A-Share Companies Unveil Buyback and Shareholding Increase Plans, Leading Firms Commit Billions

On the evening of July 28, several A-share listed companies disclosed share repurchase or shareholder increase plans. Zhongji Innolight announced that its chairman and president, Liu Sheng, proposed a buyback of 40 billion to 80 billion yuan of A-shares for future equity incentives or employee stock ownership plans. The previous day, Zhongji Innolight completed its Hong Kong IPO subscription, which had attracted 719.9 billion Hong Kong dollars in margin financing and was oversubscribed more than 13 times as of 2 pm on July 27.

In response to market rumors of a sharp price decline for 1.6T optical modules, Zhongji Innolight said in a conference call on July 28 that the average selling price of its 1.6T products is far above the rumored level, and that there is no cutthroat competition in the industry. Overall industry demand is strong, raw materials are in short supply, and delivery of 1.6T products is tight, with only a few manufacturers capable of large-scale delivery. The company's product pricing is competitive and can maintain gross margin stability. Zhongji Innolight also stated that nearly all customer orders cover the full year 2026, some orders extend to 2027, and delivery plans are detailed by month. The industry outlook for 2027 is clear, with strong and fast-growing demand for 800G, 1.6T, 2.4T, and NPO products. Some key customers have already provided product guidance for 2028, with substantial indicated amounts.

Jingdong A announced that its controlling shareholder, Beijing Electronics Holding Company, plans to increase its stake in the company's A-shares through centralized bidding, with an intended increase of no less than 5 billion yuan and no more than 10 billion yuan. Hailiang Co. announced that its controlling shareholder, Hailiang Group, plans to increase its shareholding within six months, with a total increase of no less than 6 billion yuan and no more than 10 billion yuan, at a price no higher than 35 yuan per share. Guocheng Mining announced a buyback of 3 billion to 6 billion yuan for future implementation of employee stock ownership plans or equity incentives. Keda Li announced a buyback of 1.5 billion to 3 billion yuan, with a repurchase price no higher than 292 yuan per share, for employee stock ownership plans or equity incentives. Weijie Chuangxin announced a buyback of 80 million to 100 million yuan, with a repurchase price no higher than 45.09 yuan per share.

Chongqing Port announced a buyback of 20 million to 30 million yuan, with a repurchase price no higher than 5.96 yuan per share. Separately, its indirect controlling shareholder, Chongqing Logistics Group, increased its shareholding by 737,900 shares on July 28 for 3.03 million yuan, and plans further increases within six months from July 28 of no less than 20 million yuan and no more than 30 million yuan. Wanfu Bio announced that its controlling shareholder and actual controller, Wang Jihua, plans to increase his shareholding with personal funds from July 29 to October 28, with an increase amount of 20 million to 40 million yuan. The company also plans a buyback of 30 million to 60 million yuan, with a repurchase price no higher than 27.06 yuan per share.

Wind data shows that since July 2026, about 250 A-share companies have disclosed share repurchase and major shareholder increase plans, with total upper limits of 891.2 billion yuan, a scale of activity not observed since 2000. Of this, company buyback upper limits were 751.98 billion yuan, and shareholder increase upper limits were 139.22 billion yuan. Several companies with market capitalizations of over 100 billion yuan participated. CATL launched the largest A-share buyback plan in July, proposing to use its own or borrowed funds to repurchase A-shares at a total of no less than 200 billion yuan and no more than 400 billion yuan, with a maximum repurchase price of 573 yuan per share. The shares will be cancelled to reduce registered capital. The company's half-year report showed first-half revenue of 276.917 billion yuan, up 54.8% year-on-year, and net profit attributable to shareholders of 43.284 billion yuan, up 41.98%. Foxconn Industrial Internet plans a buyback of no less than 10 billion yuan and no more than 20 billion yuan, with a maximum repurchase price of 103 yuan per share.

Dongshan Precision plans a buyback of 200 million to 300 million yuan, with a maximum repurchase price of 367.04 yuan per share. In shareholding increases, Weichai Power's controlling shareholder plans to increase its stake by no less than 200 million yuan and no more than 400 million yuan. Several state-owned enterprise parents, including Three Gorges Energy, China Coal Energy, Chinalco, China State Construction, CRRC, and SDIC Power, also disclosed controlling shareholder increase plans.