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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

2022-04-21

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2022-04-20

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2022-04-20

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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":"hk","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":{"BRK.B":"伯克希尔B","CRCT":"Cricut, Inc.","BK4533":"AQR资本管理(全球第二大对冲基金)","NU":"Nu Holdings Ltd.","BK4176":"多领域控股","BK4007":"制药","BK4207":"综合性银行","BK4191":"家用电器","BK4550":"红杉资本持仓","BK4539":"次新股","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓"},"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":{"BRK.B":0.8,"CRCT":0.64,"NU":0.9,"END":1,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":4810,"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":[],"title":"","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":"hk","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":{"BRK.B":"伯克希尔B","CRCT":"Cricut, Inc.","BK4533":"AQR资本管理(全球第二大对冲基金)","NU":"Nu Holdings Ltd.","BK4176":"多领域控股","BK4007":"制药","BK4207":"综合性银行","BK4191":"家用电器","BK4550":"红杉资本持仓","BK4539":"次新股","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓"},"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":{"BRK.B":0.8,"CRCT":0.64,"NU":0.9,"END":1,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":4464,"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":[],"title":"","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":5139,"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":[],"title":"","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":"Lessons from the past A-share buyback frenzy: Undervaluation is the key.","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, a renewed wave of share buybacks has emerged in A-shares. Historically, share buybacks have a significant effect on enhancing a company's market value, especially share buybacks and cancellations aimed at market capitalization management, which are a way to directly reward shareholders. The following insights can be gained from the repurchase boom in review A-shares: 1) Undervalued companies have significant excess returns after the release of repurchase plans; 2) The proportion of the company's repurchase amount to its total market capitalization is positively correlated with excess returns; 3) The company's share buybacks have a long-term supporting effect on the stock price. Valuations are at a low level due to a significant correction in the current stock market. Looking ahead, with the successive release of listed companies' annual reports and the convening of board and shareholder meetings, the enthusiasm for share buybacks in A-shares is expected to further increase. It is recommended to pay long-term attention to targets that actively repurchase shares to safeguard company value and shareholder rights.</b></p><p><b>After the new regulations on stock repurchases were released in 2018, the scale of repurchases expanded significantly.</b>In terms of the amount and number of repurchases, since the rise of A-share repurchases in 2012, there have been two rounds of repurchase booms: Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021. Since the beginning of 2022, the A-share market has seen a resurgence of share buybacks, with listed companies implementing buybacks totaling approximately RMB 27.2 billion, and more than 400 companies having implemented buybacks this year.</p><p><b>Stock buybacks are mainly concentrated during periods of market bottoming out or industry downturns.</b>In the first wave of share buybacks, the buyback amount was evenly distributed across industries, and the A-share market as a whole was in a downward phase. In the second wave of share buybacks, the amount of buybacks varied significantly across different industries. The A-share market performed strongly overall, but the stock prices of the home appliance industry continued to decline, and the enthusiasm for buybacks in the home appliance industry was high.</p><p><b>Share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company releases a share repurchase plan, the impact on the stock price is relatively small in the short term (without considering the impact of the price fluctuations on the day of the plan). After six months and one year, the average return reaches 5.09% and 13.18% respectively, and after one year, the average excess return is 5.27%.</p><p><b>The proportion of stock repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the long-term performance of the individual stock.</b>Companies whose repurchase amount accounts for more than 5% of the company's total market capitalization consistently have higher excess returns than companies with a lower proportion, and the average excess return after one year reaches 10.62%.</p><p><b>Undervalued companies experienced greater share price increases after the release of their share buyback plans, and their short-term performance was better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns.</p><p><b>Risk Warning: Repurchases increase financial leverage risk, repurchase plans may not be implemented, historical experience does not guarantee the future, the macroeconomy may fall short of expectations, and overseas markets may experience significant volatility.</b></p><p><b>Main text of the report</b></p><p><b>1. The A-share market is seeing another wave of share buybacks.</b></p><p>Stock repurchase mainly refers to a capital operation method in which listed companies repurchase shares through the secondary market using their own funds or self-raised funds, using them as treasury shares or for cancellation. Generally speaking, stock buybacks can improve profitability indicators such as earnings per share and return on assets in terms of financial effects. At the same time, proactive stock buybacks have a certain positive announcement effect. Listed companies can use buybacks to signal to the market that their stock price is undervalued, thereby boosting market confidence and driving up stock prices.</p><p><b>Currently, the main purposes of stock repurchase in my country include implementing equity incentives, market capitalization management, equity incentive cancellation, profit compensation, employee stock ownership plans, and others, which can be divided into passive and active types.</b>。 Among them, the cancellation of equity incentives and profit compensation are usually passive stock repurchases, which are generally related to employees leaving the company and losing the conditions for exercising their rights, or the performance of asset restructuring falling short of the committed expectations. The number of such repurchases is relatively large, but the repurchase amount is generally not large and usually does not have a positive impact on stock market prices. Implementing share buybacks for purposes such as equity incentives, employee stock ownership plans, and market capitalization management represents active stock buybacks. These types of buybacks have a more significant impact on the company's market value, especially market capitalization management through share buybacks and cancellations, 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 share buyback peaks since 2012.</b></p><p>Before 2012, relatively few A-share listed companies had announced stock repurchase plans, and the number of companies that successfully completed repurchases did not exceed double digits. Stock repurchases began to emerge in the A-share market in 2012. After the Company Law made special amendments to the terms of share repurchases in October 2018, the Shanghai and Shenzhen Stock Exchanges successively issued implementation rules on share repurchases by listed companies in a short period of time in November of the same year, which greatly stimulated market vitality, significantly increased the enthusiasm of listed companies for repurchases, and ushered in a wave of stock market repurchases.</p><p>In terms of repurchase amount and number of companies, Q4 2018 to Q3 2019 was the peak period for the first round of repurchases in A-shares. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies that repurchased shares in each quarter was around 500 (only one count of companies implementing multiple repurchases in a single quarter).</p><p>The period from Q3 2020 to Q3 2021 was the second peak period for share buybacks in A-shares, with the highest quarterly buyback amount reaching 38.8 billion yuan, which occurred in Q3 2021. During the second round of share buybacks, the average quarterly buyback amount over five quarters was 29.8 billion yuan, with around 400 companies buying back shares in each quarter.</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, a renewed wave of share buybacks has swept the stock market. As of April 15, listed companies had implemented share buybacks totaling approximately RMB 27.2 billion this year, with more than 400 companies having implemented share buybacks this year. As the stock market has undergone a significant correction, the valuations of many companies are at historical lows. With the release of listed companies' annual reports and the convening of board and shareholders' meetings at the end of April, the enthusiasm for A-share share buybacks is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of share buybacks in the A-share market</b></p><p><b>Looking at the industry distribution of share buybacks in the A-share market since 2012, the industry differentiation of A-share stock buybacks is obvious, mainly concentrated in several industries such as home appliances, pharmaceuticals and biotechnology, chemicals and electronics.</b></p><p>Looking at the amount of share buybacks in different industries, the industry concentration of A-share buybacks is relatively high. The home appliance industry saw the highest repurchase amount, totaling 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 proportions of the remaining 20 industries were generally low. Even though the price-to-book ratio of A-share banks has fallen below 1, they have never conducted share buybacks. 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 capital adequacy ratios. Share buybacks reduce net assets, so banks may prefer to use their limited net assets to issue loans to expand revenue rather than repurchase shares to reduce net assets.</p><p>Looking at the number of repurchases across different industries, the pharmaceutical and biological, computer, machinery and equipment, electronics, chemical, and electrical equipment industries have the most frequent repurchases. Companies in these industries have accumulated more than 500 repurchases (if a company has multiple repurchases, they are counted quarterly, once per quarter). This is related to the large number of companies in these industries, ranging from about 250 to nearly 400. The low number of share buybacks in the home appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the market share of leading companies is highly concentrated, mainly due to large-scale share buybacks by industry leaders such as Gree Electric Appliances, Midea Group, and Haier Smart Home. Leading companies in the home appliance industry have extremely abundant cash flow and can conduct large-scale share buybacks when their stock prices fall short of expectations.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Distribution characteristics of the purpose of share buybacks in the A-share market</b></p><p><b>Looking at the distribution of repurchase amounts for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, 56% of the repurchases were for other purposes, 18% were for market capitalization management, 13% were for equity incentive implementation, and 9% were for equity incentive cancellation. Further verification against the company's announcements revealed that the vast majority of the repurchases for other purposes were for equity incentives or employee stock ownership plans, a few were for market capitalization management or to convert convertible bonds issued by listed companies, and a very small number were used to reduce registered capital. Since the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted in a single category and are temporarily classified as other.</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 the number of repurchases for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, equity incentive cancellations account for the highest proportion, reaching 71%. The number of repurchases for other purposes accounted for 15%, the number of repurchases for profit compensation accounted for 6%, and the number of repurchases for market capitalization management accounted for 4%. We believe that equity incentive cancellation repurchases have little impact on stock prices and recommend excluding them from 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 have increased their awareness of actively repurchasing shares.</b>Prior to 2019, listed companies mainly conducted share buybacks for the purpose of canceling equity incentives, with passive buybacks dominating. After 2019, market capitalization management and other types of repurchase purposes increased significantly, and the repurchase amount was much higher than that of equity incentive cancellation. Overall, listed companies are increasingly aware of proactive share buybacks, sending positive signals in areas such as safeguarding investor interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 Statistics on A-share market share buybacks since 2022</b></p><p>As of April 15, since 2022, 374 companies in the A-share market have newly announced repurchase plans. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes is relatively large, but the amount is low and has little impact on the stock market), the remaining number of companies that have newly announced repurchase plans is 181. Six of the companies only disclosed the number of repurchases, while the repurchase price was not disclosed or was not the market price. The remaining 175 companies are ranked from highest to lowest according to the maximum amount of the repurchase plan, 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, more than 400 companies in the A-share market have actually implemented share buybacks since 2022 (including companies whose buyback plan dates were earlier than 2022). The three companies with the largest buyback amounts are Hengli Petrochemical, SF Holding, and Mindray Medical, all of which have implemented buybacks exceeding RMB 1 billion in 2022. The top 75 companies with the largest actual repurchase amounts were selected, ranked from highest to lowest. A 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 by A-share listed companies</b></p><p><b>2.1 The Development History of Share Repurchase by Listed Companies in my country</b></p><p><b>2.1.1 Exploration phase (before 1999)</b></p><p>Compared to developed countries, my country's capital market share repurchase system started relatively late. After the reform and opening up, in order to adapt to the trend of economic development, some companies carried out experimental shareholding reforms under policy guidance and became among the first companies to go public, resulting in the continuous expansion of the securities market. Share buybacks have become a hot topic in the capital market. my country's first share buyback occurred in 1992, when Dayuyuan Company, as the major shareholder of Xiaoyuyuan Company, repurchased all of Xiaoyuyuan's shares and cancelled them.</p><p>In 1993, my country passed the Company Law, which stipulates two situations in which share repurchase is permitted: (1) the company cancels its shares due to capital reduction; (2) Merger with shareholders holding shares in the Company. With the introduction of policies and market development, more and more listed companies have carried out share buybacks. The issuance of B shares after Lujiazui agreed to repurchase state-owned shares in 1994, the repurchase of Xiamen International Trade in 1996, and the successful repurchase of some state-owned shares by Yuntianhua and Shenergy in 1999 are all typical cases of share buybacks during this period.</p><p>In summary, before 1999, my country's share repurchase system was still in the exploratory stage. The share repurchases that occurred mainly served the country's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and restructuring of state-owned assets, and adjusting the structure and layout of the state-owned economy.\" In line with the historical mission of reducing state-owned shares, there were more administrative components than commercial ones. Subsequently, due to the overly narrow definitions of share acquisition scenarios in the Company Law, a long-term weak market, a lack of liquidity, and a low willingness of listed companies to participate in share buybacks, share buybacks 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 State-owned shares reduction stage (1999-2004)</b></p><p>According to statistics from the 1998 interim reports of companies listed on the Shanghai and Shenzhen stock exchanges, there were as many as 273 companies in my country with state-owned shares and state-owned legal person shares accounting for more than 50% of their total share capital, accounting for 33.58% of all 813 companies. In particular, 112 of them had a total share capital of more than 400 million yuan, with state-owned shares accounting for more than half of more than 70%, giving them a clear absolute controlling position. The excessive control of state-owned shares has led to frequent occurrences of corruption such as \"absence of owners,\" and imperfect incentive and constraint mechanisms for enterprises.</p><p>In order to achieve the separation of ownership and administrative power of state-owned enterprises, my country mainly completes the reduction of state-owned shares through share repurchase. On December 4, 1999, a relevant official from the Ministry of Finance pointed out that the first step in the reduction of state-owned shares reduced the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the circumstances, 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 Management of Reducing State-owned Shares to Raise Social Security Funds,\" marking the official launch of the reduction of state-owned shares.</p><p>Although theoretically using share buybacks to implement the policy of reducing state-owned shareholdings can minimize the impact on the secondary market, does not require a large amount of cash flow, and has the advantage of being more easily accepted by investors and significantly increasing the company's net profit per share. However, starting from June 14, 2001, coupled with factors such as the bursting of the US tech stock bubble and the Iraq War, the Shanghai Composite Index began to fall from 2245 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 Share structure reform stage (2005-2008)</b></p><p>When my country's securities market was first established, it adopted a unique \"share structure\" policy, which means that the shares of A-share listed companies are divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on exchanges become tradable shares, mainly including stocks held by the general public. Stocks that are temporarily not listed or traded before or after a public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares generated from the shareholding reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offerings. This separation phenomenon has caused serious principal-agent contradictions.</p><p>In order to meet the needs of the open and stable development of the capital market and to achieve the standard of \"the same cost of holding all shares of listed companies\", on April 29, 2005, with the approval of the State Council, the China Securities Regulatory Commission issued the \"Notice on Issues Concerning the Pilot Program of Share Structure Reform of Listed Companies\", which launched the pilot program of share structure reform and marked the official start of the share structure reform.</p><p>On June 16, 2005, the China Securities Regulatory Commission (CSRC) 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, which further broadened the scenarios for share repurchase by listed companies: (3) share repurchase by listed companies as a reward for employees; (4) Shareholders have objections to the merger or division of the company made at the shareholders' meeting and request the company to repurchase their shares. Meanwhile, in order to relax restrictions on listed companies repurchasing tradable shares, the China Securities Regulatory Commission (CSRC) encourages the use of open market methods to repurchase shares in addition to tender offers. In addition, the China Securities Regulatory Commission (CSRC) encourages listed companies to rectify and resolve the issue of their controlling shareholders embezzling funds through reasonable pricing and using the \"equity-for-debt\" method. This means that listed companies are allowed to repurchase the shares held by their controlling shareholders at a specific price and offset the liabilities incurred by the controlling shareholders in embezzling funds from the listed companies with the repurchase price payable. The measures of \"using shares to offset debts\" have effectively prevented behaviors such as \"using shares to evade debts and default on debts\" and major shareholders embezzling corporate funds, thus alleviating the contradiction between principal and agent in my country's capital market.</p><p>Against the backdrop of the smooth implementation of the share structure reform, A-share listed companies' enthusiasm for share buybacks has increased significantly, with a record 38 share buyback events occurring between 2005 and 2006. Meanwhile, A-share listed companies have seen significant growth in performance and valuation, attracting a large influx of investors into the stock market. During this period, the Shanghai Composite Index began a \"fast bull\" run, rising from a low of 988 points in 2005 to 6,124 points in 2007. The average P/E of the entire market reached about 50 times, which has not been surpassed to this day.</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 Phase (2008 to present)</b></p><p>In October 2008, the China Securities Regulatory Commission (CSRC) issued the \"Supplementary Provisions on Share Repurchase by Listed Companies,\" which, drawing on the experience of mature foreign markets, changed the administrative review system for share repurchase agreements to a filing system, greatly reducing the process for listed companies to repurchase shares and further improving the degree of marketization. After that, the significance of share buybacks lies more in boosting weak stock prices and maintaining the long-term investment value of listed companies.</p><p>In 2015, the A-share market once again experienced a rollercoaster ride. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission (CSRC) launched a \"choose one of five\" market rescue plan, including increasing holdings and share buybacks. During this period, a total of 37 companies announced share repurchase plans, and 9 companies repurchased more than 1 billion yuan. Share buybacks during this period were primarily aimed at protecting investor interests and ensuring that the stock price reflected the company's intrinsic value.</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 Company Law in 2018 regarding share repurchases</b></p><p>To deepen financial reform, the Sixth Session of the 13th National People's Congress passed an amendment to the Company Law on October 26, 2018, which mainly made three adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchases and adds the following share repurchase circumstances: (5) for listed companies to facilitate the issuance of convertible corporate bonds and warrants for equity conversion; (6) Necessary for the listed company to maintain its creditworthiness and shareholders' rights; (7) Other circumstances stipulated by laws and administrative regulations. Article 7, as a safety net clause, greatly increases the flexibility of listed companies in share repurchases.</p><p>Meanwhile, in addition to increasing the scenarios for share repurchases and improving the implementation decision-making procedures, the draft amendment mentions for the first time the \"establishment of a treasury stock system\" and clarifies that when a company implements an employee stock ownership plan or equity incentive, a listed company may transfer, cancel, or hold the shares as treasury shares after repurchasing the company's shares in conjunction with the issuance of convertible bonds and warrants for equity conversion and to maintain the company's credit and shareholders' rights. Meanwhile, in order to restrict the company's long-term holding of treasury shares and affect the market supply of shares, it is clearly stipulated that the holding period for shares held in treasury form shall not exceed three years.</p><p>According to signal theory, when a company's assets and liabilities are stable and its cash flow is good, the existence of treasury stocks allows management familiar with the company's business model to convey its judgment on the company's valuation level to the market by repurchasing, preserving, or canceling treasury stocks. In addition, the existence of inventory stocks allows companies to adjust their EPS growth rates 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 during previous repurchase booms</b></p><p>Since the promulgation of the new share repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. Listed companies mainly initiate share buybacks during periods of market bottoming out or industry downturns. There have been two peak periods of share buybacks since 2018, namely Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021.</p><p><b>3.1 Peak period of the first round of repurchases</b></p><p>The industry distribution during the first round of repurchase peak (Q4 2018 to Q3 2019) was relatively even, with listed companies in industries such as chemicals, pharmaceuticals and biotechnology, real estate, and media participating in repurchases with nearly 10 billion yuan. During this period, 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 share buybacks</b></p><p>The repurchase amount during the second round of repurchase peak (Q3 2020 to Q3 2021) varied significantly across industries, mainly supported by home appliances, with repurchase amounts reaching 46.1 billion yuan. The repurchase amount in the home appliance industry exceeded the combined repurchase amount of the second- to seventh-ranked industries. During this period, A-shares performed strongly overall, but the home appliance sector performed poorly. Leading companies in the industry, Gree Electric Appliances and Midea Group, showed high enthusiasm for share buybacks, 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 share buyback boom at the beginning of 2022 was accompanied by another period of rapid decline in A-shares.</b>At the beginning of 2022, A-share listed companies showed great enthusiasm for share buybacks, with share buybacks mainly concentrated in industries such as pharmaceuticals and biotechnology, electronics, chemicals, and computers. The overall trend of A-shares declined slightly, and the downward trend was quite obvious in various industries that started the share buyback boom.</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>Undervalued companies are more likely to initiate share buybacks.</b>Since 2012, A-share listed companies have announced a total of 7,461 share repurchase plans. Among them, 1,521 of the companies that announced repurchase plans had a P/E percentile between 0% and 10% on the day of the plan, accounting for 20.39%. The P/E percentile was between 90% and 100% only 473 times, accounting for only 6.34%. It is evident that undervalued companies are more inclined to initiate share buybacks, sending a signal to the market that their 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 buybacks on A-shares</b></p><p><b>4.1 Short-term and long-term impact of share buybacks on stocks</b></p><p>To analyze the impact of stock repurchases on stock price trends in the A-share market, this paper selects listed companies whose repurchase plan dates are between March 31, 2018 and March 31, 2021, and whose repurchase amount is greater than 1 million yuan, and whose repurchase status has been implemented or completed, for analysis. The total sample size is 2,548 (for the same listed company, if different repurchase plans are released during this 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 share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company issues a repurchase plan, the impact on the stock price is relatively small within a month, indicating that the effect of repurchase announcements in the A-share market is relatively weak. The listed company's share repurchase plan achieved an average return of 5.09% and 13.18% after six months and one year, respectively, and an excess return of 5.27% after one year. This means that the listed company that announced the share repurchase plan is likely to be undervalued and has the potential to appreciate in the future. It should be noted that the above return calculations are based on the closing price on the plan date. Generally, plans are released the night before the plan date, and we have not calculated the impact of the higher opening price on the plan date. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on the same day. However, it would be difficult to obtain this increase unless insider information was illegally obtained and traded in advance. Therefore, we do not include the daily increase or decrease in 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 proportion of repurchase amount to total market capitalization is positively correlated with excess returns.</b></p><p><b>The proportion of repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the stock's performance in the long run.</b>Excess returns for companies with repurchase amounts exceeding 5% of their total market capitalization have consistently exceeded those for companies with lower proportions, with excess returns reaching as high as 10.62% one year later. On the one hand, listed companies announcing repurchase plans that are 5% higher than their total market capitalization send a stronger signal to the market and can significantly boost investor confidence; On the other hand, the long-term rise in a company's stock price is mainly driven by the company's intrinsic value, so this part of the company's intrinsic value 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 the scale of industry repurchases and the excess returns after repurchases.</b></p><p><b>The performance of excess returns varies across industries, 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), the food and beverage, chemical, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The commercial trade, leisure services, and construction decoration industries had the worst excess returns, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively. In the short term (T+30), non-bank financial institutions, leisure services, and mining sectors performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are an industry with low repurchase frequency, so their excess returns are not mainly affected by repurchases. Data shows that there is no significant relationship between the scale of industry share buybacks and the excess returns after the buybacks; positive excess returns are more influenced 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>Repurchase activities for the purpose of equity incentive cancellation and other types of repurchases generate higher excess returns.</b>In the long term (T+360), repurchase activities for the purpose of equity incentive cancellation and other purposes generated the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while repurchase activities for the purpose of implementing equity incentives generated the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentives is a passive repurchase, which can send a negative signal to the market that the company's equity incentives have failed. On the other hand, share buybacks and cancellations can send positive signals by improving profitability indicators such as ROE. It is evident that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to companies that repurchase shares. Other types of repurchase purposes offer a variety of possibilities, and their scale is currently expanding rapidly, with the market reacting 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 Activities Initiated in Different Valuation Ranges</b></p><p><b>Listed companies in the undervalued range experience greater stock price increases after share buybacks, and their short-term performance is better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns. (Among them, listed companies with P/E percentiles in the 90%-100% range had excess returns of 10.54% one year after the repurchase plan was announced. This was mainly due to the small sample size, with only 129 samples in this range, which was not very representative.)</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>Lessons from the past A-share buyback frenzy: Undervaluation is the key.</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\">\nLessons from the past A-share buyback frenzy: Undervaluation is the key.\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, a renewed wave of share buybacks has emerged in A-shares. Historically, share buybacks have a significant effect on enhancing a company's market value, especially share buybacks and cancellations aimed at market capitalization management, which are a way to directly reward shareholders. The following insights can be gained from the repurchase boom in review A-shares: 1) Undervalued companies have significant excess returns after the release of repurchase plans; 2) The proportion of the company's repurchase amount to its total market capitalization is positively correlated with excess returns; 3) The company's share buybacks have a long-term supporting effect on the stock price. Valuations are at a low level due to a significant correction in the current stock market. Looking ahead, with the successive release of listed companies' annual reports and the convening of board and shareholder meetings, the enthusiasm for share buybacks in A-shares is expected to further increase. It is recommended to pay long-term attention to targets that actively repurchase shares to safeguard company value and shareholder rights.</b></p><p><b>After the new regulations on stock repurchases were released in 2018, the scale of repurchases expanded significantly.</b>In terms of the amount and number of repurchases, since the rise of A-share repurchases in 2012, there have been two rounds of repurchase booms: Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021. Since the beginning of 2022, the A-share market has seen a resurgence of share buybacks, with listed companies implementing buybacks totaling approximately RMB 27.2 billion, and more than 400 companies having implemented buybacks this year.</p><p><b>Stock buybacks are mainly concentrated during periods of market bottoming out or industry downturns.</b>In the first wave of share buybacks, the buyback amount was evenly distributed across industries, and the A-share market as a whole was in a downward phase. In the second wave of share buybacks, the amount of buybacks varied significantly across different industries. The A-share market performed strongly overall, but the stock prices of the home appliance industry continued to decline, and the enthusiasm for buybacks in the home appliance industry was high.</p><p><b>Share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company releases a share repurchase plan, the impact on the stock price is relatively small in the short term (without considering the impact of the price fluctuations on the day of the plan). After six months and one year, the average return reaches 5.09% and 13.18% respectively, and after one year, the average excess return is 5.27%.</p><p><b>The proportion of stock repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the long-term performance of the individual stock.</b>Companies whose repurchase amount accounts for more than 5% of the company's total market capitalization consistently have higher excess returns than companies with a lower proportion, and the average excess return after one year reaches 10.62%.</p><p><b>Undervalued companies experienced greater share price increases after the release of their share buyback plans, and their short-term performance was better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns.</p><p><b>Risk Warning: Repurchases increase financial leverage risk, repurchase plans may not be implemented, historical experience does not guarantee the future, the macroeconomy may fall short of expectations, and overseas markets may experience significant volatility.</b></p><p><b>Main text of the report</b></p><p><b>1. The A-share market is seeing another wave of share buybacks.</b></p><p>Stock repurchase mainly refers to a capital operation method in which listed companies repurchase shares through the secondary market using their own funds or self-raised funds, using them as treasury shares or for cancellation. Generally speaking, stock buybacks can improve profitability indicators such as earnings per share and return on assets in terms of financial effects. At the same time, proactive stock buybacks have a certain positive announcement effect. Listed companies can use buybacks to signal to the market that their stock price is undervalued, thereby boosting market confidence and driving up stock prices.</p><p><b>Currently, the main purposes of stock repurchase in my country include implementing equity incentives, market capitalization management, equity incentive cancellation, profit compensation, employee stock ownership plans, and others, which can be divided into passive and active types.</b>。 Among them, the cancellation of equity incentives and profit compensation are usually passive stock repurchases, which are generally related to employees leaving the company and losing the conditions for exercising their rights, or the performance of asset restructuring falling short of the committed expectations. The number of such repurchases is relatively large, but the repurchase amount is generally not large and usually does not have a positive impact on stock market prices. Implementing share buybacks for purposes such as equity incentives, employee stock ownership plans, and market capitalization management represents active stock buybacks. These types of buybacks have a more significant impact on the company's market value, especially market capitalization management through share buybacks and cancellations, 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 share buyback peaks since 2012.</b></p><p>Before 2012, relatively few A-share listed companies had announced stock repurchase plans, and the number of companies that successfully completed repurchases did not exceed double digits. Stock repurchases began to emerge in the A-share market in 2012. After the Company Law made special amendments to the terms of share repurchases in October 2018, the Shanghai and Shenzhen Stock Exchanges successively issued implementation rules on share repurchases by listed companies in a short period of time in November of the same year, which greatly stimulated market vitality, significantly increased the enthusiasm of listed companies for repurchases, and ushered in a wave of stock market repurchases.</p><p>In terms of repurchase amount and number of companies, Q4 2018 to Q3 2019 was the peak period for the first round of repurchases in A-shares. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies that repurchased shares in each quarter was around 500 (only one count of companies implementing multiple repurchases in a single quarter).</p><p>The period from Q3 2020 to Q3 2021 was the second peak period for share buybacks in A-shares, with the highest quarterly buyback amount reaching 38.8 billion yuan, which occurred in Q3 2021. During the second round of share buybacks, the average quarterly buyback amount over five quarters was 29.8 billion yuan, with around 400 companies buying back shares in each quarter.</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, a renewed wave of share buybacks has swept the stock market. As of April 15, listed companies had implemented share buybacks totaling approximately RMB 27.2 billion this year, with more than 400 companies having implemented share buybacks this year. As the stock market has undergone a significant correction, the valuations of many companies are at historical lows. With the release of listed companies' annual reports and the convening of board and shareholders' meetings at the end of April, the enthusiasm for A-share share buybacks is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of share buybacks in the A-share market</b></p><p><b>Looking at the industry distribution of share buybacks in the A-share market since 2012, the industry differentiation of A-share stock buybacks is obvious, mainly concentrated in several industries such as home appliances, pharmaceuticals and biotechnology, chemicals and electronics.</b></p><p>Looking at the amount of share buybacks in different industries, the industry concentration of A-share buybacks is relatively high. The home appliance industry saw the highest repurchase amount, totaling 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 proportions of the remaining 20 industries were generally low. Even though the price-to-book ratio of A-share banks has fallen below 1, they have never conducted share buybacks. 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 capital adequacy ratios. Share buybacks reduce net assets, so banks may prefer to use their limited net assets to issue loans to expand revenue rather than repurchase shares to reduce net assets.</p><p>Looking at the number of repurchases across different industries, the pharmaceutical and biological, computer, machinery and equipment, electronics, chemical, and electrical equipment industries have the most frequent repurchases. Companies in these industries have accumulated more than 500 repurchases (if a company has multiple repurchases, they are counted quarterly, once per quarter). This is related to the large number of companies in these industries, ranging from about 250 to nearly 400. The low number of share buybacks in the home appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the market share of leading companies is highly concentrated, mainly due to large-scale share buybacks by industry leaders such as Gree Electric Appliances, Midea Group, and Haier Smart Home. Leading companies in the home appliance industry have extremely abundant cash flow and can conduct large-scale share buybacks when their stock prices fall short of expectations.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Distribution characteristics of the purpose of share buybacks in the A-share market</b></p><p><b>Looking at the distribution of repurchase amounts for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, 56% of the repurchases were for other purposes, 18% were for market capitalization management, 13% were for equity incentive implementation, and 9% were for equity incentive cancellation. Further verification against the company's announcements revealed that the vast majority of the repurchases for other purposes were for equity incentives or employee stock ownership plans, a few were for market capitalization management or to convert convertible bonds issued by listed companies, and a very small number were used to reduce registered capital. Since the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted in a single category and are temporarily classified as other.</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 the number of repurchases for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, equity incentive cancellations account for the highest proportion, reaching 71%. The number of repurchases for other purposes accounted for 15%, the number of repurchases for profit compensation accounted for 6%, and the number of repurchases for market capitalization management accounted for 4%. We believe that equity incentive cancellation repurchases have little impact on stock prices and recommend excluding them from 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 have increased their awareness of actively repurchasing shares.</b>Prior to 2019, listed companies mainly conducted share buybacks for the purpose of canceling equity incentives, with passive buybacks dominating. After 2019, market capitalization management and other types of repurchase purposes increased significantly, and the repurchase amount was much higher than that of equity incentive cancellation. Overall, listed companies are increasingly aware of proactive share buybacks, sending positive signals in areas such as safeguarding investor interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 Statistics on A-share market share buybacks since 2022</b></p><p>As of April 15, since 2022, 374 companies in the A-share market have newly announced repurchase plans. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes is relatively large, but the amount is low and has little impact on the stock market), the remaining number of companies that have newly announced repurchase plans is 181. Six of the companies only disclosed the number of repurchases, while the repurchase price was not disclosed or was not the market price. The remaining 175 companies are ranked from highest to lowest according to the maximum amount of the repurchase plan, 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, more than 400 companies in the A-share market have actually implemented share buybacks since 2022 (including companies whose buyback plan dates were earlier than 2022). The three companies with the largest buyback amounts are Hengli Petrochemical, SF Holding, and Mindray Medical, all of which have implemented buybacks exceeding RMB 1 billion in 2022. The top 75 companies with the largest actual repurchase amounts were selected, ranked from highest to lowest. A 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 by A-share listed companies</b></p><p><b>2.1 The Development History of Share Repurchase by Listed Companies in my country</b></p><p><b>2.1.1 Exploration phase (before 1999)</b></p><p>Compared to developed countries, my country's capital market share repurchase system started relatively late. After the reform and opening up, in order to adapt to the trend of economic development, some companies carried out experimental shareholding reforms under policy guidance and became among the first companies to go public, resulting in the continuous expansion of the securities market. Share buybacks have become a hot topic in the capital market. my country's first share buyback occurred in 1992, when Dayuyuan Company, as the major shareholder of Xiaoyuyuan Company, repurchased all of Xiaoyuyuan's shares and cancelled them.</p><p>In 1993, my country passed the Company Law, which stipulates two situations in which share repurchase is permitted: (1) the company cancels its shares due to capital reduction; (2) Merger with shareholders holding shares in the Company. With the introduction of policies and market development, more and more listed companies have carried out share buybacks. The issuance of B shares after Lujiazui agreed to repurchase state-owned shares in 1994, the repurchase of Xiamen International Trade in 1996, and the successful repurchase of some state-owned shares by Yuntianhua and Shenergy in 1999 are all typical cases of share buybacks during this period.</p><p>In summary, before 1999, my country's share repurchase system was still in the exploratory stage. The share repurchases that occurred mainly served the country's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and restructuring of state-owned assets, and adjusting the structure and layout of the state-owned economy.\" In line with the historical mission of reducing state-owned shares, there were more administrative components than commercial ones. Subsequently, due to the overly narrow definitions of share acquisition scenarios in the Company Law, a long-term weak market, a lack of liquidity, and a low willingness of listed companies to participate in share buybacks, share buybacks 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 State-owned shares reduction stage (1999-2004)</b></p><p>According to statistics from the 1998 interim reports of companies listed on the Shanghai and Shenzhen stock exchanges, there were as many as 273 companies in my country with state-owned shares and state-owned legal person shares accounting for more than 50% of their total share capital, accounting for 33.58% of all 813 companies. In particular, 112 of them had a total share capital of more than 400 million yuan, with state-owned shares accounting for more than half of more than 70%, giving them a clear absolute controlling position. The excessive control of state-owned shares has led to frequent occurrences of corruption such as \"absence of owners,\" and imperfect incentive and constraint mechanisms for enterprises.</p><p>In order to achieve the separation of ownership and administrative power of state-owned enterprises, my country mainly completes the reduction of state-owned shares through share repurchase. On December 4, 1999, a relevant official from the Ministry of Finance pointed out that the first step in the reduction of state-owned shares reduced the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the circumstances, 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 Management of Reducing State-owned Shares to Raise Social Security Funds,\" marking the official launch of the reduction of state-owned shares.</p><p>Although theoretically using share buybacks to implement the policy of reducing state-owned shareholdings can minimize the impact on the secondary market, does not require a large amount of cash flow, and has the advantage of being more easily accepted by investors and significantly increasing the company's net profit per share. However, starting from June 14, 2001, coupled with factors such as the bursting of the US tech stock bubble and the Iraq War, the Shanghai Composite Index began to fall from 2245 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 Share structure reform stage (2005-2008)</b></p><p>When my country's securities market was first established, it adopted a unique \"share structure\" policy, which means that the shares of A-share listed companies are divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on exchanges become tradable shares, mainly including stocks held by the general public. Stocks that are temporarily not listed or traded before or after a public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares generated from the shareholding reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offerings. This separation phenomenon has caused serious principal-agent contradictions.</p><p>In order to meet the needs of the open and stable development of the capital market and to achieve the standard of \"the same cost of holding all shares of listed companies\", on April 29, 2005, with the approval of the State Council, the China Securities Regulatory Commission issued the \"Notice on Issues Concerning the Pilot Program of Share Structure Reform of Listed Companies\", which launched the pilot program of share structure reform and marked the official start of the share structure reform.</p><p>On June 16, 2005, the China Securities Regulatory Commission (CSRC) 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, which further broadened the scenarios for share repurchase by listed companies: (3) share repurchase by listed companies as a reward for employees; (4) Shareholders have objections to the merger or division of the company made at the shareholders' meeting and request the company to repurchase their shares. Meanwhile, in order to relax restrictions on listed companies repurchasing tradable shares, the China Securities Regulatory Commission (CSRC) encourages the use of open market methods to repurchase shares in addition to tender offers. In addition, the China Securities Regulatory Commission (CSRC) encourages listed companies to rectify and resolve the issue of their controlling shareholders embezzling funds through reasonable pricing and using the \"equity-for-debt\" method. This means that listed companies are allowed to repurchase the shares held by their controlling shareholders at a specific price and offset the liabilities incurred by the controlling shareholders in embezzling funds from the listed companies with the repurchase price payable. The measures of \"using shares to offset debts\" have effectively prevented behaviors such as \"using shares to evade debts and default on debts\" and major shareholders embezzling corporate funds, thus alleviating the contradiction between principal and agent in my country's capital market.</p><p>Against the backdrop of the smooth implementation of the share structure reform, A-share listed companies' enthusiasm for share buybacks has increased significantly, with a record 38 share buyback events occurring between 2005 and 2006. Meanwhile, A-share listed companies have seen significant growth in performance and valuation, attracting a large influx of investors into the stock market. During this period, the Shanghai Composite Index began a \"fast bull\" run, rising from a low of 988 points in 2005 to 6,124 points in 2007. The average P/E of the entire market reached about 50 times, which has not been surpassed to this day.</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 Phase (2008 to present)</b></p><p>In October 2008, the China Securities Regulatory Commission (CSRC) issued the \"Supplementary Provisions on Share Repurchase by Listed Companies,\" which, drawing on the experience of mature foreign markets, changed the administrative review system for share repurchase agreements to a filing system, greatly reducing the process for listed companies to repurchase shares and further improving the degree of marketization. After that, the significance of share buybacks lies more in boosting weak stock prices and maintaining the long-term investment value of listed companies.</p><p>In 2015, the A-share market once again experienced a rollercoaster ride. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission (CSRC) launched a \"choose one of five\" market rescue plan, including increasing holdings and share buybacks. During this period, a total of 37 companies announced share repurchase plans, and 9 companies repurchased more than 1 billion yuan. Share buybacks during this period were primarily aimed at protecting investor interests and ensuring that the stock price reflected the company's intrinsic value.</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 Company Law in 2018 regarding share repurchases</b></p><p>To deepen financial reform, the Sixth Session of the 13th National People's Congress passed an amendment to the Company Law on October 26, 2018, which mainly made three adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchases and adds the following share repurchase circumstances: (5) for listed companies to facilitate the issuance of convertible corporate bonds and warrants for equity conversion; (6) Necessary for the listed company to maintain its creditworthiness and shareholders' rights; (7) Other circumstances stipulated by laws and administrative regulations. Article 7, as a safety net clause, greatly increases the flexibility of listed companies in share repurchases.</p><p>Meanwhile, in addition to increasing the scenarios for share repurchases and improving the implementation decision-making procedures, the draft amendment mentions for the first time the \"establishment of a treasury stock system\" and clarifies that when a company implements an employee stock ownership plan or equity incentive, a listed company may transfer, cancel, or hold the shares as treasury shares after repurchasing the company's shares in conjunction with the issuance of convertible bonds and warrants for equity conversion and to maintain the company's credit and shareholders' rights. Meanwhile, in order to restrict the company's long-term holding of treasury shares and affect the market supply of shares, it is clearly stipulated that the holding period for shares held in treasury form shall not exceed three years.</p><p>According to signal theory, when a company's assets and liabilities are stable and its cash flow is good, the existence of treasury stocks allows management familiar with the company's business model to convey its judgment on the company's valuation level to the market by repurchasing, preserving, or canceling treasury stocks. In addition, the existence of inventory stocks allows companies to adjust their EPS growth rates 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 during previous repurchase booms</b></p><p>Since the promulgation of the new share repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. Listed companies mainly initiate share buybacks during periods of market bottoming out or industry downturns. There have been two peak periods of share buybacks since 2018, namely Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021.</p><p><b>3.1 Peak period of the first round of repurchases</b></p><p>The industry distribution during the first round of repurchase peak (Q4 2018 to Q3 2019) was relatively even, with listed companies in industries such as chemicals, pharmaceuticals and biotechnology, real estate, and media participating in repurchases with nearly 10 billion yuan. During this period, 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 share buybacks</b></p><p>The repurchase amount during the second round of repurchase peak (Q3 2020 to Q3 2021) varied significantly across industries, mainly supported by home appliances, with repurchase amounts reaching 46.1 billion yuan. The repurchase amount in the home appliance industry exceeded the combined repurchase amount of the second- to seventh-ranked industries. During this period, A-shares performed strongly overall, but the home appliance sector performed poorly. Leading companies in the industry, Gree Electric Appliances and Midea Group, showed high enthusiasm for share buybacks, 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 share buyback boom at the beginning of 2022 was accompanied by another period of rapid decline in A-shares.</b>At the beginning of 2022, A-share listed companies showed great enthusiasm for share buybacks, with share buybacks mainly concentrated in industries such as pharmaceuticals and biotechnology, electronics, chemicals, and computers. The overall trend of A-shares declined slightly, and the downward trend was quite obvious in various industries that started the share buyback boom.</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>Undervalued companies are more likely to initiate share buybacks.</b>Since 2012, A-share listed companies have announced a total of 7,461 share repurchase plans. Among them, 1,521 of the companies that announced repurchase plans had a P/E percentile between 0% and 10% on the day of the plan, accounting for 20.39%. The P/E percentile was between 90% and 100% only 473 times, accounting for only 6.34%. It is evident that undervalued companies are more inclined to initiate share buybacks, sending a signal to the market that their 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 buybacks on A-shares</b></p><p><b>4.1 Short-term and long-term impact of share buybacks on stocks</b></p><p>To analyze the impact of stock repurchases on stock price trends in the A-share market, this paper selects listed companies whose repurchase plan dates are between March 31, 2018 and March 31, 2021, and whose repurchase amount is greater than 1 million yuan, and whose repurchase status has been implemented or completed, for analysis. The total sample size is 2,548 (for the same listed company, if different repurchase plans are released during this 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 share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company issues a repurchase plan, the impact on the stock price is relatively small within a month, indicating that the effect of repurchase announcements in the A-share market is relatively weak. The listed company's share repurchase plan achieved an average return of 5.09% and 13.18% after six months and one year, respectively, and an excess return of 5.27% after one year. This means that the listed company that announced the share repurchase plan is likely to be undervalued and has the potential to appreciate in the future. It should be noted that the above return calculations are based on the closing price on the plan date. Generally, plans are released the night before the plan date, and we have not calculated the impact of the higher opening price on the plan date. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on the same day. However, it would be difficult to obtain this increase unless insider information was illegally obtained and traded in advance. Therefore, we do not include the daily increase or decrease in 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 proportion of repurchase amount to total market capitalization is positively correlated with excess returns.</b></p><p><b>The proportion of repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the stock's performance in the long run.</b>Excess returns for companies with repurchase amounts exceeding 5% of their total market capitalization have consistently exceeded those for companies with lower proportions, with excess returns reaching as high as 10.62% one year later. On the one hand, listed companies announcing repurchase plans that are 5% higher than their total market capitalization send a stronger signal to the market and can significantly boost investor confidence; On the other hand, the long-term rise in a company's stock price is mainly driven by the company's intrinsic value, so this part of the company's intrinsic value 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 the scale of industry repurchases and the excess returns after repurchases.</b></p><p><b>The performance of excess returns varies across industries, 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), the food and beverage, chemical, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The commercial trade, leisure services, and construction decoration industries had the worst excess returns, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively. In the short term (T+30), non-bank financial institutions, leisure services, and mining sectors performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are an industry with low repurchase frequency, so their excess returns are not mainly affected by repurchases. Data shows that there is no significant relationship between the scale of industry share buybacks and the excess returns after the buybacks; positive excess returns are more influenced 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>Repurchase activities for the purpose of equity incentive cancellation and other types of repurchases generate higher excess returns.</b>In the long term (T+360), repurchase activities for the purpose of equity incentive cancellation and other purposes generated the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while repurchase activities for the purpose of implementing equity incentives generated the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentives is a passive repurchase, which can send a negative signal to the market that the company's equity incentives have failed. On the other hand, share buybacks and cancellations can send positive signals by improving profitability indicators such as ROE. It is evident that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to companies that repurchase shares. Other types of repurchase purposes offer a variety of possibilities, and their scale is currently expanding rapidly, with the market reacting 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 Activities Initiated in Different Valuation Ranges</b></p><p><b>Listed companies in the undervalued range experience greater stock price increases after share buybacks, and their short-term performance is better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns. (Among them, listed companies with P/E percentiles in the 90%-100% range had excess returns of 10.54% one year after the repurchase plan was announced. This was mainly due to the small sample size, with only 129 samples in this range, which was not very representative.)</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":4006,"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":[],"title":"","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":4487,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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":4487,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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":"hk","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":{"BRK.B":"伯克希尔B","CRCT":"Cricut, Inc.","BK4533":"AQR资本管理(全球第二大对冲基金)","NU":"Nu Holdings Ltd.","BK4176":"多领域控股","BK4007":"制药","BK4207":"综合性银行","BK4191":"家用电器","BK4550":"红杉资本持仓","BK4539":"次新股","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓"},"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":{"BRK.B":0.8,"CRCT":0.64,"NU":0.9,"END":1,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":4810,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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":"hk","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":{"BRK.B":"伯克希尔B","CRCT":"Cricut, Inc.","BK4533":"AQR资本管理(全球第二大对冲基金)","NU":"Nu Holdings Ltd.","BK4176":"多领域控股","BK4007":"制药","BK4207":"综合性银行","BK4191":"家用电器","BK4550":"红杉资本持仓","BK4539":"次新股","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓"},"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":{"BRK.B":0.8,"CRCT":0.64,"NU":0.9,"END":1,"TERN":0.64}},"isVote":1,"tweetType":1,"viewCount":4464,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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,"authorIdStr":"3527667627336929","idStr":"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":5139,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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":"Lessons from the past A-share buyback frenzy: Undervaluation is the key.","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, a renewed wave of share buybacks has emerged in A-shares. Historically, share buybacks have a significant effect on enhancing a company's market value, especially share buybacks and cancellations aimed at market capitalization management, which are a way to directly reward shareholders. The following insights can be gained from the repurchase boom in review A-shares: 1) Undervalued companies have significant excess returns after the release of repurchase plans; 2) The proportion of the company's repurchase amount to its total market capitalization is positively correlated with excess returns; 3) The company's share buybacks have a long-term supporting effect on the stock price. Valuations are at a low level due to a significant correction in the current stock market. Looking ahead, with the successive release of listed companies' annual reports and the convening of board and shareholder meetings, the enthusiasm for share buybacks in A-shares is expected to further increase. It is recommended to pay long-term attention to targets that actively repurchase shares to safeguard company value and shareholder rights.</b></p><p><b>After the new regulations on stock repurchases were released in 2018, the scale of repurchases expanded significantly.</b>In terms of the amount and number of repurchases, since the rise of A-share repurchases in 2012, there have been two rounds of repurchase booms: Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021. Since the beginning of 2022, the A-share market has seen a resurgence of share buybacks, with listed companies implementing buybacks totaling approximately RMB 27.2 billion, and more than 400 companies having implemented buybacks this year.</p><p><b>Stock buybacks are mainly concentrated during periods of market bottoming out or industry downturns.</b>In the first wave of share buybacks, the buyback amount was evenly distributed across industries, and the A-share market as a whole was in a downward phase. In the second wave of share buybacks, the amount of buybacks varied significantly across different industries. The A-share market performed strongly overall, but the stock prices of the home appliance industry continued to decline, and the enthusiasm for buybacks in the home appliance industry was high.</p><p><b>Share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company releases a share repurchase plan, the impact on the stock price is relatively small in the short term (without considering the impact of the price fluctuations on the day of the plan). After six months and one year, the average return reaches 5.09% and 13.18% respectively, and after one year, the average excess return is 5.27%.</p><p><b>The proportion of stock repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the long-term performance of the individual stock.</b>Companies whose repurchase amount accounts for more than 5% of the company's total market capitalization consistently have higher excess returns than companies with a lower proportion, and the average excess return after one year reaches 10.62%.</p><p><b>Undervalued companies experienced greater share price increases after the release of their share buyback plans, and their short-term performance was better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns.</p><p><b>Risk Warning: Repurchases increase financial leverage risk, repurchase plans may not be implemented, historical experience does not guarantee the future, the macroeconomy may fall short of expectations, and overseas markets may experience significant volatility.</b></p><p><b>Main text of the report</b></p><p><b>1. The A-share market is seeing another wave of share buybacks.</b></p><p>Stock repurchase mainly refers to a capital operation method in which listed companies repurchase shares through the secondary market using their own funds or self-raised funds, using them as treasury shares or for cancellation. Generally speaking, stock buybacks can improve profitability indicators such as earnings per share and return on assets in terms of financial effects. At the same time, proactive stock buybacks have a certain positive announcement effect. Listed companies can use buybacks to signal to the market that their stock price is undervalued, thereby boosting market confidence and driving up stock prices.</p><p><b>Currently, the main purposes of stock repurchase in my country include implementing equity incentives, market capitalization management, equity incentive cancellation, profit compensation, employee stock ownership plans, and others, which can be divided into passive and active types.</b>。 Among them, the cancellation of equity incentives and profit compensation are usually passive stock repurchases, which are generally related to employees leaving the company and losing the conditions for exercising their rights, or the performance of asset restructuring falling short of the committed expectations. The number of such repurchases is relatively large, but the repurchase amount is generally not large and usually does not have a positive impact on stock market prices. Implementing share buybacks for purposes such as equity incentives, employee stock ownership plans, and market capitalization management represents active stock buybacks. These types of buybacks have a more significant impact on the company's market value, especially market capitalization management through share buybacks and cancellations, 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 share buyback peaks since 2012.</b></p><p>Before 2012, relatively few A-share listed companies had announced stock repurchase plans, and the number of companies that successfully completed repurchases did not exceed double digits. Stock repurchases began to emerge in the A-share market in 2012. After the Company Law made special amendments to the terms of share repurchases in October 2018, the Shanghai and Shenzhen Stock Exchanges successively issued implementation rules on share repurchases by listed companies in a short period of time in November of the same year, which greatly stimulated market vitality, significantly increased the enthusiasm of listed companies for repurchases, and ushered in a wave of stock market repurchases.</p><p>In terms of repurchase amount and number of companies, Q4 2018 to Q3 2019 was the peak period for the first round of repurchases in A-shares. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies that repurchased shares in each quarter was around 500 (only one count of companies implementing multiple repurchases in a single quarter).</p><p>The period from Q3 2020 to Q3 2021 was the second peak period for share buybacks in A-shares, with the highest quarterly buyback amount reaching 38.8 billion yuan, which occurred in Q3 2021. During the second round of share buybacks, the average quarterly buyback amount over five quarters was 29.8 billion yuan, with around 400 companies buying back shares in each quarter.</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, a renewed wave of share buybacks has swept the stock market. As of April 15, listed companies had implemented share buybacks totaling approximately RMB 27.2 billion this year, with more than 400 companies having implemented share buybacks this year. As the stock market has undergone a significant correction, the valuations of many companies are at historical lows. With the release of listed companies' annual reports and the convening of board and shareholders' meetings at the end of April, the enthusiasm for A-share share buybacks is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of share buybacks in the A-share market</b></p><p><b>Looking at the industry distribution of share buybacks in the A-share market since 2012, the industry differentiation of A-share stock buybacks is obvious, mainly concentrated in several industries such as home appliances, pharmaceuticals and biotechnology, chemicals and electronics.</b></p><p>Looking at the amount of share buybacks in different industries, the industry concentration of A-share buybacks is relatively high. The home appliance industry saw the highest repurchase amount, totaling 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 proportions of the remaining 20 industries were generally low. Even though the price-to-book ratio of A-share banks has fallen below 1, they have never conducted share buybacks. 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 capital adequacy ratios. Share buybacks reduce net assets, so banks may prefer to use their limited net assets to issue loans to expand revenue rather than repurchase shares to reduce net assets.</p><p>Looking at the number of repurchases across different industries, the pharmaceutical and biological, computer, machinery and equipment, electronics, chemical, and electrical equipment industries have the most frequent repurchases. Companies in these industries have accumulated more than 500 repurchases (if a company has multiple repurchases, they are counted quarterly, once per quarter). This is related to the large number of companies in these industries, ranging from about 250 to nearly 400. The low number of share buybacks in the home appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the market share of leading companies is highly concentrated, mainly due to large-scale share buybacks by industry leaders such as Gree Electric Appliances, Midea Group, and Haier Smart Home. Leading companies in the home appliance industry have extremely abundant cash flow and can conduct large-scale share buybacks when their stock prices fall short of expectations.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Distribution characteristics of the purpose of share buybacks in the A-share market</b></p><p><b>Looking at the distribution of repurchase amounts for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, 56% of the repurchases were for other purposes, 18% were for market capitalization management, 13% were for equity incentive implementation, and 9% were for equity incentive cancellation. Further verification against the company's announcements revealed that the vast majority of the repurchases for other purposes were for equity incentives or employee stock ownership plans, a few were for market capitalization management or to convert convertible bonds issued by listed companies, and a very small number were used to reduce registered capital. Since the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted in a single category and are temporarily classified as other.</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 the number of repurchases for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, equity incentive cancellations account for the highest proportion, reaching 71%. The number of repurchases for other purposes accounted for 15%, the number of repurchases for profit compensation accounted for 6%, and the number of repurchases for market capitalization management accounted for 4%. We believe that equity incentive cancellation repurchases have little impact on stock prices and recommend excluding them from 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 have increased their awareness of actively repurchasing shares.</b>Prior to 2019, listed companies mainly conducted share buybacks for the purpose of canceling equity incentives, with passive buybacks dominating. After 2019, market capitalization management and other types of repurchase purposes increased significantly, and the repurchase amount was much higher than that of equity incentive cancellation. Overall, listed companies are increasingly aware of proactive share buybacks, sending positive signals in areas such as safeguarding investor interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 Statistics on A-share market share buybacks since 2022</b></p><p>As of April 15, since 2022, 374 companies in the A-share market have newly announced repurchase plans. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes is relatively large, but the amount is low and has little impact on the stock market), the remaining number of companies that have newly announced repurchase plans is 181. Six of the companies only disclosed the number of repurchases, while the repurchase price was not disclosed or was not the market price. The remaining 175 companies are ranked from highest to lowest according to the maximum amount of the repurchase plan, 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, more than 400 companies in the A-share market have actually implemented share buybacks since 2022 (including companies whose buyback plan dates were earlier than 2022). The three companies with the largest buyback amounts are Hengli Petrochemical, SF Holding, and Mindray Medical, all of which have implemented buybacks exceeding RMB 1 billion in 2022. The top 75 companies with the largest actual repurchase amounts were selected, ranked from highest to lowest. A 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 by A-share listed companies</b></p><p><b>2.1 The Development History of Share Repurchase by Listed Companies in my country</b></p><p><b>2.1.1 Exploration phase (before 1999)</b></p><p>Compared to developed countries, my country's capital market share repurchase system started relatively late. After the reform and opening up, in order to adapt to the trend of economic development, some companies carried out experimental shareholding reforms under policy guidance and became among the first companies to go public, resulting in the continuous expansion of the securities market. Share buybacks have become a hot topic in the capital market. my country's first share buyback occurred in 1992, when Dayuyuan Company, as the major shareholder of Xiaoyuyuan Company, repurchased all of Xiaoyuyuan's shares and cancelled them.</p><p>In 1993, my country passed the Company Law, which stipulates two situations in which share repurchase is permitted: (1) the company cancels its shares due to capital reduction; (2) Merger with shareholders holding shares in the Company. With the introduction of policies and market development, more and more listed companies have carried out share buybacks. The issuance of B shares after Lujiazui agreed to repurchase state-owned shares in 1994, the repurchase of Xiamen International Trade in 1996, and the successful repurchase of some state-owned shares by Yuntianhua and Shenergy in 1999 are all typical cases of share buybacks during this period.</p><p>In summary, before 1999, my country's share repurchase system was still in the exploratory stage. The share repurchases that occurred mainly served the country's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and restructuring of state-owned assets, and adjusting the structure and layout of the state-owned economy.\" In line with the historical mission of reducing state-owned shares, there were more administrative components than commercial ones. Subsequently, due to the overly narrow definitions of share acquisition scenarios in the Company Law, a long-term weak market, a lack of liquidity, and a low willingness of listed companies to participate in share buybacks, share buybacks 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 State-owned shares reduction stage (1999-2004)</b></p><p>According to statistics from the 1998 interim reports of companies listed on the Shanghai and Shenzhen stock exchanges, there were as many as 273 companies in my country with state-owned shares and state-owned legal person shares accounting for more than 50% of their total share capital, accounting for 33.58% of all 813 companies. In particular, 112 of them had a total share capital of more than 400 million yuan, with state-owned shares accounting for more than half of more than 70%, giving them a clear absolute controlling position. The excessive control of state-owned shares has led to frequent occurrences of corruption such as \"absence of owners,\" and imperfect incentive and constraint mechanisms for enterprises.</p><p>In order to achieve the separation of ownership and administrative power of state-owned enterprises, my country mainly completes the reduction of state-owned shares through share repurchase. On December 4, 1999, a relevant official from the Ministry of Finance pointed out that the first step in the reduction of state-owned shares reduced the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the circumstances, 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 Management of Reducing State-owned Shares to Raise Social Security Funds,\" marking the official launch of the reduction of state-owned shares.</p><p>Although theoretically using share buybacks to implement the policy of reducing state-owned shareholdings can minimize the impact on the secondary market, does not require a large amount of cash flow, and has the advantage of being more easily accepted by investors and significantly increasing the company's net profit per share. However, starting from June 14, 2001, coupled with factors such as the bursting of the US tech stock bubble and the Iraq War, the Shanghai Composite Index began to fall from 2245 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 Share structure reform stage (2005-2008)</b></p><p>When my country's securities market was first established, it adopted a unique \"share structure\" policy, which means that the shares of A-share listed companies are divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on exchanges become tradable shares, mainly including stocks held by the general public. Stocks that are temporarily not listed or traded before or after a public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares generated from the shareholding reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offerings. This separation phenomenon has caused serious principal-agent contradictions.</p><p>In order to meet the needs of the open and stable development of the capital market and to achieve the standard of \"the same cost of holding all shares of listed companies\", on April 29, 2005, with the approval of the State Council, the China Securities Regulatory Commission issued the \"Notice on Issues Concerning the Pilot Program of Share Structure Reform of Listed Companies\", which launched the pilot program of share structure reform and marked the official start of the share structure reform.</p><p>On June 16, 2005, the China Securities Regulatory Commission (CSRC) 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, which further broadened the scenarios for share repurchase by listed companies: (3) share repurchase by listed companies as a reward for employees; (4) Shareholders have objections to the merger or division of the company made at the shareholders' meeting and request the company to repurchase their shares. Meanwhile, in order to relax restrictions on listed companies repurchasing tradable shares, the China Securities Regulatory Commission (CSRC) encourages the use of open market methods to repurchase shares in addition to tender offers. In addition, the China Securities Regulatory Commission (CSRC) encourages listed companies to rectify and resolve the issue of their controlling shareholders embezzling funds through reasonable pricing and using the \"equity-for-debt\" method. This means that listed companies are allowed to repurchase the shares held by their controlling shareholders at a specific price and offset the liabilities incurred by the controlling shareholders in embezzling funds from the listed companies with the repurchase price payable. The measures of \"using shares to offset debts\" have effectively prevented behaviors such as \"using shares to evade debts and default on debts\" and major shareholders embezzling corporate funds, thus alleviating the contradiction between principal and agent in my country's capital market.</p><p>Against the backdrop of the smooth implementation of the share structure reform, A-share listed companies' enthusiasm for share buybacks has increased significantly, with a record 38 share buyback events occurring between 2005 and 2006. Meanwhile, A-share listed companies have seen significant growth in performance and valuation, attracting a large influx of investors into the stock market. During this period, the Shanghai Composite Index began a \"fast bull\" run, rising from a low of 988 points in 2005 to 6,124 points in 2007. The average P/E of the entire market reached about 50 times, which has not been surpassed to this day.</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 Phase (2008 to present)</b></p><p>In October 2008, the China Securities Regulatory Commission (CSRC) issued the \"Supplementary Provisions on Share Repurchase by Listed Companies,\" which, drawing on the experience of mature foreign markets, changed the administrative review system for share repurchase agreements to a filing system, greatly reducing the process for listed companies to repurchase shares and further improving the degree of marketization. After that, the significance of share buybacks lies more in boosting weak stock prices and maintaining the long-term investment value of listed companies.</p><p>In 2015, the A-share market once again experienced a rollercoaster ride. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission (CSRC) launched a \"choose one of five\" market rescue plan, including increasing holdings and share buybacks. During this period, a total of 37 companies announced share repurchase plans, and 9 companies repurchased more than 1 billion yuan. Share buybacks during this period were primarily aimed at protecting investor interests and ensuring that the stock price reflected the company's intrinsic value.</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 Company Law in 2018 regarding share repurchases</b></p><p>To deepen financial reform, the Sixth Session of the 13th National People's Congress passed an amendment to the Company Law on October 26, 2018, which mainly made three adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchases and adds the following share repurchase circumstances: (5) for listed companies to facilitate the issuance of convertible corporate bonds and warrants for equity conversion; (6) Necessary for the listed company to maintain its creditworthiness and shareholders' rights; (7) Other circumstances stipulated by laws and administrative regulations. Article 7, as a safety net clause, greatly increases the flexibility of listed companies in share repurchases.</p><p>Meanwhile, in addition to increasing the scenarios for share repurchases and improving the implementation decision-making procedures, the draft amendment mentions for the first time the \"establishment of a treasury stock system\" and clarifies that when a company implements an employee stock ownership plan or equity incentive, a listed company may transfer, cancel, or hold the shares as treasury shares after repurchasing the company's shares in conjunction with the issuance of convertible bonds and warrants for equity conversion and to maintain the company's credit and shareholders' rights. Meanwhile, in order to restrict the company's long-term holding of treasury shares and affect the market supply of shares, it is clearly stipulated that the holding period for shares held in treasury form shall not exceed three years.</p><p>According to signal theory, when a company's assets and liabilities are stable and its cash flow is good, the existence of treasury stocks allows management familiar with the company's business model to convey its judgment on the company's valuation level to the market by repurchasing, preserving, or canceling treasury stocks. In addition, the existence of inventory stocks allows companies to adjust their EPS growth rates 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 during previous repurchase booms</b></p><p>Since the promulgation of the new share repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. Listed companies mainly initiate share buybacks during periods of market bottoming out or industry downturns. There have been two peak periods of share buybacks since 2018, namely Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021.</p><p><b>3.1 Peak period of the first round of repurchases</b></p><p>The industry distribution during the first round of repurchase peak (Q4 2018 to Q3 2019) was relatively even, with listed companies in industries such as chemicals, pharmaceuticals and biotechnology, real estate, and media participating in repurchases with nearly 10 billion yuan. During this period, 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 share buybacks</b></p><p>The repurchase amount during the second round of repurchase peak (Q3 2020 to Q3 2021) varied significantly across industries, mainly supported by home appliances, with repurchase amounts reaching 46.1 billion yuan. The repurchase amount in the home appliance industry exceeded the combined repurchase amount of the second- to seventh-ranked industries. During this period, A-shares performed strongly overall, but the home appliance sector performed poorly. Leading companies in the industry, Gree Electric Appliances and Midea Group, showed high enthusiasm for share buybacks, 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 share buyback boom at the beginning of 2022 was accompanied by another period of rapid decline in A-shares.</b>At the beginning of 2022, A-share listed companies showed great enthusiasm for share buybacks, with share buybacks mainly concentrated in industries such as pharmaceuticals and biotechnology, electronics, chemicals, and computers. The overall trend of A-shares declined slightly, and the downward trend was quite obvious in various industries that started the share buyback boom.</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>Undervalued companies are more likely to initiate share buybacks.</b>Since 2012, A-share listed companies have announced a total of 7,461 share repurchase plans. Among them, 1,521 of the companies that announced repurchase plans had a P/E percentile between 0% and 10% on the day of the plan, accounting for 20.39%. The P/E percentile was between 90% and 100% only 473 times, accounting for only 6.34%. It is evident that undervalued companies are more inclined to initiate share buybacks, sending a signal to the market that their 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 buybacks on A-shares</b></p><p><b>4.1 Short-term and long-term impact of share buybacks on stocks</b></p><p>To analyze the impact of stock repurchases on stock price trends in the A-share market, this paper selects listed companies whose repurchase plan dates are between March 31, 2018 and March 31, 2021, and whose repurchase amount is greater than 1 million yuan, and whose repurchase status has been implemented or completed, for analysis. The total sample size is 2,548 (for the same listed company, if different repurchase plans are released during this 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 share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company issues a repurchase plan, the impact on the stock price is relatively small within a month, indicating that the effect of repurchase announcements in the A-share market is relatively weak. The listed company's share repurchase plan achieved an average return of 5.09% and 13.18% after six months and one year, respectively, and an excess return of 5.27% after one year. This means that the listed company that announced the share repurchase plan is likely to be undervalued and has the potential to appreciate in the future. It should be noted that the above return calculations are based on the closing price on the plan date. Generally, plans are released the night before the plan date, and we have not calculated the impact of the higher opening price on the plan date. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on the same day. However, it would be difficult to obtain this increase unless insider information was illegally obtained and traded in advance. Therefore, we do not include the daily increase or decrease in 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 proportion of repurchase amount to total market capitalization is positively correlated with excess returns.</b></p><p><b>The proportion of repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the stock's performance in the long run.</b>Excess returns for companies with repurchase amounts exceeding 5% of their total market capitalization have consistently exceeded those for companies with lower proportions, with excess returns reaching as high as 10.62% one year later. On the one hand, listed companies announcing repurchase plans that are 5% higher than their total market capitalization send a stronger signal to the market and can significantly boost investor confidence; On the other hand, the long-term rise in a company's stock price is mainly driven by the company's intrinsic value, so this part of the company's intrinsic value 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 the scale of industry repurchases and the excess returns after repurchases.</b></p><p><b>The performance of excess returns varies across industries, 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), the food and beverage, chemical, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The commercial trade, leisure services, and construction decoration industries had the worst excess returns, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively. In the short term (T+30), non-bank financial institutions, leisure services, and mining sectors performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are an industry with low repurchase frequency, so their excess returns are not mainly affected by repurchases. Data shows that there is no significant relationship between the scale of industry share buybacks and the excess returns after the buybacks; positive excess returns are more influenced 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>Repurchase activities for the purpose of equity incentive cancellation and other types of repurchases generate higher excess returns.</b>In the long term (T+360), repurchase activities for the purpose of equity incentive cancellation and other purposes generated the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while repurchase activities for the purpose of implementing equity incentives generated the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentives is a passive repurchase, which can send a negative signal to the market that the company's equity incentives have failed. On the other hand, share buybacks and cancellations can send positive signals by improving profitability indicators such as ROE. It is evident that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to companies that repurchase shares. Other types of repurchase purposes offer a variety of possibilities, and their scale is currently expanding rapidly, with the market reacting 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 Activities Initiated in Different Valuation Ranges</b></p><p><b>Listed companies in the undervalued range experience greater stock price increases after share buybacks, and their short-term performance is better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns. (Among them, listed companies with P/E percentiles in the 90%-100% range had excess returns of 10.54% one year after the repurchase plan was announced. This was mainly due to the small sample size, with only 129 samples in this range, which was not very representative.)</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>Lessons from the past A-share buyback frenzy: Undervaluation is the key.</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\">\nLessons from the past A-share buyback frenzy: Undervaluation is the key.\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, a renewed wave of share buybacks has emerged in A-shares. Historically, share buybacks have a significant effect on enhancing a company's market value, especially share buybacks and cancellations aimed at market capitalization management, which are a way to directly reward shareholders. The following insights can be gained from the repurchase boom in review A-shares: 1) Undervalued companies have significant excess returns after the release of repurchase plans; 2) The proportion of the company's repurchase amount to its total market capitalization is positively correlated with excess returns; 3) The company's share buybacks have a long-term supporting effect on the stock price. Valuations are at a low level due to a significant correction in the current stock market. Looking ahead, with the successive release of listed companies' annual reports and the convening of board and shareholder meetings, the enthusiasm for share buybacks in A-shares is expected to further increase. It is recommended to pay long-term attention to targets that actively repurchase shares to safeguard company value and shareholder rights.</b></p><p><b>After the new regulations on stock repurchases were released in 2018, the scale of repurchases expanded significantly.</b>In terms of the amount and number of repurchases, since the rise of A-share repurchases in 2012, there have been two rounds of repurchase booms: Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021. Since the beginning of 2022, the A-share market has seen a resurgence of share buybacks, with listed companies implementing buybacks totaling approximately RMB 27.2 billion, and more than 400 companies having implemented buybacks this year.</p><p><b>Stock buybacks are mainly concentrated during periods of market bottoming out or industry downturns.</b>In the first wave of share buybacks, the buyback amount was evenly distributed across industries, and the A-share market as a whole was in a downward phase. In the second wave of share buybacks, the amount of buybacks varied significantly across different industries. The A-share market performed strongly overall, but the stock prices of the home appliance industry continued to decline, and the enthusiasm for buybacks in the home appliance industry was high.</p><p><b>Share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company releases a share repurchase plan, the impact on the stock price is relatively small in the short term (without considering the impact of the price fluctuations on the day of the plan). After six months and one year, the average return reaches 5.09% and 13.18% respectively, and after one year, the average excess return is 5.27%.</p><p><b>The proportion of stock repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the long-term performance of the individual stock.</b>Companies whose repurchase amount accounts for more than 5% of the company's total market capitalization consistently have higher excess returns than companies with a lower proportion, and the average excess return after one year reaches 10.62%.</p><p><b>Undervalued companies experienced greater share price increases after the release of their share buyback plans, and their short-term performance was better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns.</p><p><b>Risk Warning: Repurchases increase financial leverage risk, repurchase plans may not be implemented, historical experience does not guarantee the future, the macroeconomy may fall short of expectations, and overseas markets may experience significant volatility.</b></p><p><b>Main text of the report</b></p><p><b>1. The A-share market is seeing another wave of share buybacks.</b></p><p>Stock repurchase mainly refers to a capital operation method in which listed companies repurchase shares through the secondary market using their own funds or self-raised funds, using them as treasury shares or for cancellation. Generally speaking, stock buybacks can improve profitability indicators such as earnings per share and return on assets in terms of financial effects. At the same time, proactive stock buybacks have a certain positive announcement effect. Listed companies can use buybacks to signal to the market that their stock price is undervalued, thereby boosting market confidence and driving up stock prices.</p><p><b>Currently, the main purposes of stock repurchase in my country include implementing equity incentives, market capitalization management, equity incentive cancellation, profit compensation, employee stock ownership plans, and others, which can be divided into passive and active types.</b>。 Among them, the cancellation of equity incentives and profit compensation are usually passive stock repurchases, which are generally related to employees leaving the company and losing the conditions for exercising their rights, or the performance of asset restructuring falling short of the committed expectations. The number of such repurchases is relatively large, but the repurchase amount is generally not large and usually does not have a positive impact on stock market prices. Implementing share buybacks for purposes such as equity incentives, employee stock ownership plans, and market capitalization management represents active stock buybacks. These types of buybacks have a more significant impact on the company's market value, especially market capitalization management through share buybacks and cancellations, 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 share buyback peaks since 2012.</b></p><p>Before 2012, relatively few A-share listed companies had announced stock repurchase plans, and the number of companies that successfully completed repurchases did not exceed double digits. Stock repurchases began to emerge in the A-share market in 2012. After the Company Law made special amendments to the terms of share repurchases in October 2018, the Shanghai and Shenzhen Stock Exchanges successively issued implementation rules on share repurchases by listed companies in a short period of time in November of the same year, which greatly stimulated market vitality, significantly increased the enthusiasm of listed companies for repurchases, and ushered in a wave of stock market repurchases.</p><p>In terms of repurchase amount and number of companies, Q4 2018 to Q3 2019 was the peak period for the first round of repurchases in A-shares. During this period, the actual repurchase amount in each quarter exceeded 25 billion yuan, and the number of companies that repurchased shares in each quarter was around 500 (only one count of companies implementing multiple repurchases in a single quarter).</p><p>The period from Q3 2020 to Q3 2021 was the second peak period for share buybacks in A-shares, with the highest quarterly buyback amount reaching 38.8 billion yuan, which occurred in Q3 2021. During the second round of share buybacks, the average quarterly buyback amount over five quarters was 29.8 billion yuan, with around 400 companies buying back shares in each quarter.</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, a renewed wave of share buybacks has swept the stock market. As of April 15, listed companies had implemented share buybacks totaling approximately RMB 27.2 billion this year, with more than 400 companies having implemented share buybacks this year. As the stock market has undergone a significant correction, the valuations of many companies are at historical lows. With the release of listed companies' annual reports and the convening of board and shareholders' meetings at the end of April, the enthusiasm for A-share share buybacks is expected to further increase.</p><p><b>1.2 Industry distribution characteristics of share buybacks in the A-share market</b></p><p><b>Looking at the industry distribution of share buybacks in the A-share market since 2012, the industry differentiation of A-share stock buybacks is obvious, mainly concentrated in several industries such as home appliances, pharmaceuticals and biotechnology, chemicals and electronics.</b></p><p>Looking at the amount of share buybacks in different industries, the industry concentration of A-share buybacks is relatively high. The home appliance industry saw the highest repurchase amount, totaling 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 proportions of the remaining 20 industries were generally low. Even though the price-to-book ratio of A-share banks has fallen below 1, they have never conducted share buybacks. 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 capital adequacy ratios. Share buybacks reduce net assets, so banks may prefer to use their limited net assets to issue loans to expand revenue rather than repurchase shares to reduce net assets.</p><p>Looking at the number of repurchases across different industries, the pharmaceutical and biological, computer, machinery and equipment, electronics, chemical, and electrical equipment industries have the most frequent repurchases. Companies in these industries have accumulated more than 500 repurchases (if a company has multiple repurchases, they are counted quarterly, once per quarter). This is related to the large number of companies in these industries, ranging from about 250 to nearly 400. The low number of share buybacks in the home appliance industry is mainly due to the fact that the number of listed companies is less than 100 and the market share of leading companies is highly concentrated, mainly due to large-scale share buybacks by industry leaders such as Gree Electric Appliances, Midea Group, and Haier Smart Home. Leading companies in the home appliance industry have extremely abundant cash flow and can conduct large-scale share buybacks when their stock prices fall short of expectations.</p><p><img src=\"https://static.tigerbbs.com/6b15e58e1f2629c4ee655611f63d48d5\" tg-width=\"648\" tg-height=\"404\" referrerpolicy=\"no-referrer\"/></p><p><b>1.3 Distribution characteristics of the purpose of share buybacks in the A-share market</b></p><p><b>Looking at the distribution of repurchase amounts for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, 56% of the repurchases were for other purposes, 18% were for market capitalization management, 13% were for equity incentive implementation, and 9% were for equity incentive cancellation. Further verification against the company's announcements revealed that the vast majority of the repurchases for other purposes were for equity incentives or employee stock ownership plans, a few were for market capitalization management or to convert convertible bonds issued by listed companies, and a very small number were used to reduce registered capital. Since the repurchase purposes of these companies include multiple categories at the same time, they cannot be counted in a single category and are temporarily classified as other.</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 the number of repurchases for different purposes in the A-share market,</b>Among the companies that have released stock repurchase plans since 2012, equity incentive cancellations account for the highest proportion, reaching 71%. The number of repurchases for other purposes accounted for 15%, the number of repurchases for profit compensation accounted for 6%, and the number of repurchases for market capitalization management accounted for 4%. We believe that equity incentive cancellation repurchases have little impact on stock prices and recommend excluding them from 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 have increased their awareness of actively repurchasing shares.</b>Prior to 2019, listed companies mainly conducted share buybacks for the purpose of canceling equity incentives, with passive buybacks dominating. After 2019, market capitalization management and other types of repurchase purposes increased significantly, and the repurchase amount was much higher than that of equity incentive cancellation. Overall, listed companies are increasingly aware of proactive share buybacks, sending positive signals in areas such as safeguarding investor interests, reducing agency costs, and enhancing market confidence.</p><p><b>1.4 Statistics on A-share market share buybacks since 2022</b></p><p>As of April 15, since 2022, 374 companies in the A-share market have newly announced repurchase plans. After excluding plans whose repurchase purpose is the cancellation of equity incentives (the number of such repurchase purposes is relatively large, but the amount is low and has little impact on the stock market), the remaining number of companies that have newly announced repurchase plans is 181. Six of the companies only disclosed the number of repurchases, while the repurchase price was not disclosed or was not the market price. The remaining 175 companies are ranked from highest to lowest according to the maximum amount of the repurchase plan, 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, more than 400 companies in the A-share market have actually implemented share buybacks since 2022 (including companies whose buyback plan dates were earlier than 2022). The three companies with the largest buyback amounts are Hengli Petrochemical, SF Holding, and Mindray Medical, all of which have implemented buybacks exceeding RMB 1 billion in 2022. The top 75 companies with the largest actual repurchase amounts were selected, ranked from highest to lowest. A 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 by A-share listed companies</b></p><p><b>2.1 The Development History of Share Repurchase by Listed Companies in my country</b></p><p><b>2.1.1 Exploration phase (before 1999)</b></p><p>Compared to developed countries, my country's capital market share repurchase system started relatively late. After the reform and opening up, in order to adapt to the trend of economic development, some companies carried out experimental shareholding reforms under policy guidance and became among the first companies to go public, resulting in the continuous expansion of the securities market. Share buybacks have become a hot topic in the capital market. my country's first share buyback occurred in 1992, when Dayuyuan Company, as the major shareholder of Xiaoyuyuan Company, repurchased all of Xiaoyuyuan's shares and cancelled them.</p><p>In 1993, my country passed the Company Law, which stipulates two situations in which share repurchase is permitted: (1) the company cancels its shares due to capital reduction; (2) Merger with shareholders holding shares in the Company. With the introduction of policies and market development, more and more listed companies have carried out share buybacks. The issuance of B shares after Lujiazui agreed to repurchase state-owned shares in 1994, the repurchase of Xiamen International Trade in 1996, and the successful repurchase of some state-owned shares by Yuntianhua and Shenergy in 1999 are all typical cases of share buybacks during this period.</p><p>In summary, before 1999, my country's share repurchase system was still in the exploratory stage. The share repurchases that occurred mainly served the country's purpose of \"strategically adjusting the state-owned economy and state-owned enterprises, promoting the rational flow and restructuring of state-owned assets, and adjusting the structure and layout of the state-owned economy.\" In line with the historical mission of reducing state-owned shares, there were more administrative components than commercial ones. Subsequently, due to the overly narrow definitions of share acquisition scenarios in the Company Law, a long-term weak market, a lack of liquidity, and a low willingness of listed companies to participate in share buybacks, share buybacks 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 State-owned shares reduction stage (1999-2004)</b></p><p>According to statistics from the 1998 interim reports of companies listed on the Shanghai and Shenzhen stock exchanges, there were as many as 273 companies in my country with state-owned shares and state-owned legal person shares accounting for more than 50% of their total share capital, accounting for 33.58% of all 813 companies. In particular, 112 of them had a total share capital of more than 400 million yuan, with state-owned shares accounting for more than half of more than 70%, giving them a clear absolute controlling position. The excessive control of state-owned shares has led to frequent occurrences of corruption such as \"absence of owners,\" and imperfect incentive and constraint mechanisms for enterprises.</p><p>In order to achieve the separation of ownership and administrative power of state-owned enterprises, my country mainly completes the reduction of state-owned shares through share repurchase. On December 4, 1999, a relevant official from the Ministry of Finance pointed out that the first step in the reduction of state-owned shares reduced the proportion of state-owned shares in listed companies to 51%. The second step is to reduce holdings according to the circumstances, 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 Management of Reducing State-owned Shares to Raise Social Security Funds,\" marking the official launch of the reduction of state-owned shares.</p><p>Although theoretically using share buybacks to implement the policy of reducing state-owned shareholdings can minimize the impact on the secondary market, does not require a large amount of cash flow, and has the advantage of being more easily accepted by investors and significantly increasing the company's net profit per share. However, starting from June 14, 2001, coupled with factors such as the bursting of the US tech stock bubble and the Iraq War, the Shanghai Composite Index began to fall from 2245 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 Share structure reform stage (2005-2008)</b></p><p>When my country's securities market was first established, it adopted a unique \"share structure\" policy, which means that the shares of A-share listed companies are divided into tradable shares and non-tradable shares. Among them, stocks that can be listed and traded on exchanges become tradable shares, mainly including stocks held by the general public. Stocks that are temporarily not listed or traded before or after a public offering are called non-tradable shares. Non-tradable shares are mainly state-owned shares generated from the shareholding reform of state-owned enterprises, as well as other social legal person shares and natural person shares before public offerings. This separation phenomenon has caused serious principal-agent contradictions.</p><p>In order to meet the needs of the open and stable development of the capital market and to achieve the standard of \"the same cost of holding all shares of listed companies\", on April 29, 2005, with the approval of the State Council, the China Securities Regulatory Commission issued the \"Notice on Issues Concerning the Pilot Program of Share Structure Reform of Listed Companies\", which launched the pilot program of share structure reform and marked the official start of the share structure reform.</p><p>On June 16, 2005, the China Securities Regulatory Commission (CSRC) 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, which further broadened the scenarios for share repurchase by listed companies: (3) share repurchase by listed companies as a reward for employees; (4) Shareholders have objections to the merger or division of the company made at the shareholders' meeting and request the company to repurchase their shares. Meanwhile, in order to relax restrictions on listed companies repurchasing tradable shares, the China Securities Regulatory Commission (CSRC) encourages the use of open market methods to repurchase shares in addition to tender offers. In addition, the China Securities Regulatory Commission (CSRC) encourages listed companies to rectify and resolve the issue of their controlling shareholders embezzling funds through reasonable pricing and using the \"equity-for-debt\" method. This means that listed companies are allowed to repurchase the shares held by their controlling shareholders at a specific price and offset the liabilities incurred by the controlling shareholders in embezzling funds from the listed companies with the repurchase price payable. The measures of \"using shares to offset debts\" have effectively prevented behaviors such as \"using shares to evade debts and default on debts\" and major shareholders embezzling corporate funds, thus alleviating the contradiction between principal and agent in my country's capital market.</p><p>Against the backdrop of the smooth implementation of the share structure reform, A-share listed companies' enthusiasm for share buybacks has increased significantly, with a record 38 share buyback events occurring between 2005 and 2006. Meanwhile, A-share listed companies have seen significant growth in performance and valuation, attracting a large influx of investors into the stock market. During this period, the Shanghai Composite Index began a \"fast bull\" run, rising from a low of 988 points in 2005 to 6,124 points in 2007. The average P/E of the entire market reached about 50 times, which has not been surpassed to this day.</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 Phase (2008 to present)</b></p><p>In October 2008, the China Securities Regulatory Commission (CSRC) issued the \"Supplementary Provisions on Share Repurchase by Listed Companies,\" which, drawing on the experience of mature foreign markets, changed the administrative review system for share repurchase agreements to a filing system, greatly reducing the process for listed companies to repurchase shares and further improving the degree of marketization. After that, the significance of share buybacks lies more in boosting weak stock prices and maintaining the long-term investment value of listed companies.</p><p>In 2015, the A-share market once again experienced a rollercoaster ride. In order to maintain market stability and effective order and boost investor confidence, the China Securities Regulatory Commission (CSRC) launched a \"choose one of five\" market rescue plan, including increasing holdings and share buybacks. During this period, a total of 37 companies announced share repurchase plans, and 9 companies repurchased more than 1 billion yuan. Share buybacks during this period were primarily aimed at protecting investor interests and ensuring that the stock price reflected the company's intrinsic value.</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 Company Law in 2018 regarding share repurchases</b></p><p>To deepen financial reform, the Sixth Session of the 13th National People's Congress passed an amendment to the Company Law on October 26, 2018, which mainly made three adjustments: relaxing requirements, simplifying procedures, and establishing new systems. This revision further relaxes the restrictions on share repurchases and adds the following share repurchase circumstances: (5) for listed companies to facilitate the issuance of convertible corporate bonds and warrants for equity conversion; (6) Necessary for the listed company to maintain its creditworthiness and shareholders' rights; (7) Other circumstances stipulated by laws and administrative regulations. Article 7, as a safety net clause, greatly increases the flexibility of listed companies in share repurchases.</p><p>Meanwhile, in addition to increasing the scenarios for share repurchases and improving the implementation decision-making procedures, the draft amendment mentions for the first time the \"establishment of a treasury stock system\" and clarifies that when a company implements an employee stock ownership plan or equity incentive, a listed company may transfer, cancel, or hold the shares as treasury shares after repurchasing the company's shares in conjunction with the issuance of convertible bonds and warrants for equity conversion and to maintain the company's credit and shareholders' rights. Meanwhile, in order to restrict the company's long-term holding of treasury shares and affect the market supply of shares, it is clearly stipulated that the holding period for shares held in treasury form shall not exceed three years.</p><p>According to signal theory, when a company's assets and liabilities are stable and its cash flow is good, the existence of treasury stocks allows management familiar with the company's business model to convey its judgment on the company's valuation level to the market by repurchasing, preserving, or canceling treasury stocks. In addition, the existence of inventory stocks allows companies to adjust their EPS growth rates 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 during previous repurchase booms</b></p><p>Since the promulgation of the new share repurchase regulations in 2018, stock repurchase incidents have occurred frequently in the A-share market. Listed companies mainly initiate share buybacks during periods of market bottoming out or industry downturns. There have been two peak periods of share buybacks since 2018, namely Q4 2018 to Q3 2019 and Q3 2020 to Q3 2021.</p><p><b>3.1 Peak period of the first round of repurchases</b></p><p>The industry distribution during the first round of repurchase peak (Q4 2018 to Q3 2019) was relatively even, with listed companies in industries such as chemicals, pharmaceuticals and biotechnology, real estate, and media participating in repurchases with nearly 10 billion yuan. During this period, 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 share buybacks</b></p><p>The repurchase amount during the second round of repurchase peak (Q3 2020 to Q3 2021) varied significantly across industries, mainly supported by home appliances, with repurchase amounts reaching 46.1 billion yuan. The repurchase amount in the home appliance industry exceeded the combined repurchase amount of the second- to seventh-ranked industries. During this period, A-shares performed strongly overall, but the home appliance sector performed poorly. Leading companies in the industry, Gree Electric Appliances and Midea Group, showed high enthusiasm for share buybacks, 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 share buyback boom at the beginning of 2022 was accompanied by another period of rapid decline in A-shares.</b>At the beginning of 2022, A-share listed companies showed great enthusiasm for share buybacks, with share buybacks mainly concentrated in industries such as pharmaceuticals and biotechnology, electronics, chemicals, and computers. The overall trend of A-shares declined slightly, and the downward trend was quite obvious in various industries that started the share buyback boom.</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>Undervalued companies are more likely to initiate share buybacks.</b>Since 2012, A-share listed companies have announced a total of 7,461 share repurchase plans. Among them, 1,521 of the companies that announced repurchase plans had a P/E percentile between 0% and 10% on the day of the plan, accounting for 20.39%. The P/E percentile was between 90% and 100% only 473 times, accounting for only 6.34%. It is evident that undervalued companies are more inclined to initiate share buybacks, sending a signal to the market that their 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 buybacks on A-shares</b></p><p><b>4.1 Short-term and long-term impact of share buybacks on stocks</b></p><p>To analyze the impact of stock repurchases on stock price trends in the A-share market, this paper selects listed companies whose repurchase plan dates are between March 31, 2018 and March 31, 2021, and whose repurchase amount is greater than 1 million yuan, and whose repurchase status has been implemented or completed, for analysis. The total sample size is 2,548 (for the same listed company, if different repurchase plans are released during this 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 share buybacks have little impact on stock prices in the short term, but have a supporting effect in the long term.</b>After a listed company issues a repurchase plan, the impact on the stock price is relatively small within a month, indicating that the effect of repurchase announcements in the A-share market is relatively weak. The listed company's share repurchase plan achieved an average return of 5.09% and 13.18% after six months and one year, respectively, and an excess return of 5.27% after one year. This means that the listed company that announced the share repurchase plan is likely to be undervalued and has the potential to appreciate in the future. It should be noted that the above return calculations are based on the closing price on the plan date. Generally, plans are released the night before the plan date, and we have not calculated the impact of the higher opening price on the plan date. Generally speaking, if the share repurchase plan is reasonable, there will usually be a good increase on the same day. However, it would be difficult to obtain this increase unless insider information was illegally obtained and traded in advance. Therefore, we do not include the daily increase or decrease in 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 proportion of repurchase amount to total market capitalization is positively correlated with excess returns.</b></p><p><b>The proportion of repurchase amount to a company's total market capitalization is directly proportional to excess returns in the long run; that is, the higher the proportion, the better the stock's performance in the long run.</b>Excess returns for companies with repurchase amounts exceeding 5% of their total market capitalization have consistently exceeded those for companies with lower proportions, with excess returns reaching as high as 10.62% one year later. On the one hand, listed companies announcing repurchase plans that are 5% higher than their total market capitalization send a stronger signal to the market and can significantly boost investor confidence; On the other hand, the long-term rise in a company's stock price is mainly driven by the company's intrinsic value, so this part of the company's intrinsic value 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 the scale of industry repurchases and the excess returns after repurchases.</b></p><p><b>The performance of excess returns varies across industries, 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), the food and beverage, chemical, and electronics industries performed best, outperforming the Shanghai Composite Index by 23.66%, 20.36%, and 19.19% respectively. The commercial trade, leisure services, and construction decoration industries had the worst excess returns, underperforming the Shanghai Composite Index by 18.96%, 9.48%, and 8.79% respectively. In the short term (T+30), non-bank financial institutions, leisure services, and mining sectors performed best, outperforming the Shanghai Composite Index by 5.07%, 4.78%, and 2.41% respectively. However, leisure services are an industry with low repurchase frequency, so their excess returns are not mainly affected by repurchases. Data shows that there is no significant relationship between the scale of industry share buybacks and the excess returns after the buybacks; positive excess returns are more influenced 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>Repurchase activities for the purpose of equity incentive cancellation and other types of repurchases generate higher excess returns.</b>In the long term (T+360), repurchase activities for the purpose of equity incentive cancellation and other purposes generated the highest excess returns, outperforming the Shanghai Composite Index by 6% and 6.06% respectively, while repurchase activities for the purpose of implementing equity incentives generated the lowest excess returns, underperforming the Shanghai Composite Index by 2.5%. The cancellation of equity incentives is a passive repurchase, which can send a negative signal to the market that the company's equity incentives have failed. On the other hand, share buybacks and cancellations can send positive signals by improving profitability indicators such as ROE. It is evident that in my country's A-share market, the cancellation of equity incentives can bring positive excess returns to companies that repurchase shares. Other types of repurchase purposes offer a variety of possibilities, and their scale is currently expanding rapidly, with the market reacting 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 Activities Initiated in Different Valuation Ranges</b></p><p><b>Listed companies in the undervalued range experience greater stock price increases after share buybacks, and their short-term performance is better than that of overvalued companies.</b>Listed companies with P/E percentiles in the 0%-10% range have consistently generated positive or excess returns after the release of their share repurchase plans, with returns far exceeding those in other valuation ranges. As the valuation range increases, the probability of obtaining negative excess returns after a repurchase increases, and in the long run, it may not necessarily obtain positive excess returns. (Among them, listed companies with P/E percentiles in the 90%-100% range had excess returns of 10.54% one year after the repurchase plan was announced. This was mainly due to the small sample size, with only 129 samples in this range, which was not very representative.)</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":4006,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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":4844,"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,"authorIdStr":"3567122506718544","idStr":"3567122506718544"},"themes":[],"title":"","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":4545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}