Which A-share companies that have repurchased shares worth more than 1 billion yuan are just making empty promises?

As a share repurchase boom sweeps the listed company market, the focus of market attention is shifting from which party announced a higher repurchase amount to which party has actually allocated funds to the secondary market. In this dimension, large-scale share repurchases are evolving from an "announcement competition" to an "implementation assessment".

According to statistics from Star Mine Data, from September 24, 2024 to August 21, 2026, there have been 48 A-share listed companies announcing repurchase plans with a total amount exceeding 10 billion yuan, involving leading enterprises in various industries such as Midea Group, CATL, Kweichow Moutai, Wuliangye, GREE Electric Appliances, and Haier Smart Home. Among them, 33 plans have been completed, and the remaining 15 are still in the implementation or pre-announcement stage.

In terms of completed repurchases, companies including Midea Group, Kweichow Moutai, and SF Holding have invested real funds and injected large-scale repurchase capital into the secondary market; while among the 15 uncompleted plans, the implementation progress shows obvious differentiation: there are ultra-large repurchases that have just been launched and are still in the pre-announcement stage, as well as companies whose actual repurchase amount after several months of implementation is less than 30% of the planned upper limit.

Among them, the repurchase plan of CATL with a maximum value of 400 billion yuan has not been implemented yet; Wuliangye was previously criticized for its slow repurchase progress, but the pace accelerated significantly in July; China Metallurgical Group has been implementing the plan for about half a year, with a completion rate of approximately 25% calculated based on the upper repurchase limit.

A number of interviewees told reporters that the key to judging whether an enterprise's share repurchase is "real money investment" or just a market value management measure that stays at the announcement level lies in verifying whether the funds have actually entered the secondary market, checking the completion progress, and confirming how many shares have been cancelled in the end.

At the same time, the regulatory intensity for repurchase performance continues to increase. Since the beginning of this year, two listed companies, Grand Logistics and Jingxing Paper, have received regulatory penalties successively for failing to meet the promised lower limit of repurchase, becoming typical cases of A-share governance targeting "empty-promise repurchases".

33 repurchases exceeding 10 billion yuan have been completed

Industry insiders pointed out that this round of large-scale repurchase boom is driven by an important favorable policy factor.

On September 24, 2024, the People's Bank of China announced the creation of a re-lending instrument for share repurchases and increases, with an initial quota of 300 billion yuan, guiding commercial banks to provide loans to qualified listed companies and major shareholders, supporting listed companies to repurchase shares and major shareholders to increase their A-share holdings.

"The re-lending policy for share repurchases and increases has reduced the capital constraints for listed companies to carry out repurchases, and also enhanced the enthusiasm of listed companies and major shareholders to participate in repurchases and share increases. Meanwhile, the scale, frequency and cancellation ratio of repurchases have also improved to a certain extent," Lawyer Chen Zhenhui, Doctor of Law at China University of Political Science and Law and Senior Partner at Jinghe Law Firm, told reporters.

Yuan Shuai, co-founder of the New Intelligence New Quality Productivity Salon, also believes that this round of large-scale repurchase boom among A-share listed companies is empowered by favorable policies, which is more conducive to supporting enterprises in equity repurchases, and is slightly different from the repurchases driven mostly by enterprises themselves in the past.

According to the statistical results of Star Mine Data, since September 24, 2024, there have been 48 repurchase plans in the A-share market with a planned amount exceeding 10 billion yuan, of which 33 have been completed. Among the completed large-scale repurchases, companies including Midea Group, Kweichow Moutai, SF Holding, Zijin Mining, Sanan Optoelectronics, Daqin Railway, and TCL Technology are on the list.

Specifically, the 10 billion yuan repurchase plan previously launched by Midea Group has been completed. In April 2026, Midea launched another repurchase plan of 65 billion yuan to 130 billion yuan. As of July 31, the accumulated repurchase amount reached about 69.73 billion yuan, and the completion rate exceeded 53% estimated based on the upper limit of 130 billion yuan.

The two repurchase plans of Kweichow Moutai previously launched, with amounts of 6 billion yuan and 3 billion yuan respectively, have been completed; the actual repurchase amount of SF Holding's 60 billion yuan repurchase plan is about 59.99 billion yuan, basically reaching the upper limit; the actual repurchase amount of Zijin Mining's 2.5 billion yuan repurchase plan is about 2.4998 billion yuan; the actual repurchase amount of Sanan Optoelectronics' 1.5 billion yuan repurchase plan is about 1.499 billion yuan; the actual repurchase amount of Daqin Railway's 1.5 billion yuan repurchase plan is about 1.4998 billion yuan.

From the above cases, large-scale repurchases do not generally stay at the announcement level, and most leading companies have converted their repurchase plans into actual transactions.

At the same time, many listed companies use repurchased shares for cancellation and capital reduction, which directly reduces the share capital. This is also a noteworthy trend in the current A-share repurchase market.

Questions over progress and "authenticity"

However, not all large-scale repurchases have been implemented quickly. Among the remaining 15 plans, the implementation progress varies significantly, and some companies have attracted market attention due to their slow repurchase progress.

Among them, GREE Electric Appliances has attracted investors' attention due to its long delay in repurchasing. On April 28, GREE Electric Appliances issued an announcement, proposing to use self-owned funds to repurchase shares at an amount of 5 billion to 10 billion yuan, of which no less than 70% of the repurchased shares will be used for cancellation. The plan will be implemented within 12 months from June 30, 2026, and the repurchase price will not exceed 56.55 yuan per share.

Until August 17, 2026, the company implemented repurchases for the first time through the special repurchase securities account via centralized bidding, with a total of 495,600 repurchased shares and a total payment of 19.7362 million yuan. The completion rate relative to the lower limit of 5 billion yuan is only 0.4%.

In response to this, investors have repeatedly inquired about the specific reasons why GREE Electric Appliances has not carried out large-scale repurchases for a long time. The GREE Electric Appliances side responded to investors on the interactive platform that the company held a shareholders' meeting on June 30, 2026 to review and approve the repurchase plan, and the repurchase period will not exceed 12 months from the date of approval by the shareholders' meeting. The company will implement the repurchase plan according to market conditions and the repurchase scheme.

In addition to GREE Electric Appliances, there are still many repurchase plans exceeding 10 billion yuan that have not been completed.

Wuliangye announced in April 2026 that it plans to repurchase A shares via centralized bidding to reduce registered capital. The repurchase amount will be no less than 8 billion yuan and no more than 10 billion yuan, and the implementation period will not exceed 12 months.

As of July 31, the company's accumulated repurchase amount was about 1.002 billion yuan, with a completion rate of about 10% calculated based on the upper limit of 10 billion yuan. However, Wuliangye repurchased a total of 10.7808 million shares in July alone, with a payment of about 802 million yuan, accounting for the majority of the total repurchase amount; the repurchase transaction price that month was mainly between 73.34 yuan and 74.84 yuan per share, lower than the upper limit of the repurchase price.

Dong Peng, a senior enterprise management expert and senior consultant, believes that there is a great relationship between the repurchase rhythm of listed companies and the stock price level. When the stock price is higher than the upper limit of the repurchase price set by the company, even if the company has the willingness to repurchase, it cannot buy a large number of shares according to the original plan; when the stock price falls to a suitable range, the repurchase speed may increase significantly.

At the same time, the repurchase implementation progress of China Metallurgical Group has also attracted external attention.

On December 17, 2025, China Metallurgical Group announced that the company plans to spend 1 billion to 2 billion yuan to repurchase A shares, and the repurchased shares will be used for cancellation to reduce registered capital. Star Mine monitoring data shows that as of July 31, the company's accumulated repurchase amount was about 509 million yuan, with a repurchase completion rate of about 25% estimated based on the upper limit of 2 billion yuan.

Analysts believe that this repurchase has been implemented for more than half a year, but there is still a large gap from the upper limit. Chen Zhenhui pointed out that if more than half of the company's repurchase period has passed, the actual repurchase amount is still significantly lower than the normal implementation progress, and the company does not have a full and reasonable explanation, it is worthy of investors' key attention.

For China Metallurgical Group, whether the repurchase speed can be significantly increased in the next few quarters has become the key to judging the "authenticity" of this repurchase.

In addition, according to Star Mine Data, companies including Haier Smart Home, Seres, and COSCO Shipping Holdings are also in the repurchase implementation stage, and there is still a certain gap between the actual repurchase amount and the planned upper limit.

Among them, Haier Smart Home plans to repurchase 3 billion to 6 billion yuan, with the implementation period from March 26, 2026 to March 25, 2027. The repurchased shares are planned to be used for employee stock ownership plans or equity incentives. As of the end of July, the company's accumulated repurchase amount was about 1.919 billion yuan, with a completion rate of about 32% calculated based on the upper limit of 6 billion yuan.

What has attracted the most market attention recently is undoubtedly the record-breaking repurchase of CATL. On August 12, CATL held an extraordinary general meeting of shareholders, formally voting to pass the repurchase proposal. The company plans to repurchase A shares at an amount of 200 billion to 400 billion yuan, with the upper limit of the repurchase price at 573 yuan per share, and the repurchase period is 12 months from the date of approval by the shareholders' meeting.

It is worth noting that all the repurchased shares this time will be used for cancellation to reduce the company's registered capital. If calculated based on the upper repurchase limit of 400 billion yuan and the price of 573 yuan per share, it is estimated that a maximum of about 69.808 million shares can be repurchased, accounting for about 1.51% of the company's current total share capital. This plan also refreshed the record for the single largest repurchase amount in A-share history. As of now, this 400 billion yuan repurchase has not been implemented.

A number of interviewees said that CATL's 400 billion yuan repurchase plan is still in the initial stage of implementation. Considering that the plan has just been launched, such a large-scale repurchase requires a certain amount of time and mobilization of corresponding resources to promote the implementation from plan formulation to landing. In addition, the company has its own considerations, and may make arrangements according to the enterprise situation and industry changes. Based on various factors, it is more appropriate to place this repurchase on the "implementation observation list" at present. What the market really needs to pay attention to are companies that have been in the implementation period for a period of time but have long-term low repurchase amounts.

Some companies received penalties for failing to meet the promised lower limit of repurchase

Some stock investors have raised such a question: are some companies suspected of delaying the repurchase process?

In response to this, some market participants said that the possibility of a very small number of companies doing so cannot be ruled out, but for enterprises that have just announced their repurchase plans recently, more time should be given for implementation. In terms of process, enterprises cannot start implementation immediately after releasing the repurchase announcement, and there are corresponding procedures to follow. Because large-scale repurchases and high-proportion cancellation repurchases need to be reviewed and approved by the shareholders' meeting before the plan takes effect officially, and the board of directors has no right to directly start buying shares.

In terms of preliminary process preparation, enterprises generally need to complete the following procedures: open a special repurchase securities account, and file with the stock exchange and China Securities Depository and Clearing Corporation; transfer self-owned funds to the special repurchase account and complete capital verification; sign a repurchase transaction agreement with a securities firm and file in the trading system.

"After a listed company discloses the repurchase plan, it does not mean that the full repurchase amount will be completed immediately. In the actual implementation process, it will be affected by factors such as market prices, the company's capital arrangement, window period restrictions and internal decision-making," Lawyer Sun Yuhao, Senior Partner at Shanghai Haihua Yongtai Law Firm, told reporters.

Lawyer Chen Zhenhui believes that for enterprises that have announced their repurchase plans for a long time, especially those with large repurchase amounts, what the market really needs to pay attention to is not the repurchase scale in the announcement, but how much can be finally implemented, when it will be implemented, and what the source of funds is.

"The repurchase announcement is an intention, and the actual transaction is the result," Chen Zhenhui said. Large-scale repurchases will put higher requirements on the company's cash flow, capital cost and capital allocation capacity, and the final implementation will still be affected by factors such as stock price level, market environment, capital arrangement, upper limit of repurchase price and the company's operating conditions.

In response to this, Lawyer Sun Yuhao said that the market does need to pay attention to the difference between the repurchase plan and actual implementation. In addition to procedural factors, one of the core criteria for judging the actual value of an enterprise's repurchase is whether the company has actually invested funds to complete the repurchase, and whether the repurchase has improved shareholder returns.

In fact, the phenomenon of poor repurchase implementation has also attracted the attention of regulatory authorities.

Since the beginning of this year, two listed companies, Grand Logistics and Jingxing Paper, have received regulatory penalties successively for failing to meet the promised lower limit of repurchase, sending a clear signal that the A-share market will strictly crack down on "false repurchases".

Among them, Jingxing Paper originally planned a minimum repurchase of 80 million yuan, but only invested 4.5741 million yuan after the extension period expired, with a performance rate of less than 6%; Grand Logistics only completed about 100 million yuan of its 200 million yuan repurchase lower limit target.

Prior to this, Yatai Group issued an announcement on November 8, 2024, stating that since the number of repurchased shares only reached about 13.3% of the previously promised lower repurchase amount, Yatai Group received a decision on administrative regulatory measures.

Analysts said that these cases reflect that the lower limit of the amount disclosed in the repurchase pre-announcement is a rigid promise made by listed companies to the market, and a significant shrinkage upon maturity may lead to regulatory disciplinary actions and integrity file records.

At the same time, we should also see the more positive side of the market. According to Bai Wenxi, Vice Chairman of China Enterprise Capital Alliance and Chief Economist for China Region, the A-share repurchase performance rate (actual amount / lower limit) reached 134% in the first 7 months of 2026, hitting a record high. Therefore, cases of slow repurchase should be regarded as individual characteristics rather than the whole picture of this round of repurchase boom.

Is the slow repurchase pace a choice for timing or due to other reasons?

In addition to regulatory constraints, there are more complex market and enterprise factors behind the differentiation of repurchase implementation.

Why can some companies complete large-scale repurchases quickly, while others act slowly? In response to this, Yuan Shuai said in an interview with reporters that from the dimension of enterprise operation, large-scale repurchase funds need to be balanced with daily operating cash flow, medium and long-term project investment and debt repayment. When some companies launch repurchase plans, they may be based on relatively optimistic market expectations, but with the change of the operating environment, funds need to be prioritized to support the main business, resulting in a slowdown in the repurchase pace.

He also reminded that the market needs to be alert to a small number of enterprises that treat repurchase announcements as short-term market value management tools.

"If an enterprise quickly