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

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

Share repurchases, as an important means for listed companies to convey confidence and maintain value, have always been a focus of market attention. As of February 2026, the A-share buyback market continues to cool down, with the number of companies announcing new buyback plans and the proposed buyback amounts decreasing for two consecutive months. Among them, there are large-scale buybacks by state-owned enterprises, rapid execution by leading companies, and companies triggered by stock price hits to initiate passive buybacks. Among the companies currently executing buybacks, the buyback amount in February saw a major reshuffle compared to January. Additionally, 28 central enterprises are advancing buyback plans, with 8 already reaching targets. Recently, the three consecutive limit-up central enterprise Green Power Electric announced the completion of its buyback, finishing ahead of schedule by half a year.

Companies announcing buyback plans for two consecutive months show a cooling trend, led by Changan Automobile with large-scale buybacks

According to data from Tonghuashun iFinD, in February 2026, 19 A-share companies disclosed new buyback plans (including 3 companies announcing proposed buybacks), down from 26 in January. Based on announced data, the total proposed buyback upper limit for these 26 companies is approximately 4.68 billion yuan, a decrease of about 17.63% from January’s 5.68 billion yuan. Compared to December 2025, the number of companies issuing buyback plans and the total proposed buyback amount have shown a double decline for two consecutive months.

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

In terms of proposed buyback upper limits, Changan Automobile, Wensli Co., Ltd., Linyang Energy, Kaiying Network, Huitai Medical, Lianlian Technology, and Quzhou Development rank at the top, with proposed buyback upper limits of 1.4 billion yuan, 1.2 billion yuan, 300 million yuan, 200 million yuan, 200 million yuan, 200 million yuan, and 200 million yuan respectively.

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

Leading game industry company Kaiying Network moved quickly on buybacks. On February 9, the board approved the buyback, planning to repurchase 100 million to 200 million yuan for equity incentive and employee stock ownership plans. The buyback was initiated the next day and completed by February 27, with a total of 150 million yuan repurchased in just 8 trading days. During this short buyback period, the company also obtained a “Loan Commitment Letter” on February 12, with a maximum loan amount of no more than 180 million yuan and a term of 3 years. Did this buyback use a buyback loan? A staff member from Kaiying Network’s securities department told the Daily Economic News that part of the 150 million yuan was from a buyback loan, and part was from self-owned funds. “The bank expedited the approval because we really wanted to buy back quickly to boost the stock price.”

Regarding the purpose of the buyback, the Daily Economic News noted that for companies like KaiPuYun and Quzhou Development, the buybacks are aimed at maintaining company value and shareholder rights, though the specific triggering conditions differ.

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

Market analysis suggests this buyback was a passive move. On the same day, the company announced the termination of a major asset restructuring that had begun in August 2025. This restructuring, which started as a positive catalyst, once drove the stock price to a new high of 279.81 yuan on January 27, 2026. However, the stock price quickly fell afterward. On the day the buyback plan was announced, the stock dropped 14.78%, halving from the previous high. Ultimately, this triggered the “Second Clause, Item (4)” of the Shanghai Stock Exchange’s Self-Regulatory Guidelines for Listed Companies—“necessary to maintain company value and shareholder rights.”

This indicates that the buyback was triggered by policy requirements for listed companies. The company acted swiftly, officially starting the buyback on March 2, and has so far repurchased a total of 15.12 million yuan. However, the rapid implementation did not prevent the stock from continuing to decline. As of March 12, the stock closed at 117.45 yuan.

The buyback was funded with self-owned funds. According to the company’s latest earnings report, its 2025 performance is expected to turn from profit to loss, with net profit attributable to shareholders of -10.8071 million yuan, a 152.5% decrease year-over-year. Given the dual pressures of valuation and financial data, does using self-owned funds for buybacks further strain the company’s finances? Can this buyback plan help boost the stock price? A securities staff member from KaiPuYun told the Daily Economic News that net profit affects owners’ equity and undistributed profits, while self-owned funds affect cash holdings, and the two are unrelated. The company’s buyback account already has funds because in 2024, it sold some of the repurchased shares, and the proceeds were used for this buyback. The staff member also said that the main purpose of this buyback is to maintain market order, not to push up the stock price. Regulators do not want listed companies to manipulate their stock prices with their own funds, so the company can only support the stock by absorbing large sell orders during declines to keep the price stable and prevent sharp drops. That’s the purpose of the buyback.

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

The February buyback list saw a major reshuffle, with 8 central enterprises reaching their buyback targets. Green Power Electric Power completed its buyback ahead of schedule by half a year

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

In the monthly buyback amount rankings, industry leaders still perform strongly. Compared to January’s list, the rankings have significantly changed, with Guizhou Moutai remaining at the top. Companies like Luxshare Precision, Guizhou Moutai, Daqin Railway, GoerTek, and Shougang Corporation have higher buyback amounts, each repurchasing around 500 million to 1.9 billion yuan in the month. Luxshare Precision officially started buybacks in February, purchasing 500 million yuan in the first month—about 50% of its proposed minimum buyback amount. GoerTek and Shougang have already exceeded their minimum buyback targets, with both adjusting their plans.

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

Shougang announced a buyback plan on September 30, 2025, using 260 million to 520 million yuan of self-owned funds to repurchase shares for incentive plans. On October 23, the company announced an adjustment, adding a “special loan for share repurchase” of up to 468 million yuan, not exceeding 90% of the total buyback funds, with a term of up to 3 years. By the end of February 2026, the total buyback was 310 million yuan, with 138 million yuan repurchased in February alone.

The Daily Economic News found that among companies executing buybacks, 28 are central enterprises; 8 have already reached their targets, with Green Power Electric Power announcing completion on March 11.

Among these 8 companies, Green Power Electric Power had the longest time to reach its initial buyback target. The company announced the plan in August 2025, proposing to buy back 61.84 million to 92.76 million yuan for cancellation and capital reduction. The plan was approved by shareholders on September 16, and the first buyback was initiated on November 27. By March 9, 2026, it had repurchased 92.75 million yuan, nearly completing the plan, which was originally scheduled to end on September 15, 2026, about half a year later, with a relatively tight schedule.

Notably, on February 28, Green Power Electric Power issued a “Valuation Enhancement Plan,” stating that from January 1 to December 31, 2025, the stock’s closing price was below the company’s latest audited net asset per share every trading day, indicating a long-term undervaluation. The plan states that while advancing the remaining share buyback, the company will evaluate the rationality of its equity structure, liquidity, and market environment, and flexibly use self-owned funds or compliant financing tools to initiate a second round of buybacks when appropriate.

However, the company’s stock price surged in March, with three consecutive daily limit-ups by March 12, and a total increase of 39% for the month. Driven by this rally, the stock price has exceeded its net asset per share. Based on the latest price of 12.51 yuan and the recent net asset per share of 9.68 yuan, the price-to-book ratio is approximately 1.29. In this market environment, will the company initiate a new buyback? On the interactive platform, many investors asked related questions, and the company responded that it will consider market conditions, the company’s financial situation, and the interests of all shareholders, and will plan subsequent buyback activities accordingly. If a new buyback is launched, the company will follow regulatory procedures and disclose accordingly.

Vanadium-titanium shares have the shortest remaining buyback period, announced on April 22, 2025, proposing to buy back 100 million to 200 million yuan for stock incentive plans. As of the end of February, the company had repurchased 101 million yuan—matching its progress from late September last year. This means the company has met its buyback minimum target and has not taken further action for five months. As of the time of writing, about a month remains until the buyback period ends, and whether the company will continue buybacks remains unknown. Nonetheless, the stock price has generally risen this year, with some days exceeding the proposed buyback price limit of 4.3 yuan per share. As of March 12, the year-to-date increase has exceeded 30%.

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