China’s largest technology companies are returning more of their cash to shareholders than ever before, as they continue to ramp up buybacks to support their flagging stocks.
Repurchases of shares listed in Hong Kong have reached HK$187 billion ($24 billion) so far in 2024, already surpassing last year’s record total, according to data compiled by Bloomberg. Cash-rich internet companies are driving the trend, with Tencent Holdings Ltd. accounting for 40% of the total this year.
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