Let me say it again, even if the shares repurchased by the company are not cancelled, they are not allowed to be sold within 30 days, and the sale of treasury shares must be authorized by the shareholders' meeting.

Let's review

In January, a share repurchase was announced, and repurchases were conducted for a few days, driving up the price. At the same time, the proportion of Stock Connect (for Hong Kong) holdings reached around 7%. I don't really believe that 7% was bought by retail investors, and it probably wasn't passive buying either. It was likely mutual funds or certain capital establishing positions.

The February earnings report, with a 30-day quiet period before it prohibiting repurchases, combined with a lack of liquidity, led to a continuous decline.

Repurchases resumed for one day after the earnings report, but coupled with poor Hong Kong stock liquidity, the overall trend was down, and the lack of confidence in the earnings report led to further declines.

Regarding today's surge, we can check after the market closes to see if there was any repurchase activity. Secondly, after the T+2 settlement is completed, we can see if there were continued large Stock Connect (for Hong Kong) purchases today.

Those who complain every day about the company trading its own stock, harvesting naive investors, yet are unwilling to do their own research and just follow the comments section to trade, well, it's no wonder they can't make money.

$IFBH(06603.HK)