In March, A-share buybacks reignited the trend: 51 companies plan to spend up to 40 billion yuan on buybacks, a month-on-month increase of over 750%! 26 companies have already started, with Zijin Mining making a major buyback of nearly 1.7 billion yuan in the first month!

After the close on March 31, many companies including BOE A, Conglin Technology, and Anxu Biotech released share repurchase plan details in a concentrated manner. Among them, BOE A issued three repurchase plans at once. The A-share buyback amount upper limits combined totaled 7.3 billion yuan. This added fuel to the repurchase wave that had been heating up throughout March on the last day of the month.

In the recent period, the A-share market has continued to fluctuate and decline. Data from Wind shows that the Shanghai Composite Index has been trending downward from its March 3 high of 4,197 points. On March 23, it even fell below the 3,800-point level. By the close on March 31, the Shanghai Composite Index showed an expanded-volume bearish candle on the monthly chart. In March it fell by 6.51%, and the Shenzhen Component Index also declined by 7.02%. Against this backdrop, repurchases—an important tool for companies to maintain their own value and bolster market confidence—have been adopted by companies across the board. In March, enthusiasm for A-share repurchases noticeably warmed. The number of companies issuing new repurchase plans and the proposed repurchase amounts both surged sharply compared with February. Industry leaders rolled out large repurchase plans, and many companies quickly got them underway, with repurchase efficiency clearly improving.

Midea Group and BOE A lead the repurchase leaderboard

51 companies splashed out as much as 40 billion yuan

According to statistics from Tonghuashun iFinD data, in March 2026, 52 A-share companies disclosed new repurchase proposals (including 1 company that released a proposal share repurchase announcement), up 173.68% from 19 in February. Of these 52 companies, 51 disclosed the proposed repurchase amount ranges. The combined upper limit of the proposed repurchase amounts was about 40.08B yuan, up sharply from the February upper limit of 4.68 billion yuan—an increase of 756.47%. Regardless of the number of repurchase proposals or the proposed buyback scale, both showed a clear uplift compared with the previous two months.

In terms of the proposed repurchase amounts, large repurchase plans cluster together. There are 36 companies with a proposed repurchase amount upper limit of 100 million yuan (inclusive) or above, accounting for 69.23%. There are 7 companies with an upper limit of 1 billion yuan (inclusive) or above. Among them, home appliance leader Midea Group plans to repurchase 6.5 billion to 13 billion yuan, topping the list among all companies, and also the largest buyback case since the October 2024 stock repurchase special-purpose relending policy was implemented. Semiconductor display leader BOE A follows closely, with two A-share repurchase plans totaling a proposed repurchase amount of 4.1 billion to 7.3 billion yuan. Also, home appliance leader Haier Smart Home plans a repurchase scale as high as 3.0 billion to 6.0 billion yuan. Among BOE A’s two repurchase plans, the purposes differ: the plan for equity incentives proposes 3.6 billion to 6.3 billion yuan, while the funds for share cancellation and capital reduction are 0.5 billion to 1.0 billion yuan.

A reporter from The Daily Economic News (hereinafter referred to as the ED reporter) found that Midea Group and Haier Smart Home both announced the launch of their latest round of repurchase plans on the same day as the release of the results of their previous repurchases in March. However, their market performance after disclosing the plans showed clear divergence. Haier Smart Home released its latest repurchase plan late on March 26 and quickly opened its first purchase on March 27, but its share price fell 3.81% on that day. Over the next two trading days it continued to drift lower, and on April 2 intraday it hit a new low of 21.31 yuan in nearly one year. Midea Group disclosed a new round of repurchase on the evening of March 30 and simultaneously started its first repurchase. The market reaction on March 31 was more positive: the stock opened higher and then rallied, closing up 5.89%.

In terms of the proposed repurchase ratios, some companies in March showed standout repurchase intensity. Qingniao Fire Protection, Mingde Biotech, and Huifa Foods planned repurchase quantities with upper-limit proportions of 5%, 3.07%, and 3.07% of their total share capital, respectively. Among them, Qingniao Fire Protection had the highest planned proportion, ranging from 2.5% to 5%, corresponding to repurchase quantities of 21.9952 million to 43.9904 million shares, with a maximum repurchase price of 16 yuan per share. The company did not disclose the amount range, but calculated using the above parameters, the planned repurchase amount is about 352 million yuan to 704 million yuan.

The sources of funds for Qingniao Fire Protection’s repurchase include its own funds and self-raised funds (including funds from stock repurchase special-purpose loans, etc.). In the announcement, the company said it had obtained a “Loan Commitment Letter” issued by the China Bank Zhangjiakou Branch, with a loan amount not exceeding 1.2 billion yuan and a term not exceeding 3 years. The approved loan amount is significantly higher than the proposed repurchase amount. Does this mean the company can use all of the loan funds to repurchase shares? The ED reporter called the securities department of Qingniao Fire Protection as an investor. The staff member who answered said that the repurchase loan cap is equivalent to a bank-provided额度 for the company, but in practice even if it executes up to the upper repurchase ratio, it will not use up the entire repurchase loan; the company will also use some of its own funds in addition to the repurchase loan. Therefore, investors should follow the repurchase ratio range (2.5% to 5%) for calculation. Then, “If the repurchase额度 in this round is not fully used, and the company discloses a new repurchase plan within the 3-year effective period, can it continue to use that loan额度?” The ED reporter asked again. The staff member said this is a relatively professional financial question, and she is not sure.

From the perspective of fund sources, as of April 2, 18 companies explicitly stated in their announcements that their repurchase funds include special-purpose repurchase loans, and among them 15 have disclosed their loan额度. The loan额度 of Midea Group and Haier Smart Home are far ahead. Midea Group said that China Bank would provide the company with loan funds not exceeding 90% of the actual repurchase amount, earmarked specifically for stock repurchases, with a loan term not exceeding 3 years. Based on this round’s repurchase upper limit of 13 billion yuan, the corresponding maximum loan额度 could reach 11.7 billion yuan, which would become the largest single deal since the establishment of the repurchase relending scheme. Haier Smart Home plans to repurchase 3.0 billion to 6.0 billion yuan, and its loan额度 is also as high as 5.0 billion yuan.

Finally, in terms of the approval process for the repurchase plans, 46 companies explicitly stated in their announcements that this repurchase matter can be implemented immediately after being approved by the board of directors; 7 companies need to submit it to the shareholders’ meeting for approval after it is approved by the board of directors. It is worth noting that BOE A disclosed two A-share repurchase plans after the close on March 31. Because the purposes differ, the approval procedures differ as well: the repurchase plan for equity incentives can be implemented after approval by the board of directors, while the plan for share cancellation and capital reduction will only be implemented after approval by the shareholders’ meeting.

Value-attraction driven by market sentiment + performance support; 26 companies have already implemented repurchases

Zijin Mining has repurchased nearly 1.7 billion yuan cumulatively over 7 trading days

Why did the number and amount of A-share repurchases surge sharply in March? Judging from market performance, in the recent period the A-share market has continued to weaken under the influence of external factors and the like, with major indices pulling back significantly in March and individual stocks also experiencing large swings. Using the ED reporter’s statistics based on the adjusted price basis, in March these 52 companies’ share prices fell on average by 10.38%. Among them, 46 companies saw their share prices close down, accounting for 88.46%. Among them, Zhaoxiang Software saw the largest decline in March, down 27.44%; its current latest share price is 47.99 yuan, which is more than halved compared with the 101.13 yuan peak in October 2025. Against this backdrop, listed companies initiating repurchases in a concentrated manner is not only a rational judgment and firm recognition of their own value, but also an active choice to support the market and send positive signals amid volatile trading.

On the other hand, March is the peak period for clustered disclosure of A-share annual reports. Listed companies’ concentrated launch of repurchase plans is also mostly based on steadily growing performance. As of April 2, among the above 52 companies, 38 have published their 2025 annual reports, performance express reports, or performance forecasts. Of these, 32 achieved profitability, and 22 saw net profit year-on-year growth, accounting for nearly six-tenths.

Among them, Zijin Mining’s 2025 full-year profit was 51.78B yuan, up 61.55%, the highest profit amount among the 38 profitable companies. The company plans to use its own funds to repurchase 1.5 billion to 2.5 billion yuan, to be used for an employee shareholding plan or equity incentives. According to the company’s latest financial data, as of the end of 2025, its cash and cash equivalents totaled 65.58B yuan. Based on the repurchase upper limit of 2.5 billion yuan, the repurchase funds account for only 3.81% of cash, indicating ample payment capability. The PCB industry leader Nanya New Materials posted 240 million yuan in 2025 annual profit, the highest year-on-year growth rate of 377.6% for net profit. The company disclosed its repurchase proposal on March 17, planning to repurchase 90 million to 180 million yuan worth of its shares. It began its first purchases on March 18, and on March 24 it announced that the repurchase plan was completed. Over five trading days, cumulative payments reached 154 million yuan.

In terms of implementation progress, of the 52 companies, only Yichan Zhongda has currently only disclosed a chairman’s proposal share repurchase announcement and has not yet released a formal repurchase plan; the other 51 companies’ repurchase plans have all been approved by the board of directors. Among them, 26 companies including Zijin Mining have already officially started repurchases, and the implementation efficiency is relatively high. Zijin Mining officially started repurchases on March 23. By the end of March, it had cumulatively repurchased 1.68B yuan. Over the seven trading days, the payment amount exceeded the lower limit of the proposed repurchase of 1.5 billion yuan. In addition, four companies—Haier Smart Home, Zangge Mining, Southeast Netting (Dongnan Wangjia), and Tianwei Foods—have also already exceeded the lower limit of their proposed repurchases. Even Nanya New Materials and Xinjiang New Industry (Xinjiang Xinying) completed their repurchase plans quickly in March. That means, currently, the repurchase progress of 7 companies has met the targets. (For specific repurchase data, see the table at the end of the article.)

Meanwhile, the repurchase plans of seven companies—Seres, Changan Automobile, China Eastern Airlines, BOE A, Sunno Bio, Tebaobiology, and Abal Medical—require approval by the shareholders’ meeting before they can be executed. Among them, Changan Automobile held a shareholders’ meeting on March 19 and the repurchase proposal was approved; it has not yet officially started. Seres and the other five companies plan to hold shareholders’ meetings in April to approve the relevant proposals; only China Eastern Airlines has not yet disclosed the specific time of the shareholders’ meeting.

The ED reporter’s review found that among the seven companies that require shareholders’ meeting approval, except for Tebaobiology, the repurchase purposes of the other six companies are all to cancel shares and reduce capital. For example, in this round Seres plans to repurchase 1.0 billion to 2.0 billion yuan worth of shares using its own funds for share cancellation and capital reduction. The market generally believes that, with net profit unchanged, canceling shares and reducing capital can thicken earnings per share, and truly enhance investor returns—making it the repurchase method most recognized by investors. But Tebaobiology’s repurchase use is for an employee shareholding plan and/or equity incentives, with the potential conversion of convertible bonds. It is not for share cancellation and capital reduction. Why would it also need to be submitted to shareholders’ meetings for approval? The ED reporter called Tebaobiology’s securities department as an investor. The staff member explained: other companies may state in their “Articles of Association” that repurchase matters can be approved by the board of directors. However, the company currently does not have that type of authorization; the internal procedures require approval by the shareholders’ meeting. Then, when can the repurchase matters be implemented? The staff member said: “It needs to be after the shareholders’ meeting approves it.”

From the perspective of repurchase price conditions, based on the closing price on April 2, except for Yichan Zhongda which has not yet disclosed the upper limit repurchase price, the share prices of the other 51 companies were all below their proposed upper-limit repurchase prices, meaning they meet implementation conditions. Among them, some companies’ share prices have large room relative to their repurchase ceilings. Ningbo Huaxiang, Zhaoxiang Software, and Softbank Technology’s proposed upper-limit repurchase prices relative to the April 2 closing price imply premium rates of 92.29%, 92.1%, and 85.63%, respectively.

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