回购金额来看，A股回购的行业集中度较高。家用电器行业回购金额最高，累计达588亿元，占全部回购金额的15%。此外，回购金额排名前七的行业占全部回购金额的比例超过50%，其余20个行业的占比普遍较低。A股的银行业即便市净率已经跌破1，但也从未进行过回购。这可能因为商业银行受巴塞尔协议的风险管理要求影响，规模扩张普遍面临资本充足率的制约，而股份回购是会减少净资产的，所以银行可能更希望选择将有限的净资产用于发放贷款扩大营收而非回购减少净资产。从不同行业的回购次数来看，医药生物、计算机、机械设备、电子、化工、电气设备等行业的回购较为频繁，这些行业的公司累计回购次数均超过500次（公司如果发生多次回购则按季度分别统计，每个季度算一次），这与行业的公司数量较多有关，这些行业的公司数量少则约250家，多则接近400家。家用电器行业回购次数较低主要因为上市公司数量不足百家且龙头份额十分集中，主要是行业龙头格力电器、美的集团、海尔智家等在进行大规模回购。家电行业龙头公司现金流极为充裕，在股价表现不及预期的时候，可以进行大规模回购。1.3  A股市场回购的目的分布特征从A股市场不同回购目的金额分布来看，2012年至今发布股票回购预案的公司中，56%回购目的为其他，18%用于市值管理，13%用于实施股权激励，9 %用于股权激励注销。我们对照公司公告进一步核对发现，回购目的为其他的绝大部分是实施股权激励或员工持股计划，少数是市值管理或用于转换上市公司发行的可转债，极少数用于减少注册资本，由于这部分公司回购目的同时包含多个类别，因此无法按单一类别统计，暂时都归类至其他。从A股市场不同回购目的次数分布来看，2012年至今发布股票回购预案的公司中，股权激励注销类次数占比最高，占比达71%。回购目的为其他的次数占比为15%，另外，盈利补偿的回购次数占比为6%，市值管理的回购次数占比为4%。我们认为股权激励注销类的回购对于分析回购对股票价格的影响不大，建议在实际分析中作剔除处理。2019年以来，上市公司主动回购意识增强。2019年之前，上市公司主要出于股权激励注销目的进行回购，被动回购占主导；2019年之后，市值管理和其他类回购目的显著增加，并且回购金额要远高于股权激励注销。总的来看，上市公司主动回购意识增强，在维护投资者利益、降低代理成本、增强市场信心等方面释放积极信号。1.4 2022年以来A股市场回购统计截至4月15日，2022年以来A股市场新发布回购预案的公司数量达374家，剔除掉回购目的为股权激励注销的预案后（该类回购目的数量占比较大，但金额较低，对股市影响较小），剩余新发布回购预案的公司数量为181家。其中6家公司仅披露回购数量，而回购价格未披露或者非市场价格。将剩下的175家公司按回购预案金额上限从高到低排列，选取金额最大的前75家公司，汇总表格如下所示。截至4月15日，2022年以来A股市场实际实施回购的公司数量逾400家（包含回购预案日早于2022年的公司），回购金额最大的三家公司分别是恒力石化、顺丰控股、迈瑞医疗，2022年已经实施的回购金额均超过10亿元。按实际回购金额从高到低排列，选取金额最大的前75家公司，汇总表格如下所示。2，A股上市公司股份回购的制度背景2.1 我国上市公司股份回购的发展历程2.1.1 探索阶段（1999年之前）相较于发达国家，我国资本市场股份回购制度起步较晚。改革开放后，为了顺应经济发展的趋势，一些公司在政策引导下进行了尝试性的股份制改革，并成为了最先上市的一批公司，证券市场规模不断扩大。股份回购成为了资本市场中的热议话题，我国第一次股份回购发生于1992年，大豫园公司以小豫园公司大股东的身份回购所有小豫园公司股份并注销。1993年，我国通过了《公司法》，规定了两种允许进行股份回购的情形：（1）公司因减少资本而注销股份；（2）与持有本公司股份的股东合并。随着政策出台、市场发展，越来越多上市公司开展了股份回购，1994年陆家嘴协议回购国有股后增发B股、1996年厦门国贸回购、1999年云天化与申能股份部分国有股的成功回购均为该时期股份回购的典型案例。综合来看，在1999年之前，我国股份回购制度仍处于探索阶段，所发生的股份回购主要服务于国家“从战略上调整国有经济和国有企业，推进国有资产合理流动和重组，调整国有经济结构和布局”的目的，顺应国有股减持这一历史使命，行政成分较多，而商业色彩较少。此后，由于《公司法》中对于股份收购的场景划定过于狭窄、市场行情长期疲软、缺乏流动性以及上市公司参与回购的意愿较小，股票回购逐渐淡出市场。2.1.2 国有股减持阶段（1999~2004年）根据1998年中报沪深两市公司的统计，我国国家股、国有法人股在总股本中比例超过50%的公司多达273家，占全部813家公司的 33.58%，特别是其中的112家总股本超过4亿元的公司，国有股的比例半数以上超过70%，具有明显的绝对控股地位。国有股的控制力度过强，使得“所有者缺位”等腐败现象屡次发生，企业激励和约束机制不完善。为了达到国有企业的所有权与行政权分离的目的，我国主要通过股份回购手段完成国有股份减持。1999年12月4日，财政部有关负责人指出：国有股减持的第一步使上市公司国有股权比重下降为51%。第二步则根据情况减持，有关国有股减持办法将出台。2001年6月12日，国务院正式发布《减持国有股筹集社会保障资金管理暂行办法》，标志着国有股减持工作正式启动。虽然在理论上使用股份回购实施国有股减持的政策能最大程度避免对二级市场造成冲击，不需要大量现金流，具有更容易被投资者接受、较大程度提升公司每股净利润的优点。然而，自2001年6月14日起，叠加美国科技股泡沫破灭、伊拉克战争等因素，上证指数从2245点开始下跌，开启了长达5年量价齐跌的熊市。2.1.3  股权分置改革阶段（2005~2008年）我国证券市场成立之初采取的是独有的“股权分置”政策，即A股上市公司的股份分为流通股与非流通股。其中，可以在交易所上市且交易的股票成为流通股，主要包括社会公众持有的股票，在公开发行前后暂不上市流通的股票称为非流通股。非流通股主要为国企股份制改造产生的国有股以及其它公开发行前的社会法人股、自然人股等股票，这种分置现象造成了严重的委托代理矛盾。为了适应资本市场开放与稳定发展的需求，达到“上市公司所有股份持股成本相同”的标准，2005年4月29日，经国务院批准，中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》，启动了股权分置改革的试点工作，标志着股权分置改革正式开启。2005年6月16日，证监会颁布了《上市公司回购社会公众股份管理办法(试行)》，以及同年《公司法》第三次修订，进一步拓宽了上市公司股份回购的场景：（3）上市公司回购股份作为员工的奖励；（4）股东因对股东大会作出的公司合并、分立存在异议，要求公司回购其股份。同时，为了放宽上市公司回购流通股的限制，证监会鼓励在要约回购的基础上，使用公开市场的方式回购股份。此外，证监会鼓励上市公司通过合理的定价，使用“以股抵债”的方式解决上市公司纠正、解决控股股东侵占上市公司资金问题，即允许上市公司以特定价格回购控股股东所持有的股份，并以回购应付价款与控股股东侵占上市公司资金所形成的负债相抵消。“以股抵债”的措施有效避免了“以股逃债、赖债”、大股东侵占企业资金等行为，缓解了我国资本市场中委托代理矛盾。在股权分置改革顺利实施的背景下，A股上市公司回购积极性大幅提升，在2005年至2006年间发生了创纪录的38起回购事件。同时，A股上市公司迎来了业绩与估值的大幅增长，投资者大量涌入股市。此时期上证指数开启了“快牛”行情，从2005年谷底的988点一路上涨至2007年的6124点，全市场平均市盈率达到了50倍左右，至今未被超越。2.1.4 快速发展阶段（2008年至今）2008年10月，证监会发布《上市公司回购股份补充规定》，借鉴国外成熟市场的经验，将股份回购协议的行政审核制改为了备案制，大大缩减了上市公司回购股份的流程，进一步提高了市场化程度。在此之后，股份回购的行为意义更多在于托举疲软的股价，维护上市公司的长期投资价值。2015年A股再次走出“过山车”式的行情，为了维护市场的稳定与有效秩序，提振投资者信心，证监会推出增持、回购等“5选1”救市方案。在此期间，共有37家公司发布回购预案，且有9家公司回购金额超过10亿元。这一时期的股份回购主要是为了保护投资者利益，使得股价反应公司内在价值。2.2 2018年《公司法》关于股份回购的修订为了深化金融改革，2018年10月26日，第十三届全国人大第六次会议通过了《公司法》的修正案，主要做出三大调整：放宽要求，简化程序，新建制度。此次修订更进一步放宽了股份回购的限制，增加了以下股份回购情形：（5）上市公司为配合可转换公司债券、认股权证的发行用于股权转换的；（6）上市公司为维护公司信用及股东权益所必需的；（7）法律、行政法规规定的其他情形。其中第7条作为兜底条款，大大增加了上市公司股份回购的灵活性。同时，在增加股份回购情形、完善实施决策程序之外，修正案草案首度提及“建立库存股制度”，并明确公司因实施员工持股计划或者股权激励，上市公司配合可转债、认股权证发行用于股权转换以及为维护公司信用及股东权益回购本公司股份后，可以转让、注销或者将股份以库存方式持有。同时，为限制公司长期持有库存股，影响市场的股份供应量，明确规定以库存方式持有的，持有期限不得超过三年。在公司资产负债稳定、现金流状况良好的情况下，根据信号理论，库存股的存在可以让熟悉公司商业模式的管理层通过回购、保存或注销库存股的方式向市场传递管理层对公司估值水平的判断。另外，库存股的存在使得企业可以调整EPS增速，选择性地向市场传递积极信号。3，历次回购热潮的市场表现回顾2018年回购新规颁布以来，A股市场股票回购事件频发。上市公司开启股票回购主要集中于市场阶段性底部或者行业下行区间。其中，2018年至今共出现两轮回购高峰期，即2018Q4到2019Q3，以及2020Q3到2021Q3。3.1 第一轮回购高峰期第一轮回购高峰期（2018Q4至2019Q3）的行业分布较均匀，化工、医药生物、房地产、传媒等行业上市公司都以近百亿资金参与回购，这一阶段A股整体处于下行区间。3.2 第二轮回购高峰期第二轮回购高峰期（2020Q3至2021Q3）的回购金额在各行业间分化明显，主要是由家用电器支撑，其回购金额高达461亿元。家用电器行业的回购金额超过第2-7名行业回购金额的总和。这一时期A股整体走势强劲，但家用电器板块走势不佳，该行业龙头公司格力电器、美的集团回购热情较高，分别回购270亿元、158亿元。2022年年初回购热潮伴随着又一轮A股的快速下行期。2022年年初A股上市公司回购热情高涨，股票回购主要集中在医药生物、电子、化工以及计算机等行业。A股整体走势小幅下行，开启回购热潮的各行业下行趋势均比较明显。低估值公司更倾向于开启股票回购。2012年以来，A股市场上市公司发布回购预案共计7461次，其中1521次发布回购预案的公司在预案当日市盈率分位数在0%-10%之间，占比为20.39%；而市盈率分位数在90%-100%之间只有473次，占比仅为6.34%。可见，低估值公司更倾向于开启股票回购，向市场释放股价被低估信号。4，股份回购行为对A股的影响分析4.1 回购行为对股票短期与长期的影响为分析A股市场股票回购对股价走势影响，本文选取回购预案日在2018年3月31日到2021年3月31日之间，且回购金额大于100万、回购情况为实施或者完成的上市公司进行分析，样本总量为2548（同一上市公司，期间如发布不同的回购预案则分别计算）。此外，超额收益的计算以上证综指为基准。A股股票回购短期内对股价影响较小，长期来看存在支撑作用。上市公司发出回购预案之后，一个月内对股价影响较小，可见A股市场回购公告效应较弱。上市公司回购预案半年后、一年后分别达到5.09%、13.18%的平均收益，一年后形成5.27%的超额收益。这意味着发布回购预案的上市公司大概率处于低估值空间，未来有升值的可能性。需要注意的是，上述收益计算以预案日收盘价为起始点，而一般预案在预案日前一天晚上发布，我们未计算预案日当天高开的这部分涨跌幅影响。通常而言，如果股份回购方案合理，当日通常会有不错的涨幅。但如果不是违法获取内幕消息并提前交易，也难以获得这部分涨幅，因此我们不将预案日涨跌幅纳入计算。4.2 回购金额占总市值比例与超额收益正相关回购金额占公司总市值比例与超额收益长期来看成正比关系，即占比越高，长期内个股表现越佳。回购金额占公司总市值超过5%的超额收益持续高于占比较低的公司，一年后超额收益高达10.62%。一方面，上市公司发布高于总市值5%的回购预案，向市场传递的信号更强，可以显著提振投资者信心；另一方面，长期内公司股价的上涨主要受公司内在价值推动，因此这部分公司内在价值被低估的可能性更高。4.3 行业回购规模和回购后超额收益并无显著关系各行业超额收益表现不一，行业回购规模和回购后超额收益并无显著关系。行业方面，长期来看（T+360），食品饮料、化工以及电子等行业表现最好，分别跑赢上证指数23.66%、20.36%、19.19%，商业贸易、休闲服务、建筑装饰等行业超额收益最差，分别跑输上证指数18.96%、9.48%、8.79%；短期来看（T+30），非银金融、休闲服务以及采掘等行业表现最好，分别跑赢上证指数5.07%、4.78%、2.41%，但休闲服务是回购次数较低的行业，因此其超额收益并非主要受回购影响。从数据来看，行业回购规模与回购后超额收益并无显著关系，正超额收益更多受个股内在价值影响。4.4 不同回购目的的超额收益比较以股权激励注销与其他类为回购目的的回购行为超额收益较高。长期内（T+360），以股权激励注销以及其他为目的回购行为带来超额收益最高，分别跑赢上证指数6%、6.06%，而以实施股权激励为目的的回购行为带来的超额收益最低，跑输上证指数2.5%。股权激励注销属于被动回购，该目的一方面可向市场传达公司股权激励失败的消极信号；另一方面回购股份注销，可通过提升ROE等盈利指标传达积极信号。可见，在我国A股市场上，股权激励注销可以为回购公司带来正超额收益。其他类回购目的蕴含多种可能性，且目前其规模迅速扩大，市场对其反应正向。4.5 不同估值区间发起回购行为的超额收益比较低估值区间的上市公司在股票回购后股价上行幅度更大，且短期内走势要好于高估值公司。市盈率分位数位于0%-10%区间内的上市公司，回购预案发布后持续获得正超额收益，且收益远高于其他估值区间。随着估值区间增高，回购后获得负超额收益的概率上升，且长期来看，也未必获得正超额收益。（其中，市盈率分位数位于90%-100%区间内的上市公司在回购预案发布1年后超额收益达到10.54%，主要受样本数量少影响，此区间内只有129个样本，代表性不强。）","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086977346,"gmtCreate":1650413409437,"gmtModify":1676534717308,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086977346","repostId":"1111009719","repostType":4,"isVote":1,"tweetType":1,"viewCount":2118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9086977346,"gmtCreate":1650413409437,"gmtModify":1676534717308,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086977346","repostId":"1111009719","repostType":4,"isVote":1,"tweetType":1,"viewCount":2118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987573526,"gmtCreate":1667955341565,"gmtModify":1676537989419,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987573526","repostId":"2259739073","repostType":2,"repost":{"id":"2259739073","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1660602900,"share":"https://ttm.financial/m/news/2259739073?lang=en_US&edition=fundamental","pubTime":"2022-08-16 06:35","market":"us","language":"en","title":"Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q","url":"https://stock-news.laohu8.com/highlight/detail?id=2259739073","media":"Dow Jones","summary":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monda","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-08-16 06:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4191":"家用电器","CRCT":"Cricut, Inc.","BK4176":"多领域控股","NU":"Nu Holdings Ltd.","BK4539":"次新股","BK4550":"红杉资本持仓","TERN":"Terns Pharmaceuticals, Inc.","BK4534":"瑞士信贷持仓","BK4007":"制药","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4581":"高盛持仓","BRK.B":"伯克希尔B","BK4207":"综合性银行"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259739073","content_text":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n\n\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n\n\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n\n\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n\n\n \n\n\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  August 15, 2022 18:35 ET (22:35 GMT)\n\n\n  Copyright (c) 2022 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"NU":0.9,"BRK.B":0.8,"END":1,"CRCT":0.64,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993990153,"gmtCreate":1660611089174,"gmtModify":1676536364658,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993990153","repostId":"2259739073","repostType":2,"repost":{"id":"2259739073","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1660602900,"share":"https://ttm.financial/m/news/2259739073?lang=en_US&edition=fundamental","pubTime":"2022-08-16 06:35","market":"us","language":"en","title":"Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q","url":"https://stock-news.laohu8.com/highlight/detail?id=2259739073","media":"Dow Jones","summary":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monda","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-08-16 06:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kathryn Hardison \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/NU\">Nu Holdings Ltd.</a> shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n</p>\n<p>\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n</p>\n<p>\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n</p>\n<p>\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 15, 2022 18:35 ET (22:35 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4191":"家用电器","CRCT":"Cricut, Inc.","BK4176":"多领域控股","NU":"Nu Holdings Ltd.","BK4539":"次新股","BK4550":"红杉资本持仓","TERN":"Terns Pharmaceuticals, Inc.","BK4534":"瑞士信贷持仓","BK4007":"制药","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4581":"高盛持仓","BRK.B":"伯克希尔B","BK4207":"综合性银行"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259739073","content_text":"By Kathryn Hardison \n\n\n \n\n\nNu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue. \n\n\n  Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago. \n\n\n  Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year. \n\n\n  Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico. \n\n\n \n\n\n  Write to Kathryn Hardison at kathryn.hardison@wsj.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  August 15, 2022 18:35 ET (22:35 GMT)\n\n\n  Copyright (c) 2022 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"NU":0.9,"BRK.B":0.8,"END":1,"CRCT":0.64,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":2070,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086473727,"gmtCreate":1650495749747,"gmtModify":1676534735577,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086473727","repostId":"9095347976","repostType":1,"repost":{"id":9095347976,"gmtCreate":1644839765739,"gmtModify":1676533966537,"author":{"id":"3527667627336929","authorId":"3527667627336929","name":"Nick2666","avatar":"https://static.tigerbbs.com/92ab25a7c423a9b25866de3a00d155b5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667627336929","authorIdStr":"3527667627336929"},"themes":[],"title":"How to Invest in Gold? Star Stocks and ETFS","htmlText":"On Friday, February 12th, the price of gold rose by more than 1.3%, the biggest increase in the past four months. This moving price signal is usually a good time for us to pay attention to an asset class. As one of the investment categories, gold is usually famous for its value storage means such as avoiding risks and resisting inflation. Under the background of tense regional political situation and high inflation in Europe and America, it is a good time for gold to come on stage. Personally, the following comment is a good analysis of some factors in the current gold price game: Also on Friday, February 12th, the yield of 10-year US bonds rose above 2% for the first time in two and a half years, which put some pressure on the rise of \"interest-free\" gold. On the other hand, the price of","listText":"On Friday, February 12th, the price of gold rose by more than 1.3%, the biggest increase in the past four months. This moving price signal is usually a good time for us to pay attention to an asset class. As one of the investment categories, gold is usually famous for its value storage means such as avoiding risks and resisting inflation. Under the background of tense regional political situation and high inflation in Europe and America, it is a good time for gold to come on stage. Personally, the following comment is a good analysis of some factors in the current gold price game: Also on Friday, February 12th, the yield of 10-year US bonds rose above 2% for the first time in two and a half years, which put some pressure on the rise of \"interest-free\" gold. On the other hand, the price of","text":"On Friday, February 12th, the price of gold rose by more than 1.3%, the biggest increase in the past four months. This moving price signal is usually a good time for us to pay attention to an asset class. As one of the investment categories, gold is usually famous for its value storage means such as avoiding risks and resisting inflation. Under the background of tense regional political situation and high inflation in Europe and America, it is a good time for gold to come on stage. Personally, the following comment is a good analysis of some factors in the current gold price game: Also on Friday, February 12th, the yield of 10-year US bonds rose above 2% for the first time in two and a half years, which put some pressure on the rise of \"interest-free\" gold. On the other hand, the price of","images":[{"img":"https://static.tigerbbs.com/30a76a55859512e2fe600b8e3133db40","width":"839","height":"469"},{"img":"https://static.tigerbbs.com/c66193ccb92bcf6bd16e51a83580bd9b","width":"1154","height":"366"},{"img":"https://static.tigerbbs.com/8b661fe0173709d9ea81cfdb047d596f","width":"2000","height":"1333"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095347976","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086831433,"gmtCreate":1650429955482,"gmtModify":1676534723125,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086831433","repostId":"1136227043","repostType":2,"repost":{"id":"1136227043","kind":"news","pubTimestamp":1650418875,"share":"https://ttm.financial/m/news/1136227043?lang=en_US&edition=fundamental","pubTime":"2022-04-20 09:41","market":"sh","language":"zh","title":"Enlightenment from previous A-share repurchase booms: low valuation is king","url":"https://stock-news.laohu8.com/highlight/detail?id=1136227043","media":"追寻价值之路","summary":"2022年年初至今，A股回购热潮再次掀起。从历史经验来看，回购对公司市场价值提升效果明显，特别是采取回购股份注销形式的、以市值管理为目的的回购，是直接回报股东的一种方式。通过复盘A股历次回购热潮，可以","content":"<p><html><head></head><body><b>Since the beginning of 2022, the A-share repurchase boom has set off again. From the historical experience, repurchase has a significant effect on improving the company's market value, especially the repurchase for the purpose of market value management in the form of cancellation of repurchased shares, which is a way to directly repay shareholders. Through the previous A-share repurchase boom in review, the following enlightenment can be obtained: 1) Low-valuation companies have obvious excess returns after the release of the repurchase plan; 2) The proportion of the company's repurchase amount to the total market value is positively correlated with excess returns; 3) Company repurchases have a long-term supporting effect on stock prices. As the current stock market has undergone a round of obvious correction, the valuation is at a low position. Looking forward, with the successive disclosure of annual reports of listed companies and the successive convening of board of directors and shareholders' meetings, the popularity of A-share repurchases is expected to further increase. It is recommended to pay long-term attention to relevant targets that adopt active repurchases to safeguard company value and shareholders' rights and interests.</b></p><p><b>After the release of new regulations on stock repurchases in 2018, the scale of repurchases expanded significantly.</b>Judging from the amount and frequency of repurchases, since the rise of A-share repurchases in 2012, it has experienced two rounds of repurchase booms, namely 2018Q4 to 2019Q3 and 2020Q3 to 2021Q3. Since the beginning of 2022, the repurchase boom in the A-share market has resumed. The amount of repurchases implemented by listed companies is about 27.2 billion yuan, and the number of companies that have implemented repurchases during the year exceeds 400.</p><p><b>Stock repurchases are mainly concentrated at the bottom of the market or the downward range of the industry.</b>In the first wave of repurchases, the amount of repurchases was evenly distributed across the industry, and A shares as a whole were in a downward stage. In the second wave of repurchases, the amount of repurchases is obviously differentiated among different industries, and the overall trend of A shares is strong. However, the stock price of the home appliance industry continues to fall, and the enthusiasm for repurchases in the home appliance industry is high.</p><p><b>Stock repurchases have little impact on stock prices in the short term, but have a supporting effect in the long run.</b>After the listed company releases the repurchase plan, it will have little impact on the stock price in the short term (regardless of the impact of the rise and fall on the plan date). After half a year and one year, it will reach an average return of 5.09% and 13.18% respectively, and one year later it will form an average excess return of 5.27%.</p><p><b>The proportion of stock repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the long-term performance of individual stocks.</b>The excess returns of companies whose repurchase amount accounts for more than 5% of the company's total market value continue to be higher than those of companies whose repurchase amount accounts for relatively low proportions, and the average excess returns of companies whose repurchase amount accounts for 10.62% one year later.</p><p><b>After the release of the repurchase plan, the stock price of low-valuation companies rose even more, and the short-term trend was better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained.</p><p><b>Risk warning: Repurchases increase financial leverage risks, repurchase plans may not be implemented, historical experience does not represent the future, the macro economy is less than expected, and overseas markets fluctuate significantly</b></p><p><b>Report text</b></p><p><b>1. The A-share market welcomes another repurchase boom</b></p><p>Stock repurchase mainly refers to a capital operation mode in which listed companies use their own funds or self-raised funds to buy back shares through the secondary market as treasury shares or cancel them. Generally speaking, in terms of financial effects, stock repurchases can improve profit indicators such as earnings per share and return on assets. At the same time, active stock repurchase has a certain positive announcement effect. Listed companies can use repurchase behavior to convey the signal to the market that the company's stock price is undervalued, thus boosting market confidence and raising the stock price.</p><p><b>At present, the main purpose of stock repurchase in China is to implement equity incentive, market value management, equity incentive cancellation, profit compensation, employee stock ownership plan and others, which can be divided into passive and active types</b>。 Among them, equity incentive cancellation and profit compensation are usually passive stock repurchases, which are generally related to employees' resignation and loss of exercise conditions, and asset restructuring performance failing to meet promised expectations. The number of such repurchases accounts for a relatively large proportion, but the amount of repurchases is generally not large, which usually does not have a positive impact on stock market prices. The purpose of implementing repurchases such as equity incentives, employee stock ownership plans, and market value management represents active stock repurchases. Such repurchases have a more obvious improvement in the company's market value, especially the market value management that adopts the method of cancellation of repurchased shares, which can increase earnings per share and is a way to directly reward shareholders.</p><p><b>1.1 A-shares have experienced two rounds of repurchase peaks since 2012</b></p><p>Before 2012, the number of A-share listed companies that issued stock repurchase plans was relatively small, and the number of companies that successfully implemented repurchases did not exceed double digits. Since 2012, stock repurchases in the A-share market have begun to rise. After the Company Law made special amendments to the terms of share repurchases in October 2018, in November of the same year, the implementation rules of the Shanghai and Shenzhen Stock Exchanges on share repurchases of listed companies were issued in a short period of time. The introduction has greatly stimulated the vitality of the market, and the enthusiasm of listed companies for repurchases has significantly increased, ushering in a boom in stock market repurchases.</p><p>Judging from the amount of repurchases and the number of companies, Q4 in 2018 to Q3 in 2019 was the peak period of the first round of A-share repurchases. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies repurchased in each quarter was about 500 (the company only counts once when implementing multiple repurchases in a single quarter).</p><p>From Q3 in 2020 to Q3 in 2021, it is the peak period for the second round of A-share repurchases. During this period, the quarterly repurchase amount reached a maximum of 38.8 billion yuan, which occurred in Q3 in 2021. The average single-quarter repurchase amount in the five quarters during the peak period of the second round of repurchases was 29.8 billion yuan, and the number of companies repurchased in each quarter was about 400.</p><p><img src=\"https://static.tigerbbs.com/8cdde7b958bf587dd17a770817173349\" tg-width=\"643\" tg-height=\"409\" referrerpolicy=\"no-referrer\"/></p><p>Since the beginning of 2022, the upsurge of stock market buybacks has started again. As of April 15, the amount of repurchases implemented by listed companies during the year was approximately 27.2 billion yuan, and the number of companies that implemented repurchases during the year exceeded 400. As the current stock market has undergone a round of substantial adjustments, the valuations of many companies are at historically low levels. With the successive disclosure of annual reports of listed companies at the end of April and the successive convening of board of directors and shareholders' meetings, the popularity of the A-share stock repurchase market is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of A-share market repurchase</b></p><p><b>Judging from the industry distribution of A-share market repurchases since 2012, the industry differentiation of A-share stock repurchases is obvious, mainly concentrated in several industries such as household appliances, medicine and biology, chemicals and electronics.</b></p><p>Judging from the amount of repurchases in different industries, the industry concentration of A-share repurchases is relatively high. The household appliance industry has the highest repurchase amount, with a total of 58.8 billion yuan, accounting for 15% of the total repurchase amount. In addition, the top seven industries in terms of repurchase amount accounted for more than 50% of the total repurchase amount, while the remaining 20 industries generally accounted for a low proportion. Even though the price-to-book ratio of the A-share banking industry has fallen below 1, it has never conducted repurchases. This may be because commercial banks are affected by the risk management requirements of the Basel Accord, and their scale expansion is generally constrained by the capital adequacy ratio, and share repurchase will reduce their net assets. Therefore, banks may prefer to choose to use their limited net assets for issuing loans to expand revenue rather than repurchase to reduce net assets.</p><p>Judging from the number of repurchases in different industries, the repurchases in pharmaceutical biology, computer, mechanical equipment, electronics, chemical industry, electrical equipment and other industries are more frequent. The cumulative number of repurchases of companies in these industries exceeds 500 (if the company has multiple repurchases, they are counted quarterly, once every quarter), which is related to the large number of companies in these industries. The number of companies in these industries ranges from about 250 to nearly 400. The low number of repurchases in the household appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the leading share is very concentrated. The main reason is that industry leaders Gree Electric, Midea Group, Haier Smart Home, etc. are conducting large-scale repurchases. Leading companies in the home appliance industry have extremely abundant cash flow, and when the stock price performance is lower than expected, they can conduct large-scale repurchases.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Purpose distribution characteristics of repurchase in A-share market</b></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, 56% of the repurchase purposes are for other purposes, 18% are used for market value management, 13% are used for equity incentive implementation, and 9% are used for equity incentive cancellation. Further checking against the company's announcement, we found that most of the repurchase purposes are to implement equity incentives or employee stock ownership plans, a few are market value management or conversion of convertible bonds issued by listed companies, and a few are used to reduce registered capital. As the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted according to a single category, and they are temporarily classified into others.</p><p><img src=\"https://static.tigerbbs.com/addc1f166e61c9e5a41e032f73246d28\" tg-width=\"635\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, the number of cancellations of equity incentives accounts for the highest proportion, accounting for 71%. The number of repurchases for other purposes accounts for 15%. In addition, the number of repurchases for profit compensation accounts for 6%, and the number of repurchases for market value management accounts for 4%. We believe that the repurchase of equity incentive cancellation has little impact on the analysis of the repurchase on the stock price, and it is recommended to eliminate it in the actual analysis.</p><p><img src=\"https://static.tigerbbs.com/7ab66157038f5ffb20258e0cc0fdb9b3\" tg-width=\"646\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/></p><p><b>Since 2019, listed companies' awareness of active repurchases has increased.</b>Before 2019, listed companies mainly conducted repurchases for the purpose of equity incentive cancellation, and passive repurchases dominated; After 2019, the purpose of market value management and other types of repurchases has increased significantly, and the repurchase amount is much higher than the cancellation of equity incentives. Generally speaking, listed companies' awareness of active repurchases has increased, releasing positive signals in safeguarding investors' interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 A-share market repurchase statistics since 2022</b></p><p>As of April 15, the number of companies that have newly released repurchase plans in the A-share market since 2022 has reached 374. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes accounts for a relatively large proportion, but the amount is relatively low, with less impact on the stock market), the remaining number of companies that have newly released repurchase plans is 181. Among them, six companies only disclosed the repurchase quantity, but the repurchase price was not disclosed or was not the market price. The remaining 175 companies are sorted from high to low according to the upper limit of the repurchase plan amount, and the top 75 companies with the largest amount are selected. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/a8662899a00f877eaaf07a9eebe0e321\" tg-width=\"732\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/></p><p>As of April 15, the number of companies that have actually implemented repurchases in the A-share market since 2022 has exceeded 400 (including companies whose repurchase plan date is earlier than 2022). The three companies with the largest repurchase amounts are Hengli Petrochemical, SF Holdings and Mindray Medical, the repurchase amount that has been implemented in 2022 will all exceed 1 billion yuan. Arrange from high to low according to the actual repurchase amount, and select the top 75 companies with the largest amount. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/80e182db7539bfb8eb3385c996436f3c\" tg-width=\"829\" tg-height=\"822\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Institutional background of share repurchase of A-share listed companies</b></p><p><b>2.1 The development history of share repurchase of listed companies in my country</b></p><p><b>2.1. 1 Exploratory phase (before 1999)</b></p><p>Compared with developed countries, my country's capital market share repurchase system started late. After the reform and opening up, in order to conform to the trend of economic development, some companies carried out tentative shareholding system reform under the guidance of policies, and became the first companies to be listed, and the scale of the securities market continued to expand. Share repurchase has become a hot topic in the capital market. The first share repurchase in China took place in 1992. As the major shareholder of Little Yuyuan Company, Dayuyuan Company repurchased all the shares of Little Yuyuan Company and cancelled them.</p><p>In 1993, China passed the Company Law, which stipulated two situations in which share repurchase was allowed: (1) the company cancelled its shares due to capital reduction; (2) Merge with shareholders holding shares of the Company. With the introduction of policies and the development of the market, more and more listed companies have carried out share repurchases. In 1994, Lujiazui agreed to repurchase state-owned shares and then issued additional B shares, in 1996, Xiamen International Trade repurchased some state-owned shares of Yuntianhua and Shenergy in 1999. The successful repurchases are typical cases of share repurchases during this period.</p><p>On the whole, before 1999, China's share repurchase system was still in the exploratory stage, and the share repurchases that occurred mainly served the state's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and reorganization of state-owned assets, and adjusting the state-owned economic structure and layout\", conforming to the historical mission of reducing state-owned shares, with more administrative components and less commercial color. Since then, due to the narrow delineation of share acquisition scenarios in the Company Law, long-term weak market conditions, lack of liquidity, and the low willingness of listed companies to participate in repurchases, stock repurchases have gradually faded out of the market.</p><p><img src=\"https://static.tigerbbs.com/7a62376282a0525a12355b0f7ce5edd8\" tg-width=\"643\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 2 Stage of state-owned share reduction (1999 ~ 2004)</b></p><p>According to the statistics of companies reported in Shanghai and Shenzhen stock markets in 1998, there are as many as 273 companies in China with state-owned shares and state-owned legal person shares accounting for more than 50% of the total share capital, accounting for 33.58% of all 813 companies, especially 112 of which have a total share capital of more than 400 million yuan, and the proportion of state-owned shares exceeds half and exceeds 70%, which has an obvious absolute controlling position. The control power of state-owned shares is too strong, which makes corruption phenomena such as \"absence of owners\" occur repeatedly, and the incentive and restraint mechanism of enterprises is imperfect.</p><p>In order to achieve the purpose of separating the ownership and administrative power of state-owned enterprises, China mainly reduces the state-owned shares through share repurchase. On December 4, 1999, the relevant person in charge of the Ministry of Finance pointed out that the first step of reducing state-owned shares was to reduce the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the situation, and relevant measures for reducing state-owned shares will be introduced. On June 12, 2001, the State Council officially issued the Interim Measures for the Administration of Reducing State-owned Shares to Raise Social Security Funds, which marked the official start of the reduction of state-owned shares.</p><p>Although theoretically, using share repurchase to implement the policy of reducing state-owned shares can avoid the impact on the secondary market to the greatest extent, it does not require a large amount of cash flow, and has the advantages of being easier to be accepted by investors and greatly increasing the company's net profit per share. However, since June 14, 2001, coupled with factors such as the bursting of the U.S. technology stock bubble and the Iraq war, the Shanghai Composite Index began to fall from 2,245 points, starting a five-year bear market in which both volume and price fell.</p><p><img src=\"https://static.tigerbbs.com/4237c3c3eaaa3553915c5c202d9d94f9\" tg-width=\"637\" tg-height=\"411\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 3 Stage of share-trading reform (2005 ~ 2008)</b></p><p>At the beginning of the establishment of China's securities market, a unique policy of \"non-tradable shares\" was adopted, that is, the shares of A-share listed companies were divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on the exchange become tradable shares, mainly including stocks held by the public. Stocks that are temporarily not listed and traded before and after the public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares produced by the shareholding system reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offering. This split phenomenon has caused serious principal-agent contradiction.</p><p>In order to meet the needs of capital market opening and stable development, and meet the standard of \"the shareholding cost of all shares of listed companies is the same\", on April 29th, 2005, with the approval of the State Council, China Securities Regulatory Commission issued the Notice on Relevant Issues of the Pilot Reform of Non-tradable Shares of Listed Companies, which started the pilot work of non-tradable shares reform, marking the official start of the reform of non-tradable shares.</p><p>On June 16, 2005, the China Securities Regulatory Commission promulgated the \"Administrative Measures for the Repurchase of Public Shares by Listed Companies (Trial)\" and the third revision of the \"Company Law\" in the same year, further broadening the scenarios for share repurchases by listed companies: (3) Listed companies repurchase shares as rewards for employees; (4) Shareholders require the company to buy back their shares because they have objections to the merger and division of the company made by the shareholders' meeting. At the same time, in order to relax the restrictions on listed companies' repurchase of tradable shares, the China Securities Regulatory Commission encourages the use of open market methods to repurchase shares on the basis of tender repurchase. In addition, the CSRC encourages listed companies to correct and solve the problem of controlling shareholders' embezzlement of listed companies' funds through reasonable pricing, that is, listed companies are allowed to repurchase the shares held by controlling shareholders at a specific price, and the repurchase price payable is offset by the liabilities formed by the controlling shareholders' embezzlement of listed companies' funds. The measure of \"paying off debts with shares\" effectively avoids the behaviors of \"evading debts with shares, defaulting on debts\" and embezzlement of corporate funds by major shareholders, and alleviates the contradiction between principal and agent in China's capital market.</p><p>Under the background of the smooth implementation of the non-tradable share reform, the enthusiasm of A-share listed companies for repurchase has greatly increased, with a record 38 repurchase events between 2005 and 2006. At the same time, A-share listed companies have ushered in a substantial increase in performance and valuation, and investors have poured into the stock market. During this period, the Shanghai Composite Index started a \"fast bull\" market, rising from 988 points at the bottom in 2005 to 6,124 points in 2007. The average P/E of the whole market reached about 50 times, which has not been surpassed so far.</p><p><img src=\"https://static.tigerbbs.com/92ed96e7981daeac67acc29d02b7512d\" tg-width=\"638\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 4 Rapid development stage (2008-present)</b></p><p>In October, 2008, the China Securities Regulatory Commission issued the Supplementary Provisions on Share Repurchase by Listed Companies. Drawing lessons from the experience of mature foreign markets, the administrative review system of share repurchase agreements was changed to a filing system, which greatly reduced the process of share repurchase by listed companies and further improved the degree of marketization. After that, the significance of share repurchase is more to lift the weak stock price and maintain the long-term investment value of listed companies.</p><p>In 2015, A-shares once again went out of the \"roller coaster\" market. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission launched a \"5 out of 5\" rescue plan such as holding increase and repurchase. During this period, a total of 37 companies issued repurchase plans, and 9 companies repurchased more than 1 billion yuan. The share repurchase during this period is mainly to protect the interests of investors and make the stock price reflect the intrinsic value of the company.</p><p><img src=\"https://static.tigerbbs.com/35fd16f12349f13ccaacc5d9c55c27bf\" tg-width=\"633\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.2 Amendments to the Companies Act of 2018 on Share Repurchase</b></p><p>In order to deepen financial reform, on October 26, 2018, the Sixth Session of the 13th National People's Congress passed the amendment to the Company Law, which mainly made three major adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchase, and adds the following share repurchase situations: (5) listed companies use it for equity conversion in order to cooperate with the issuance of convertible corporate bonds and warrants; (6) Necessary for the listed company to safeguard the company's credit and shareholders' rights and interests; (7) Other circumstances stipulated by laws and administrative regulations. Among them, Article 7, as a bottom clause, greatly increases the flexibility of share repurchase of listed companies.</p><p>At the same time, in addition to increasing the situation of share repurchase and improving the implementation decision-making procedures, the draft amendment mentions \"establishing a treasury stock system\" for the first time, and makes it clear that the listed company can transfer, cancel or hold the shares in treasury after cooperating with the issuance of convertible bonds and warrants for equity conversion and repurchasing the company's shares to safeguard the company's credit and shareholders' rights and interests. At the same time, in order to limit the company's long-term holding of treasury shares and affect the supply of shares in the market, it is clearly stipulated that if it is held in treasury, the holding period shall not exceed three years.</p><p>When the company's assets and liabilities are stable and its cash flow is good, according to the signal theory, the existence of treasury stocks can allow the management familiar with the company's business model to convey the management's judgment on the company's valuation level to the market by repurchasing, saving or canceling treasury stocks. In addition, the existence of treasury stocks allows companies to adjust the growth rate of EPS and selectively send positive signals to the market.</p><p><img src=\"https://static.tigerbbs.com/31e63bb5379976c2aaf189136e292db5\" tg-width=\"634\" tg-height=\"518\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/17c2b078395e89b6c099e3e47af6c44e\" tg-width=\"984\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>3. Review of market performance of previous repurchase booms</b></p><p>Since the promulgation of the new repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. The opening of stock repurchases by listed companies is mainly concentrated at the bottom of the market or the downward range of the industry. Among them, there have been two rounds of repurchase peak periods since 2018, namely 2018Q4 to 2019Q3, and 2020Q3 to 2021Q3.</p><p><b>3.1 Peak period of the first round of repurchase</b></p><p>During the peak period of the first round of repurchases (2018Q4 to 2019Q3), the industry distribution was relatively evenly. Listed companies in chemical, pharmaceutical and biological, real estate, media and other industries all participated in repurchases with nearly 10 billion funds. At this stage, A-shares as a whole were in a downward range.</p><p><img src=\"https://static.tigerbbs.com/4bd5570ed01802e52a2b3044659e1ffc\" tg-width=\"648\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d2ba556d68d3035cf44f8aa171027fff\" tg-width=\"634\" tg-height=\"688\" referrerpolicy=\"no-referrer\"/></p><p><b>3.2 Peak period of the second round of repurchase</b></p><p>The repurchase amount during the peak period of the second round of repurchases (2020Q3 to 2021Q3) was obviously differentiated among various industries, mainly supported by household appliances, and the repurchase amount was as high as 46.1 billion yuan. The repurchase amount of the household appliance industry exceeds the sum of the repurchase amounts of the 2nd-7th industries. During this period, the overall trend of A-shares was strong, but the trend of the household appliances sector was not good. Gree Electric Appliances and Midea Group, the leading companies in this industry, had a high enthusiasm for repurchases, repurchasing 27 billion yuan and 15.8 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/6fe4e2752887e5bbe2455efef09514ff\" tg-width=\"642\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/f0ddf0822fa5c33605122ff175ef2ccc\" tg-width=\"642\" tg-height=\"829\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/71dddb1434cc7a240e34dcbc903d23b4\" tg-width=\"639\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/a455b29e25422a606dd257e058a03acb\" tg-width=\"646\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p><b>The repurchase boom at the beginning of 2022 is accompanied by another round of rapid decline in A shares.</b>At the beginning of 2022, A-share listed companies were enthusiastic about repurchases, and stock repurchases were mainly concentrated in pharmaceutical and biological, electronics, chemicals, and computers. The overall trend of A-shares went down slightly, and the downward trend of various industries that started the repurchase boom was relatively obvious.</p><p><img src=\"https://static.tigerbbs.com/eafbf3ce1e4d7d16d56dbad59361d7dc\" tg-width=\"646\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/80ae35a9a5e90339609355252615a24f\" tg-width=\"641\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>Low-valued companies are more inclined to open stock buybacks.</b>Since 2012, listed companies in the A-share market have issued a total of 7,461 repurchase plans, of which 1,521 companies that issued repurchase plans had a P/E quantile between 0% and 10% on the day of the plan, accounting for 20.39%; The P/E quantile is only 473 times between 90% and 100%, accounting for only 6.34%. It can be seen that undervalued companies are more inclined to start stock repurchases, releasing signals to the market that stock prices are undervalued.</p><p><img src=\"https://static.tigerbbs.com/43bc7c4242338f81ff2d42c9631804f2\" tg-width=\"640\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Analysis of the impact of share buyback behavior on A shares</b></p><p><b>4.1 The short-term and long-term impact of repurchase behavior on stocks</b></p><p>In order to analyze the impact of stock repurchase in the A-share market on stock price trends, this paper selects listed companies whose repurchase plan date is between March 31, 2018 and March 31, 2021, and the repurchase amount is greater than 1 million, and the repurchase situation is implemented or Completed for analysis, the total sample size is 2548 (for the same listed company, if different repurchase plans are issued during the period, they will be calculated separately). In addition, the calculation of excess returns is based on the Shanghai Composite Index.</p><p><b>A-share stock repurchase has little impact on stock prices in the short term, but has a supporting effect in the long run.</b>After the listed company issues the repurchase plan, it has little impact on the stock price within one month, which shows that the effect of the repurchase announcement in the A-share market is weak. The listed company's repurchase plan reached an average return of 5.09% and 13.18% after half a year and one year, respectively, and formed an excess return of 5.27% one year later. This means that listed companies that issue repurchase plans are likely to be in low valuation space, and there is a possibility of appreciation in the future. It should be noted that the above-mentioned income calculation takes the closing price of the plan day as the starting point, while the general plan is released the night before the plan day. We have not calculated the impact of this part of the rise and fall that opened higher on the plan day. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on that day. However, if it is not illegally obtained inside information and traded in advance, it is difficult to obtain this part of the increase, so we do not include the daily increase or decrease of the plan in the calculation.</p><p><img src=\"https://static.tigerbbs.com/047cdacd161d37d1991af2658fd3e578\" tg-width=\"645\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>4.2 The ratio of repurchase amount to total market value is positively correlated with excess returns</b></p><p><b>The proportion of repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the performance of individual stocks in the long run.</b>The excess return whose repurchase amount accounts for more than 5% of the company's total market value continues to be higher than that of companies with a relatively low proportion, and the excess return is as high as 10.62% one year later. On the one hand, listed companies release repurchase plans higher than 5% of the total market value, which sends a stronger signal to the market and can significantly boost investor confidence; On the other hand, the rise in the company's stock price in the long run is mainly driven by the company's intrinsic value, so the intrinsic value of this part of the company is more likely to be undervalued.</p><p><img src=\"https://static.tigerbbs.com/012b0094fc955a478fc5cbc68be26764\" tg-width=\"646\" tg-height=\"408\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.3 There is no significant relationship between industry repurchase scale and excess returns after repurchase</b></p><p><b>The performance of excess returns in various industries is different, and there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases.</b>In terms of industries, in the long run (T+360), food and beverage, chemicals, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The excess returns of commercial trade, leisure services, architectural decoration and other industries were the worst, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively; In the short term (T+30), non-bank finance, leisure services, and mining industries performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are industries with low repurchase times, so Its excess returns are not mainly affected by repurchases. From the data point of view, there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases, and the positive excess returns are more affected by the intrinsic value of individual stocks.</p><p><img src=\"https://static.tigerbbs.com/c794afe4124cea1e06caa26a97776bbf\" tg-width=\"642\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>4.4 Comparison of excess returns for different repurchase purposes</b></p><p><b>The excess returns of repurchases for the purpose of equity incentive cancellation and other types of repurchases are higher.</b>In the long run (T+360), the repurchase behavior for the cancellation of equity incentives and other purposes brought the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while the repurchase behavior for the purpose of implementing equity incentives brought the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentive belongs to passive repurchase, which can convey the negative signal of the failure of the company's equity incentive to the market on the one hand; On the other hand, the cancellation of repurchased shares can convey positive signals by improving profit indicators such as ROE. It can be seen that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to repurchase companies. Other types of repurchase purposes contain many possibilities, and their scale is currently expanding rapidly, and the market has responded positively to them.</p><p><img src=\"https://static.tigerbbs.com/80a434052d4c1b85dcfbd8cfe59602bf\" tg-width=\"637\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/></p><p><b>4.5 Comparison of excess returns from repurchase behavior initiated in different valuation ranges</b></p><p><b>The stock prices of listed companies in the low valuation range have risen more after stock repurchases, and the short-term trend is better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained. (Among them, listed companies with P/E quantiles in the 90%-100% range have excess returns of 10.54% one year after the release of the repurchase plan, which is mainly affected by the small number of samples. There are only 129 samples in this range, which is not representative. Strong.)</p><p><img src=\"https://static.tigerbbs.com/5d013abc083c90597b0cc6287e428ad7\" tg-width=\"647\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"zxjzzl","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Enlightenment from previous A-share repurchase booms: low valuation is king</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEnlightenment from previous A-share repurchase booms: low valuation is king\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">追寻价值之路</strong><span class=\"h-time small\">2022-04-20 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Since the beginning of 2022, the A-share repurchase boom has set off again. From the historical experience, repurchase has a significant effect on improving the company's market value, especially the repurchase for the purpose of market value management in the form of cancellation of repurchased shares, which is a way to directly repay shareholders. Through the previous A-share repurchase boom in review, the following enlightenment can be obtained: 1) Low-valuation companies have obvious excess returns after the release of the repurchase plan; 2) The proportion of the company's repurchase amount to the total market value is positively correlated with excess returns; 3) Company repurchases have a long-term supporting effect on stock prices. As the current stock market has undergone a round of obvious correction, the valuation is at a low position. Looking forward, with the successive disclosure of annual reports of listed companies and the successive convening of board of directors and shareholders' meetings, the popularity of A-share repurchases is expected to further increase. It is recommended to pay long-term attention to relevant targets that adopt active repurchases to safeguard company value and shareholders' rights and interests.</b></p><p><b>After the release of new regulations on stock repurchases in 2018, the scale of repurchases expanded significantly.</b>Judging from the amount and frequency of repurchases, since the rise of A-share repurchases in 2012, it has experienced two rounds of repurchase booms, namely 2018Q4 to 2019Q3 and 2020Q3 to 2021Q3. Since the beginning of 2022, the repurchase boom in the A-share market has resumed. The amount of repurchases implemented by listed companies is about 27.2 billion yuan, and the number of companies that have implemented repurchases during the year exceeds 400.</p><p><b>Stock repurchases are mainly concentrated at the bottom of the market or the downward range of the industry.</b>In the first wave of repurchases, the amount of repurchases was evenly distributed across the industry, and A shares as a whole were in a downward stage. In the second wave of repurchases, the amount of repurchases is obviously differentiated among different industries, and the overall trend of A shares is strong. However, the stock price of the home appliance industry continues to fall, and the enthusiasm for repurchases in the home appliance industry is high.</p><p><b>Stock repurchases have little impact on stock prices in the short term, but have a supporting effect in the long run.</b>After the listed company releases the repurchase plan, it will have little impact on the stock price in the short term (regardless of the impact of the rise and fall on the plan date). After half a year and one year, it will reach an average return of 5.09% and 13.18% respectively, and one year later it will form an average excess return of 5.27%.</p><p><b>The proportion of stock repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the long-term performance of individual stocks.</b>The excess returns of companies whose repurchase amount accounts for more than 5% of the company's total market value continue to be higher than those of companies whose repurchase amount accounts for relatively low proportions, and the average excess returns of companies whose repurchase amount accounts for 10.62% one year later.</p><p><b>After the release of the repurchase plan, the stock price of low-valuation companies rose even more, and the short-term trend was better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained.</p><p><b>Risk warning: Repurchases increase financial leverage risks, repurchase plans may not be implemented, historical experience does not represent the future, the macro economy is less than expected, and overseas markets fluctuate significantly</b></p><p><b>Report text</b></p><p><b>1. The A-share market welcomes another repurchase boom</b></p><p>Stock repurchase mainly refers to a capital operation mode in which listed companies use their own funds or self-raised funds to buy back shares through the secondary market as treasury shares or cancel them. Generally speaking, in terms of financial effects, stock repurchases can improve profit indicators such as earnings per share and return on assets. At the same time, active stock repurchase has a certain positive announcement effect. Listed companies can use repurchase behavior to convey the signal to the market that the company's stock price is undervalued, thus boosting market confidence and raising the stock price.</p><p><b>At present, the main purpose of stock repurchase in China is to implement equity incentive, market value management, equity incentive cancellation, profit compensation, employee stock ownership plan and others, which can be divided into passive and active types</b>。 Among them, equity incentive cancellation and profit compensation are usually passive stock repurchases, which are generally related to employees' resignation and loss of exercise conditions, and asset restructuring performance failing to meet promised expectations. The number of such repurchases accounts for a relatively large proportion, but the amount of repurchases is generally not large, which usually does not have a positive impact on stock market prices. The purpose of implementing repurchases such as equity incentives, employee stock ownership plans, and market value management represents active stock repurchases. Such repurchases have a more obvious improvement in the company's market value, especially the market value management that adopts the method of cancellation of repurchased shares, which can increase earnings per share and is a way to directly reward shareholders.</p><p><b>1.1 A-shares have experienced two rounds of repurchase peaks since 2012</b></p><p>Before 2012, the number of A-share listed companies that issued stock repurchase plans was relatively small, and the number of companies that successfully implemented repurchases did not exceed double digits. Since 2012, stock repurchases in the A-share market have begun to rise. After the Company Law made special amendments to the terms of share repurchases in October 2018, in November of the same year, the implementation rules of the Shanghai and Shenzhen Stock Exchanges on share repurchases of listed companies were issued in a short period of time. The introduction has greatly stimulated the vitality of the market, and the enthusiasm of listed companies for repurchases has significantly increased, ushering in a boom in stock market repurchases.</p><p>Judging from the amount of repurchases and the number of companies, Q4 in 2018 to Q3 in 2019 was the peak period of the first round of A-share repurchases. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies repurchased in each quarter was about 500 (the company only counts once when implementing multiple repurchases in a single quarter).</p><p>From Q3 in 2020 to Q3 in 2021, it is the peak period for the second round of A-share repurchases. During this period, the quarterly repurchase amount reached a maximum of 38.8 billion yuan, which occurred in Q3 in 2021. The average single-quarter repurchase amount in the five quarters during the peak period of the second round of repurchases was 29.8 billion yuan, and the number of companies repurchased in each quarter was about 400.</p><p><img src=\"https://static.tigerbbs.com/8cdde7b958bf587dd17a770817173349\" tg-width=\"643\" tg-height=\"409\" referrerpolicy=\"no-referrer\"/></p><p>Since the beginning of 2022, the upsurge of stock market buybacks has started again. As of April 15, the amount of repurchases implemented by listed companies during the year was approximately 27.2 billion yuan, and the number of companies that implemented repurchases during the year exceeded 400. As the current stock market has undergone a round of substantial adjustments, the valuations of many companies are at historically low levels. With the successive disclosure of annual reports of listed companies at the end of April and the successive convening of board of directors and shareholders' meetings, the popularity of the A-share stock repurchase market is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of A-share market repurchase</b></p><p><b>Judging from the industry distribution of A-share market repurchases since 2012, the industry differentiation of A-share stock repurchases is obvious, mainly concentrated in several industries such as household appliances, medicine and biology, chemicals and electronics.</b></p><p>Judging from the amount of repurchases in different industries, the industry concentration of A-share repurchases is relatively high. The household appliance industry has the highest repurchase amount, with a total of 58.8 billion yuan, accounting for 15% of the total repurchase amount. In addition, the top seven industries in terms of repurchase amount accounted for more than 50% of the total repurchase amount, while the remaining 20 industries generally accounted for a low proportion. Even though the price-to-book ratio of the A-share banking industry has fallen below 1, it has never conducted repurchases. This may be because commercial banks are affected by the risk management requirements of the Basel Accord, and their scale expansion is generally constrained by the capital adequacy ratio, and share repurchase will reduce their net assets. Therefore, banks may prefer to choose to use their limited net assets for issuing loans to expand revenue rather than repurchase to reduce net assets.</p><p>Judging from the number of repurchases in different industries, the repurchases in pharmaceutical biology, computer, mechanical equipment, electronics, chemical industry, electrical equipment and other industries are more frequent. The cumulative number of repurchases of companies in these industries exceeds 500 (if the company has multiple repurchases, they are counted quarterly, once every quarter), which is related to the large number of companies in these industries. The number of companies in these industries ranges from about 250 to nearly 400. The low number of repurchases in the household appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the leading share is very concentrated. The main reason is that industry leaders Gree Electric, Midea Group, Haier Smart Home, etc. are conducting large-scale repurchases. Leading companies in the home appliance industry have extremely abundant cash flow, and when the stock price performance is lower than expected, they can conduct large-scale repurchases.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Purpose distribution characteristics of repurchase in A-share market</b></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, 56% of the repurchase purposes are for other purposes, 18% are used for market value management, 13% are used for equity incentive implementation, and 9% are used for equity incentive cancellation. Further checking against the company's announcement, we found that most of the repurchase purposes are to implement equity incentives or employee stock ownership plans, a few are market value management or conversion of convertible bonds issued by listed companies, and a few are used to reduce registered capital. As the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted according to a single category, and they are temporarily classified into others.</p><p><img src=\"https://static.tigerbbs.com/addc1f166e61c9e5a41e032f73246d28\" tg-width=\"635\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>Judging from the distribution of different repurchase purposes in the A-share market,</b>Among the companies that have issued stock repurchase plans since 2012, the number of cancellations of equity incentives accounts for the highest proportion, accounting for 71%. The number of repurchases for other purposes accounts for 15%. In addition, the number of repurchases for profit compensation accounts for 6%, and the number of repurchases for market value management accounts for 4%. We believe that the repurchase of equity incentive cancellation has little impact on the analysis of the repurchase on the stock price, and it is recommended to eliminate it in the actual analysis.</p><p><img src=\"https://static.tigerbbs.com/7ab66157038f5ffb20258e0cc0fdb9b3\" tg-width=\"646\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/></p><p><b>Since 2019, listed companies' awareness of active repurchases has increased.</b>Before 2019, listed companies mainly conducted repurchases for the purpose of equity incentive cancellation, and passive repurchases dominated; After 2019, the purpose of market value management and other types of repurchases has increased significantly, and the repurchase amount is much higher than the cancellation of equity incentives. Generally speaking, listed companies' awareness of active repurchases has increased, releasing positive signals in safeguarding investors' interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 A-share market repurchase statistics since 2022</b></p><p>As of April 15, the number of companies that have newly released repurchase plans in the A-share market since 2022 has reached 374. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes accounts for a relatively large proportion, but the amount is relatively low, with less impact on the stock market), the remaining number of companies that have newly released repurchase plans is 181. Among them, six companies only disclosed the repurchase quantity, but the repurchase price was not disclosed or was not the market price. The remaining 175 companies are sorted from high to low according to the upper limit of the repurchase plan amount, and the top 75 companies with the largest amount are selected. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/a8662899a00f877eaaf07a9eebe0e321\" tg-width=\"732\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/></p><p>As of April 15, the number of companies that have actually implemented repurchases in the A-share market since 2022 has exceeded 400 (including companies whose repurchase plan date is earlier than 2022). The three companies with the largest repurchase amounts are Hengli Petrochemical, SF Holdings and Mindray Medical, the repurchase amount that has been implemented in 2022 will all exceed 1 billion yuan. Arrange from high to low according to the actual repurchase amount, and select the top 75 companies with the largest amount. The summary table is shown below.</p><p><img src=\"https://static.tigerbbs.com/80e182db7539bfb8eb3385c996436f3c\" tg-width=\"829\" tg-height=\"822\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Institutional background of share repurchase of A-share listed companies</b></p><p><b>2.1 The development history of share repurchase of listed companies in my country</b></p><p><b>2.1. 1 Exploratory phase (before 1999)</b></p><p>Compared with developed countries, my country's capital market share repurchase system started late. After the reform and opening up, in order to conform to the trend of economic development, some companies carried out tentative shareholding system reform under the guidance of policies, and became the first companies to be listed, and the scale of the securities market continued to expand. Share repurchase has become a hot topic in the capital market. The first share repurchase in China took place in 1992. As the major shareholder of Little Yuyuan Company, Dayuyuan Company repurchased all the shares of Little Yuyuan Company and cancelled them.</p><p>In 1993, China passed the Company Law, which stipulated two situations in which share repurchase was allowed: (1) the company cancelled its shares due to capital reduction; (2) Merge with shareholders holding shares of the Company. With the introduction of policies and the development of the market, more and more listed companies have carried out share repurchases. In 1994, Lujiazui agreed to repurchase state-owned shares and then issued additional B shares, in 1996, Xiamen International Trade repurchased some state-owned shares of Yuntianhua and Shenergy in 1999. The successful repurchases are typical cases of share repurchases during this period.</p><p>On the whole, before 1999, China's share repurchase system was still in the exploratory stage, and the share repurchases that occurred mainly served the state's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and reorganization of state-owned assets, and adjusting the state-owned economic structure and layout\", conforming to the historical mission of reducing state-owned shares, with more administrative components and less commercial color. Since then, due to the narrow delineation of share acquisition scenarios in the Company Law, long-term weak market conditions, lack of liquidity, and the low willingness of listed companies to participate in repurchases, stock repurchases have gradually faded out of the market.</p><p><img src=\"https://static.tigerbbs.com/7a62376282a0525a12355b0f7ce5edd8\" tg-width=\"643\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 2 Stage of state-owned share reduction (1999 ~ 2004)</b></p><p>According to the statistics of companies reported in Shanghai and Shenzhen stock markets in 1998, there are as many as 273 companies in China with state-owned shares and state-owned legal person shares accounting for more than 50% of the total share capital, accounting for 33.58% of all 813 companies, especially 112 of which have a total share capital of more than 400 million yuan, and the proportion of state-owned shares exceeds half and exceeds 70%, which has an obvious absolute controlling position. The control power of state-owned shares is too strong, which makes corruption phenomena such as \"absence of owners\" occur repeatedly, and the incentive and restraint mechanism of enterprises is imperfect.</p><p>In order to achieve the purpose of separating the ownership and administrative power of state-owned enterprises, China mainly reduces the state-owned shares through share repurchase. On December 4, 1999, the relevant person in charge of the Ministry of Finance pointed out that the first step of reducing state-owned shares was to reduce the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the situation, and relevant measures for reducing state-owned shares will be introduced. On June 12, 2001, the State Council officially issued the Interim Measures for the Administration of Reducing State-owned Shares to Raise Social Security Funds, which marked the official start of the reduction of state-owned shares.</p><p>Although theoretically, using share repurchase to implement the policy of reducing state-owned shares can avoid the impact on the secondary market to the greatest extent, it does not require a large amount of cash flow, and has the advantages of being easier to be accepted by investors and greatly increasing the company's net profit per share. However, since June 14, 2001, coupled with factors such as the bursting of the U.S. technology stock bubble and the Iraq war, the Shanghai Composite Index began to fall from 2,245 points, starting a five-year bear market in which both volume and price fell.</p><p><img src=\"https://static.tigerbbs.com/4237c3c3eaaa3553915c5c202d9d94f9\" tg-width=\"637\" tg-height=\"411\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 3 Stage of share-trading reform (2005 ~ 2008)</b></p><p>At the beginning of the establishment of China's securities market, a unique policy of \"non-tradable shares\" was adopted, that is, the shares of A-share listed companies were divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on the exchange become tradable shares, mainly including stocks held by the public. Stocks that are temporarily not listed and traded before and after the public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares produced by the shareholding system reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offering. This split phenomenon has caused serious principal-agent contradiction.</p><p>In order to meet the needs of capital market opening and stable development, and meet the standard of \"the shareholding cost of all shares of listed companies is the same\", on April 29th, 2005, with the approval of the State Council, China Securities Regulatory Commission issued the Notice on Relevant Issues of the Pilot Reform of Non-tradable Shares of Listed Companies, which started the pilot work of non-tradable shares reform, marking the official start of the reform of non-tradable shares.</p><p>On June 16, 2005, the China Securities Regulatory Commission promulgated the \"Administrative Measures for the Repurchase of Public Shares by Listed Companies (Trial)\" and the third revision of the \"Company Law\" in the same year, further broadening the scenarios for share repurchases by listed companies: (3) Listed companies repurchase shares as rewards for employees; (4) Shareholders require the company to buy back their shares because they have objections to the merger and division of the company made by the shareholders' meeting. At the same time, in order to relax the restrictions on listed companies' repurchase of tradable shares, the China Securities Regulatory Commission encourages the use of open market methods to repurchase shares on the basis of tender repurchase. In addition, the CSRC encourages listed companies to correct and solve the problem of controlling shareholders' embezzlement of listed companies' funds through reasonable pricing, that is, listed companies are allowed to repurchase the shares held by controlling shareholders at a specific price, and the repurchase price payable is offset by the liabilities formed by the controlling shareholders' embezzlement of listed companies' funds. The measure of \"paying off debts with shares\" effectively avoids the behaviors of \"evading debts with shares, defaulting on debts\" and embezzlement of corporate funds by major shareholders, and alleviates the contradiction between principal and agent in China's capital market.</p><p>Under the background of the smooth implementation of the non-tradable share reform, the enthusiasm of A-share listed companies for repurchase has greatly increased, with a record 38 repurchase events between 2005 and 2006. At the same time, A-share listed companies have ushered in a substantial increase in performance and valuation, and investors have poured into the stock market. During this period, the Shanghai Composite Index started a \"fast bull\" market, rising from 988 points at the bottom in 2005 to 6,124 points in 2007. The average P/E of the whole market reached about 50 times, which has not been surpassed so far.</p><p><img src=\"https://static.tigerbbs.com/92ed96e7981daeac67acc29d02b7512d\" tg-width=\"638\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1. 4 Rapid development stage (2008-present)</b></p><p>In October, 2008, the China Securities Regulatory Commission issued the Supplementary Provisions on Share Repurchase by Listed Companies. Drawing lessons from the experience of mature foreign markets, the administrative review system of share repurchase agreements was changed to a filing system, which greatly reduced the process of share repurchase by listed companies and further improved the degree of marketization. After that, the significance of share repurchase is more to lift the weak stock price and maintain the long-term investment value of listed companies.</p><p>In 2015, A-shares once again went out of the \"roller coaster\" market. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission launched a \"5 out of 5\" rescue plan such as holding increase and repurchase. During this period, a total of 37 companies issued repurchase plans, and 9 companies repurchased more than 1 billion yuan. The share repurchase during this period is mainly to protect the interests of investors and make the stock price reflect the intrinsic value of the company.</p><p><img src=\"https://static.tigerbbs.com/35fd16f12349f13ccaacc5d9c55c27bf\" tg-width=\"633\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>2.2 Amendments to the Companies Act of 2018 on Share Repurchase</b></p><p>In order to deepen financial reform, on October 26, 2018, the Sixth Session of the 13th National People's Congress passed the amendment to the Company Law, which mainly made three major adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchase, and adds the following share repurchase situations: (5) listed companies use it for equity conversion in order to cooperate with the issuance of convertible corporate bonds and warrants; (6) Necessary for the listed company to safeguard the company's credit and shareholders' rights and interests; (7) Other circumstances stipulated by laws and administrative regulations. Among them, Article 7, as a bottom clause, greatly increases the flexibility of share repurchase of listed companies.</p><p>At the same time, in addition to increasing the situation of share repurchase and improving the implementation decision-making procedures, the draft amendment mentions \"establishing a treasury stock system\" for the first time, and makes it clear that the listed company can transfer, cancel or hold the shares in treasury after cooperating with the issuance of convertible bonds and warrants for equity conversion and repurchasing the company's shares to safeguard the company's credit and shareholders' rights and interests. At the same time, in order to limit the company's long-term holding of treasury shares and affect the supply of shares in the market, it is clearly stipulated that if it is held in treasury, the holding period shall not exceed three years.</p><p>When the company's assets and liabilities are stable and its cash flow is good, according to the signal theory, the existence of treasury stocks can allow the management familiar with the company's business model to convey the management's judgment on the company's valuation level to the market by repurchasing, saving or canceling treasury stocks. In addition, the existence of treasury stocks allows companies to adjust the growth rate of EPS and selectively send positive signals to the market.</p><p><img src=\"https://static.tigerbbs.com/31e63bb5379976c2aaf189136e292db5\" tg-width=\"634\" tg-height=\"518\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/17c2b078395e89b6c099e3e47af6c44e\" tg-width=\"984\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>3. Review of market performance of previous repurchase booms</b></p><p>Since the promulgation of the new repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. The opening of stock repurchases by listed companies is mainly concentrated at the bottom of the market or the downward range of the industry. Among them, there have been two rounds of repurchase peak periods since 2018, namely 2018Q4 to 2019Q3, and 2020Q3 to 2021Q3.</p><p><b>3.1 Peak period of the first round of repurchase</b></p><p>During the peak period of the first round of repurchases (2018Q4 to 2019Q3), the industry distribution was relatively evenly. Listed companies in chemical, pharmaceutical and biological, real estate, media and other industries all participated in repurchases with nearly 10 billion funds. At this stage, A-shares as a whole were in a downward range.</p><p><img src=\"https://static.tigerbbs.com/4bd5570ed01802e52a2b3044659e1ffc\" tg-width=\"648\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d2ba556d68d3035cf44f8aa171027fff\" tg-width=\"634\" tg-height=\"688\" referrerpolicy=\"no-referrer\"/></p><p><b>3.2 Peak period of the second round of repurchase</b></p><p>The repurchase amount during the peak period of the second round of repurchases (2020Q3 to 2021Q3) was obviously differentiated among various industries, mainly supported by household appliances, and the repurchase amount was as high as 46.1 billion yuan. The repurchase amount of the household appliance industry exceeds the sum of the repurchase amounts of the 2nd-7th industries. During this period, the overall trend of A-shares was strong, but the trend of the household appliances sector was not good. Gree Electric Appliances and Midea Group, the leading companies in this industry, had a high enthusiasm for repurchases, repurchasing 27 billion yuan and 15.8 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/6fe4e2752887e5bbe2455efef09514ff\" tg-width=\"642\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/f0ddf0822fa5c33605122ff175ef2ccc\" tg-width=\"642\" tg-height=\"829\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/71dddb1434cc7a240e34dcbc903d23b4\" tg-width=\"639\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/a455b29e25422a606dd257e058a03acb\" tg-width=\"646\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p><b>The repurchase boom at the beginning of 2022 is accompanied by another round of rapid decline in A shares.</b>At the beginning of 2022, A-share listed companies were enthusiastic about repurchases, and stock repurchases were mainly concentrated in pharmaceutical and biological, electronics, chemicals, and computers. The overall trend of A-shares went down slightly, and the downward trend of various industries that started the repurchase boom was relatively obvious.</p><p><img src=\"https://static.tigerbbs.com/eafbf3ce1e4d7d16d56dbad59361d7dc\" tg-width=\"646\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/80ae35a9a5e90339609355252615a24f\" tg-width=\"641\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>Low-valued companies are more inclined to open stock buybacks.</b>Since 2012, listed companies in the A-share market have issued a total of 7,461 repurchase plans, of which 1,521 companies that issued repurchase plans had a P/E quantile between 0% and 10% on the day of the plan, accounting for 20.39%; The P/E quantile is only 473 times between 90% and 100%, accounting for only 6.34%. It can be seen that undervalued companies are more inclined to start stock repurchases, releasing signals to the market that stock prices are undervalued.</p><p><img src=\"https://static.tigerbbs.com/43bc7c4242338f81ff2d42c9631804f2\" tg-width=\"640\" tg-height=\"412\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Analysis of the impact of share buyback behavior on A shares</b></p><p><b>4.1 The short-term and long-term impact of repurchase behavior on stocks</b></p><p>In order to analyze the impact of stock repurchase in the A-share market on stock price trends, this paper selects listed companies whose repurchase plan date is between March 31, 2018 and March 31, 2021, and the repurchase amount is greater than 1 million, and the repurchase situation is implemented or Completed for analysis, the total sample size is 2548 (for the same listed company, if different repurchase plans are issued during the period, they will be calculated separately). In addition, the calculation of excess returns is based on the Shanghai Composite Index.</p><p><b>A-share stock repurchase has little impact on stock prices in the short term, but has a supporting effect in the long run.</b>After the listed company issues the repurchase plan, it has little impact on the stock price within one month, which shows that the effect of the repurchase announcement in the A-share market is weak. The listed company's repurchase plan reached an average return of 5.09% and 13.18% after half a year and one year, respectively, and formed an excess return of 5.27% one year later. This means that listed companies that issue repurchase plans are likely to be in low valuation space, and there is a possibility of appreciation in the future. It should be noted that the above-mentioned income calculation takes the closing price of the plan day as the starting point, while the general plan is released the night before the plan day. We have not calculated the impact of this part of the rise and fall that opened higher on the plan day. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on that day. However, if it is not illegally obtained inside information and traded in advance, it is difficult to obtain this part of the increase, so we do not include the daily increase or decrease of the plan in the calculation.</p><p><img src=\"https://static.tigerbbs.com/047cdacd161d37d1991af2658fd3e578\" tg-width=\"645\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/></p><p><b>4.2 The ratio of repurchase amount to total market value is positively correlated with excess returns</b></p><p><b>The proportion of repurchase amount to the company's total market value is directly proportional to excess returns in the long run, that is, the higher the proportion, the better the performance of individual stocks in the long run.</b>The excess return whose repurchase amount accounts for more than 5% of the company's total market value continues to be higher than that of companies with a relatively low proportion, and the excess return is as high as 10.62% one year later. On the one hand, listed companies release repurchase plans higher than 5% of the total market value, which sends a stronger signal to the market and can significantly boost investor confidence; On the other hand, the rise in the company's stock price in the long run is mainly driven by the company's intrinsic value, so the intrinsic value of this part of the company is more likely to be undervalued.</p><p><img src=\"https://static.tigerbbs.com/012b0094fc955a478fc5cbc68be26764\" tg-width=\"646\" tg-height=\"408\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.3 There is no significant relationship between industry repurchase scale and excess returns after repurchase</b></p><p><b>The performance of excess returns in various industries is different, and there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases.</b>In terms of industries, in the long run (T+360), food and beverage, chemicals, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The excess returns of commercial trade, leisure services, architectural decoration and other industries were the worst, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively; In the short term (T+30), non-bank finance, leisure services, and mining industries performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are industries with low repurchase times, so Its excess returns are not mainly affected by repurchases. From the data point of view, there is no significant relationship between the scale of industry repurchases and the excess returns after repurchases, and the positive excess returns are more affected by the intrinsic value of individual stocks.</p><p><img src=\"https://static.tigerbbs.com/c794afe4124cea1e06caa26a97776bbf\" tg-width=\"642\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>4.4 Comparison of excess returns for different repurchase purposes</b></p><p><b>The excess returns of repurchases for the purpose of equity incentive cancellation and other types of repurchases are higher.</b>In the long run (T+360), the repurchase behavior for the cancellation of equity incentives and other purposes brought the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while the repurchase behavior for the purpose of implementing equity incentives brought the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentive belongs to passive repurchase, which can convey the negative signal of the failure of the company's equity incentive to the market on the one hand; On the other hand, the cancellation of repurchased shares can convey positive signals by improving profit indicators such as ROE. It can be seen that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to repurchase companies. Other types of repurchase purposes contain many possibilities, and their scale is currently expanding rapidly, and the market has responded positively to them.</p><p><img src=\"https://static.tigerbbs.com/80a434052d4c1b85dcfbd8cfe59602bf\" tg-width=\"637\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/></p><p><b>4.5 Comparison of excess returns from repurchase behavior initiated in different valuation ranges</b></p><p><b>The stock prices of listed companies in the low valuation range have risen more after stock repurchases, and the short-term trend is better than that of high-valuation companies.</b>Listed companies with P/E quantiles in the range of 0%-10% continue to obtain positive excess returns after the release of the repurchase plan, and the returns are much higher than other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after repurchase increases, and in the long run, positive excess returns may not be obtained. (Among them, listed companies with P/E quantiles in the 90%-100% range have excess returns of 10.54% one year after the release of the repurchase plan, which is mainly affected by the small number of samples. There are only 129 samples in this range, which is not representative. Strong.)</p><p><img src=\"https://static.tigerbbs.com/5d013abc083c90597b0cc6287e428ad7\" tg-width=\"647\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/cXxs30d0To4ROjrrKOkLzA\">追寻价值之路</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/cXxs30d0To4ROjrrKOkLzA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136227043","content_text":"2022年年初至今，A股回购热潮再次掀起。从历史经验来看，回购对公司市场价值提升效果明显，特别是采取回购股份注销形式的、以市值管理为目的的回购，是直接回报股东的一种方式。通过复盘A股历次回购热潮，可以获得如下启示：1）低估值公司在回购预案发布后超额收益明显；2）公司回购金额占总市值比例与超额收益正相关；3）公司回购对股价长期存在支撑作用。由于当前股市经历了一轮明显调整，估值处于较低位置。往后看，随着上市公司年报陆续披露和董事会、股东会相继召开，A股回购热度有望进一步提升，建议长期关注采取主动式回购维护公司价值及股东权益的相关标的。2018年股票回购新规发布后，回购规模大幅扩张。从回购金额以及次数来看，2012年A股回购兴起至今，共经历两轮回购热潮，即2018Q4到2019Q3以及2020Q3到2021Q3。2022年年初至今，A股市场回购热潮再起，上市公司已实施的回购金额约272亿元，年内已实施回购的公司数量逾400家。股票回购主要集中于市场阶段性底部或者行业下行区间。第一次回购潮，回购金额行业分布均匀，A股整体处于下行阶段。第二次回购潮，回购金额在不同行业间分化明显， A股整体走势强劲，但家电行业股价持续走低，家电行业回购热情高涨。股票回购短期内对股价影响较小，长期来看存在支撑作用。上市公司发布回购预案后，短期内对股价影响较小（不考虑预案日当天涨跌幅影响），半年后、一年后分别达到5.09%、13.18%的平均收益，一年后形成5.27%的平均超额收益。股票回购金额占公司总市值比例与超额收益长期来看成正比关系，即占比越高，长期个股表现越佳。回购金额占公司总市值超过5%的公司其超额收益持续高于占比较低的公司，且高占比公司一年后的平均超额收益达10.62%。低估值公司在回购预案发布后股价上行幅度更大，且短期内走势要好于高估值公司。市盈率分位数位于0%-10%区间内的上市公司，回购预案发布后持续获得正超额收益，且收益远高于其他估值区间。随着估值区间增高，回购后获得负超额收益的概率上升，且长期来看，也未必获得正超额收益。风险提示：回购增加财务杠杆风险、回购预案可能无法实施、历史经验不代表未来、宏观经济不及预期、海外市场大幅波动报告正文1，A股市场再迎回购热潮股票回购主要指上市公司通过二级市场使用自有资金或自筹资金等方式购回股份，用以作为库藏股或注销的一种资本运作方式。通常来说，股票回购在财务效应方面，可以提升每股收益、资产收益率等盈利指标。与此同时，主动式的股票回购具有一定的积极公告效应，上市公司借回购行为可以向市场传达公司股价被低估的信号，从而提振市场信心，拉升股价。目前我国股票回购的主要目的有实施股权激励、市值管理、股权激励注销、盈利补偿、员工持股计划以及其他，可以分为被动式和主动式两种类型。其中股权激励注销、盈利补偿通常是被动式的股票回购，一般与员工离职失去行权条件、资产重组业绩不达承诺预期有关，这类回购数量占比较大，但回购金额一般不大，对股票市场价格通常不具有正面影响。而实施股权激励、员工持股计划、市值管理等回购目的则代表主动式的股票回购，这类回购对公司市场价值的提升更为明显，特别是采取回购股份注销方式的市值管理，能够提升每股收益，是直接回报股东的一种方式。1.1 2012年至今A股经历两轮回购高峰2012年以前A股上市公司发布过股票回购预案的公司数量较少，回购顺利实施完成的公司数量未超过两位数。2012年起A股市场股票回购开始兴起，2018年10月《公司法》对股份回购条款进行专项修改后，同年11月沪深交易所关于上市公司股份回购的实施细则在短时间内相继出台，极大激发了市场活力，上市公司回购积极性明显提升，迎来了股市回购热潮。从回购金额及公司数来看，2018年Q4到2019年Q3为A股第一轮回购高峰期，期间各个季度实际回购金额均超250亿元，各个季度回购的公司数量在500家左右（单个季度公司多次实施回购仅统计一次）。2020年Q3到2021年Q3为A股的第二轮回购高峰期，期间季度回购金额最高达388亿元，发生在2021年Q3。第二轮回购高峰期5个季度的单季回购金额平均值为298亿元，各个季度回购的公司数量在400家左右。2022年年初至今，股市回购的热潮再次掀起。截至4月15日，上市公司年内已实施的回购金额约272亿元，年内已实施回购的公司数量逾400家。由于当前股市经历了一轮大幅调整，许多公司的估值处于历史低位，随着4月底上市公司年报陆续披露和董事会、股东会相继召开，A股股票回购市场的热度有望进一步提升。1.2  A股市场回购的行业分布特征从2012年至今A股市场回购的行业分布来看，A股股票回购的行业分化明显，主要集中在家用电器、医药生物、化工以及电子等几个行业。从不同行业的回购金额来看，A股回购的行业集中度较高。家用电器行业回购金额最高，累计达588亿元，占全部回购金额的15%。此外，回购金额排名前七的行业占全部回购金额的比例超过50%，其余20个行业的占比普遍较低。A股的银行业即便市净率已经跌破1，但也从未进行过回购。这可能因为商业银行受巴塞尔协议的风险管理要求影响，规模扩张普遍面临资本充足率的制约，而股份回购是会减少净资产的，所以银行可能更希望选择将有限的净资产用于发放贷款扩大营收而非回购减少净资产。从不同行业的回购次数来看，医药生物、计算机、机械设备、电子、化工、电气设备等行业的回购较为频繁，这些行业的公司累计回购次数均超过500次（公司如果发生多次回购则按季度分别统计，每个季度算一次），这与行业的公司数量较多有关，这些行业的公司数量少则约250家，多则接近400家。家用电器行业回购次数较低主要因为上市公司数量不足百家且龙头份额十分集中，主要是行业龙头格力电器、美的集团、海尔智家等在进行大规模回购。家电行业龙头公司现金流极为充裕，在股价表现不及预期的时候，可以进行大规模回购。1.3  A股市场回购的目的分布特征从A股市场不同回购目的金额分布来看，2012年至今发布股票回购预案的公司中，56%回购目的为其他，18%用于市值管理，13%用于实施股权激励，9 %用于股权激励注销。我们对照公司公告进一步核对发现，回购目的为其他的绝大部分是实施股权激励或员工持股计划，少数是市值管理或用于转换上市公司发行的可转债，极少数用于减少注册资本，由于这部分公司回购目的同时包含多个类别，因此无法按单一类别统计，暂时都归类至其他。从A股市场不同回购目的次数分布来看，2012年至今发布股票回购预案的公司中，股权激励注销类次数占比最高，占比达71%。回购目的为其他的次数占比为15%，另外，盈利补偿的回购次数占比为6%，市值管理的回购次数占比为4%。我们认为股权激励注销类的回购对于分析回购对股票价格的影响不大，建议在实际分析中作剔除处理。2019年以来，上市公司主动回购意识增强。2019年之前，上市公司主要出于股权激励注销目的进行回购，被动回购占主导；2019年之后，市值管理和其他类回购目的显著增加，并且回购金额要远高于股权激励注销。总的来看，上市公司主动回购意识增强，在维护投资者利益、降低代理成本、增强市场信心等方面释放积极信号。1.4 2022年以来A股市场回购统计截至4月15日，2022年以来A股市场新发布回购预案的公司数量达374家，剔除掉回购目的为股权激励注销的预案后（该类回购目的数量占比较大，但金额较低，对股市影响较小），剩余新发布回购预案的公司数量为181家。其中6家公司仅披露回购数量，而回购价格未披露或者非市场价格。将剩下的175家公司按回购预案金额上限从高到低排列，选取金额最大的前75家公司，汇总表格如下所示。截至4月15日，2022年以来A股市场实际实施回购的公司数量逾400家（包含回购预案日早于2022年的公司），回购金额最大的三家公司分别是恒力石化、顺丰控股、迈瑞医疗，2022年已经实施的回购金额均超过10亿元。按实际回购金额从高到低排列，选取金额最大的前75家公司，汇总表格如下所示。2，A股上市公司股份回购的制度背景2.1 我国上市公司股份回购的发展历程2.1.1 探索阶段（1999年之前）相较于发达国家，我国资本市场股份回购制度起步较晚。改革开放后，为了顺应经济发展的趋势，一些公司在政策引导下进行了尝试性的股份制改革，并成为了最先上市的一批公司，证券市场规模不断扩大。股份回购成为了资本市场中的热议话题，我国第一次股份回购发生于1992年，大豫园公司以小豫园公司大股东的身份回购所有小豫园公司股份并注销。1993年，我国通过了《公司法》，规定了两种允许进行股份回购的情形：（1）公司因减少资本而注销股份；（2）与持有本公司股份的股东合并。随着政策出台、市场发展，越来越多上市公司开展了股份回购，1994年陆家嘴协议回购国有股后增发B股、1996年厦门国贸回购、1999年云天化与申能股份部分国有股的成功回购均为该时期股份回购的典型案例。综合来看，在1999年之前，我国股份回购制度仍处于探索阶段，所发生的股份回购主要服务于国家“从战略上调整国有经济和国有企业，推进国有资产合理流动和重组，调整国有经济结构和布局”的目的，顺应国有股减持这一历史使命，行政成分较多，而商业色彩较少。此后，由于《公司法》中对于股份收购的场景划定过于狭窄、市场行情长期疲软、缺乏流动性以及上市公司参与回购的意愿较小，股票回购逐渐淡出市场。2.1.2 国有股减持阶段（1999~2004年）根据1998年中报沪深两市公司的统计，我国国家股、国有法人股在总股本中比例超过50%的公司多达273家，占全部813家公司的 33.58%，特别是其中的112家总股本超过4亿元的公司，国有股的比例半数以上超过70%，具有明显的绝对控股地位。国有股的控制力度过强，使得“所有者缺位”等腐败现象屡次发生，企业激励和约束机制不完善。为了达到国有企业的所有权与行政权分离的目的，我国主要通过股份回购手段完成国有股份减持。1999年12月4日，财政部有关负责人指出：国有股减持的第一步使上市公司国有股权比重下降为51%。第二步则根据情况减持，有关国有股减持办法将出台。2001年6月12日，国务院正式发布《减持国有股筹集社会保障资金管理暂行办法》，标志着国有股减持工作正式启动。虽然在理论上使用股份回购实施国有股减持的政策能最大程度避免对二级市场造成冲击，不需要大量现金流，具有更容易被投资者接受、较大程度提升公司每股净利润的优点。然而，自2001年6月14日起，叠加美国科技股泡沫破灭、伊拉克战争等因素，上证指数从2245点开始下跌，开启了长达5年量价齐跌的熊市。2.1.3  股权分置改革阶段（2005~2008年）我国证券市场成立之初采取的是独有的“股权分置”政策，即A股上市公司的股份分为流通股与非流通股。其中，可以在交易所上市且交易的股票成为流通股，主要包括社会公众持有的股票，在公开发行前后暂不上市流通的股票称为非流通股。非流通股主要为国企股份制改造产生的国有股以及其它公开发行前的社会法人股、自然人股等股票，这种分置现象造成了严重的委托代理矛盾。为了适应资本市场开放与稳定发展的需求，达到“上市公司所有股份持股成本相同”的标准，2005年4月29日，经国务院批准，中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》，启动了股权分置改革的试点工作，标志着股权分置改革正式开启。2005年6月16日，证监会颁布了《上市公司回购社会公众股份管理办法(试行)》，以及同年《公司法》第三次修订，进一步拓宽了上市公司股份回购的场景：（3）上市公司回购股份作为员工的奖励；（4）股东因对股东大会作出的公司合并、分立存在异议，要求公司回购其股份。同时，为了放宽上市公司回购流通股的限制，证监会鼓励在要约回购的基础上，使用公开市场的方式回购股份。此外，证监会鼓励上市公司通过合理的定价，使用“以股抵债”的方式解决上市公司纠正、解决控股股东侵占上市公司资金问题，即允许上市公司以特定价格回购控股股东所持有的股份，并以回购应付价款与控股股东侵占上市公司资金所形成的负债相抵消。“以股抵债”的措施有效避免了“以股逃债、赖债”、大股东侵占企业资金等行为，缓解了我国资本市场中委托代理矛盾。在股权分置改革顺利实施的背景下，A股上市公司回购积极性大幅提升，在2005年至2006年间发生了创纪录的38起回购事件。同时，A股上市公司迎来了业绩与估值的大幅增长，投资者大量涌入股市。此时期上证指数开启了“快牛”行情，从2005年谷底的988点一路上涨至2007年的6124点，全市场平均市盈率达到了50倍左右，至今未被超越。2.1.4 快速发展阶段（2008年至今）2008年10月，证监会发布《上市公司回购股份补充规定》，借鉴国外成熟市场的经验，将股份回购协议的行政审核制改为了备案制，大大缩减了上市公司回购股份的流程，进一步提高了市场化程度。在此之后，股份回购的行为意义更多在于托举疲软的股价，维护上市公司的长期投资价值。2015年A股再次走出“过山车”式的行情，为了维护市场的稳定与有效秩序，提振投资者信心，证监会推出增持、回购等“5选1”救市方案。在此期间，共有37家公司发布回购预案，且有9家公司回购金额超过10亿元。这一时期的股份回购主要是为了保护投资者利益，使得股价反应公司内在价值。2.2 2018年《公司法》关于股份回购的修订为了深化金融改革，2018年10月26日，第十三届全国人大第六次会议通过了《公司法》的修正案，主要做出三大调整：放宽要求，简化程序，新建制度。此次修订更进一步放宽了股份回购的限制，增加了以下股份回购情形：（5）上市公司为配合可转换公司债券、认股权证的发行用于股权转换的；（6）上市公司为维护公司信用及股东权益所必需的；（7）法律、行政法规规定的其他情形。其中第7条作为兜底条款，大大增加了上市公司股份回购的灵活性。同时，在增加股份回购情形、完善实施决策程序之外，修正案草案首度提及“建立库存股制度”，并明确公司因实施员工持股计划或者股权激励，上市公司配合可转债、认股权证发行用于股权转换以及为维护公司信用及股东权益回购本公司股份后，可以转让、注销或者将股份以库存方式持有。同时，为限制公司长期持有库存股，影响市场的股份供应量，明确规定以库存方式持有的，持有期限不得超过三年。在公司资产负债稳定、现金流状况良好的情况下，根据信号理论，库存股的存在可以让熟悉公司商业模式的管理层通过回购、保存或注销库存股的方式向市场传递管理层对公司估值水平的判断。另外，库存股的存在使得企业可以调整EPS增速，选择性地向市场传递积极信号。3，历次回购热潮的市场表现回顾2018年回购新规颁布以来，A股市场股票回购事件频发。上市公司开启股票回购主要集中于市场阶段性底部或者行业下行区间。其中，2018年至今共出现两轮回购高峰期，即2018Q4到2019Q3，以及2020Q3到2021Q3。3.1 第一轮回购高峰期第一轮回购高峰期（2018Q4至2019Q3）的行业分布较均匀，化工、医药生物、房地产、传媒等行业上市公司都以近百亿资金参与回购，这一阶段A股整体处于下行区间。3.2 第二轮回购高峰期第二轮回购高峰期（2020Q3至2021Q3）的回购金额在各行业间分化明显，主要是由家用电器支撑，其回购金额高达461亿元。家用电器行业的回购金额超过第2-7名行业回购金额的总和。这一时期A股整体走势强劲，但家用电器板块走势不佳，该行业龙头公司格力电器、美的集团回购热情较高，分别回购270亿元、158亿元。2022年年初回购热潮伴随着又一轮A股的快速下行期。2022年年初A股上市公司回购热情高涨，股票回购主要集中在医药生物、电子、化工以及计算机等行业。A股整体走势小幅下行，开启回购热潮的各行业下行趋势均比较明显。低估值公司更倾向于开启股票回购。2012年以来，A股市场上市公司发布回购预案共计7461次，其中1521次发布回购预案的公司在预案当日市盈率分位数在0%-10%之间，占比为20.39%；而市盈率分位数在90%-100%之间只有473次，占比仅为6.34%。可见，低估值公司更倾向于开启股票回购，向市场释放股价被低估信号。4，股份回购行为对A股的影响分析4.1 回购行为对股票短期与长期的影响为分析A股市场股票回购对股价走势影响，本文选取回购预案日在2018年3月31日到2021年3月31日之间，且回购金额大于100万、回购情况为实施或者完成的上市公司进行分析，样本总量为2548（同一上市公司，期间如发布不同的回购预案则分别计算）。此外，超额收益的计算以上证综指为基准。A股股票回购短期内对股价影响较小，长期来看存在支撑作用。上市公司发出回购预案之后，一个月内对股价影响较小，可见A股市场回购公告效应较弱。上市公司回购预案半年后、一年后分别达到5.09%、13.18%的平均收益，一年后形成5.27%的超额收益。这意味着发布回购预案的上市公司大概率处于低估值空间，未来有升值的可能性。需要注意的是，上述收益计算以预案日收盘价为起始点，而一般预案在预案日前一天晚上发布，我们未计算预案日当天高开的这部分涨跌幅影响。通常而言，如果股份回购方案合理，当日通常会有不错的涨幅。但如果不是违法获取内幕消息并提前交易，也难以获得这部分涨幅，因此我们不将预案日涨跌幅纳入计算。4.2 回购金额占总市值比例与超额收益正相关回购金额占公司总市值比例与超额收益长期来看成正比关系，即占比越高，长期内个股表现越佳。回购金额占公司总市值超过5%的超额收益持续高于占比较低的公司，一年后超额收益高达10.62%。一方面，上市公司发布高于总市值5%的回购预案，向市场传递的信号更强，可以显著提振投资者信心；另一方面，长期内公司股价的上涨主要受公司内在价值推动，因此这部分公司内在价值被低估的可能性更高。4.3 行业回购规模和回购后超额收益并无显著关系各行业超额收益表现不一，行业回购规模和回购后超额收益并无显著关系。行业方面，长期来看（T+360），食品饮料、化工以及电子等行业表现最好，分别跑赢上证指数23.66%、20.36%、19.19%，商业贸易、休闲服务、建筑装饰等行业超额收益最差，分别跑输上证指数18.96%、9.48%、8.79%；短期来看（T+30），非银金融、休闲服务以及采掘等行业表现最好，分别跑赢上证指数5.07%、4.78%、2.41%，但休闲服务是回购次数较低的行业，因此其超额收益并非主要受回购影响。从数据来看，行业回购规模与回购后超额收益并无显著关系，正超额收益更多受个股内在价值影响。4.4 不同回购目的的超额收益比较以股权激励注销与其他类为回购目的的回购行为超额收益较高。长期内（T+360），以股权激励注销以及其他为目的回购行为带来超额收益最高，分别跑赢上证指数6%、6.06%，而以实施股权激励为目的的回购行为带来的超额收益最低，跑输上证指数2.5%。股权激励注销属于被动回购，该目的一方面可向市场传达公司股权激励失败的消极信号；另一方面回购股份注销，可通过提升ROE等盈利指标传达积极信号。可见，在我国A股市场上，股权激励注销可以为回购公司带来正超额收益。其他类回购目的蕴含多种可能性，且目前其规模迅速扩大，市场对其反应正向。4.5 不同估值区间发起回购行为的超额收益比较低估值区间的上市公司在股票回购后股价上行幅度更大，且短期内走势要好于高估值公司。市盈率分位数位于0%-10%区间内的上市公司，回购预案发布后持续获得正超额收益，且收益远高于其他估值区间。随着估值区间增高，回购后获得负超额收益的概率上升，且长期来看，也未必获得正超额收益。（其中，市盈率分位数位于90%-100%区间内的上市公司在回购预案发布1年后超额收益达到10.54%，主要受样本数量少影响，此区间内只有129个样本，代表性不强。）","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951654720,"gmtCreate":1673480712660,"gmtModify":1676538843016,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951654720","isVote":1,"tweetType":1,"viewCount":2111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950736065,"gmtCreate":1672833918658,"gmtModify":1676538744401,"author":{"id":"3567122506718544","authorId":"3567122506718544","name":"SamTan","avatar":"https://community-static.tradeup.com/news/b8406f890ba4d90c575d52bd4b0b57d1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567122506718544","authorIdStr":"3567122506718544"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950736065","isVote":1,"tweetType":1,"viewCount":1946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}