$XIAOMI-W(01810.HK)

Xiaomi Group's share repurchases this year have exhibited three distinct characteristics: **high frequency, substantial scale, and rolling increases**. ## Core Repurchase Data for 2026 | Dimension | Data | | --- |---| | Cumulative repurchases within the year | **62 times** as of May 26th [citation 1] | | Cumulative repurchase amount within the year | Approximately **HKD 8.4-8.5 billion** (exceeding the total for 2025) [citation 2][citation 1] | | Cumulative number of shares repurchased | Approximately **254 million** Class B shares [citation 1] | | New repurchase plan | Announced a new **HKD 20 billion** plan on May 26th, effective from June 2nd for 12 months [citation 3][citation 4] | | Ranking by repurchase strength in Hong Kong stocks | **Second**, only behind Tencent [citation 2][citation 5] | ## Three Key Characteristics **1. High-frequency rolling repurchases.** Since the beginning of the year, 62 repurchases have been executed, buying almost every trading day. Starting from May 15th, there were even five consecutive days of intensive repurchases totaling about HKD 500 million. This is not a one-off operation but a near-daily routine to support the share price. [citation 1] **2. Year-on-year leap in scale.** The repurchase amount for less than 5 months in 2026 (HKD 8.4 billion) has already surpassed the total for 2025. Combined with the new HKD 20 billion plan (about 2.4 times the amount already executed), the total repurchase quota for the year is nearly triple that of last year. Management is using real money to express confidence in the long-term value of the "Smartphone × AIoT + Smart EV" ecosystem. [citation 2][citation 6] **3. Counter-cyclical increase during weak earnings.** Q1 revenue fell 10.9% YoY, and net profit dropped 43.1% (mainly due to storage costs soaring from 15% to 40% of smartphone materials). Yet, repurchases were significantly increased at this time. The HKD 20 billion only accounts for about 12% of Xiaomi's cash reserves of CNY 220.6 billion, representing a dual-track strategy of capital operations and strategic investment. Essentially, it's using repurchases to buy time for transformation. [citation 6] **Noteworthy signal:** Despite the extremely high repurchase frequency, the share price has still fallen about 16% year-to-date, indicating the market is currently more focused on the actual recovery of profitability under high storage cost pressure, rather than just the repurchase support. Whether future repurchases can translate into share price support depends on the profit trajectory of the auto business and the turning point in storage costs.