Economic Observer Reporter Zhou Yifan Global stock markets are collectively downward, and Hong Kong stock markets are not spared. On September 28, the Hang Seng Index fell 2.80% during the session to 17,360.88 points. As of the midday closing, the Hang Seng Index was 17,442.59 po

Economic Observer Reporter Zhou Yifan Global stock markets fell collectively, and Hong Kong stock markets were not spared.

sector, the real estate, technology and financial sectors have the highest declines. In terms of stocks, Bilibili (9626.HK), JD.com (9618.HK), and Kuaishou (1024.HK) fell 4.73%, 4.41% and 4.19% respectively, Baidu Group (9888.HK) fell 2.53%, and Tencent Holdings (0700.HK) fell 1.64%.

Review this year's Hong Kong stock market, the Hang Seng Index fell to 18235 points in March, and then rebounded, climbing to 22524 points in early April and encountered obstacles and declines. At the end of May, the Hang Seng Index broke through the 50-day line and tried on 21,643 points in early June, but it still failed to break above 22,500 points, and then continued to fall.

Xinda International analyst Zhao Xiwen pointed out in a recent research report that in the second half of the year, the market refocused the risks of economic recession in Europe and the United States. The Federal Reserve reiterated its hawkish position, and the market's expectations for the relaxation of US monetary policy in the short term were dashed. In addition, the unfinished building incident in the mainland has dragged down domestic housing and domestic bank stocks. At the same time, the epidemic continues to recur, and the economic recovery has changed again. In addition, the policy has entered a wait-and-see period, and no further strengthened the policy of stabilizing growth has been strengthened, which has increased the short-term downward pressure on Hong Kong stocks.

"Interest rate is the 'gravity' of asset prices. As interest rates continue to increase, asset prices continue to decline is a normal phenomenon. In response to the continuous decline of the market and emotions collapse, investors, on the premise of controlling leverage, instead of panicing with the general trend, it is better to calm down and study which assets are of high quality." A person from the Futu Investment Research Team told reporters.

It is worth noting that as the index continues to hit new lows, Hong Kong stock companies have started a wave of repurchase, and the southbound funds are also constantly increasing their investment in to buy . Wind data shows that in September, more than 100 companies have repurchased HK$14.9 billion, and southbound funds have net purchases of in September reached HK$28.972 billion. In addition, September data showed that domestic public fund products are also continuing to buy Hong Kong stocks.

, the largest weighted stock of the Hang Seng Index, issued an announcement on September 27 that the company repurchased 1.26 million shares on the same day, with a repurchase price of HK$275.4-283, a total of approximately HK$352 million.

In fact, Tencent Holdings has recently repurchased 27 consecutive trading days, and the cumulative number of repurchases this year has reached 64 times, with a cumulative number of repurchases of 57.5744 million shares, and the repurchases amount reached HK$19.513 billion, continuing to set a new record for the maximum repurchases of Hong Kong stocks this year.

AIA (1299.HK), which ranks third in the Hang Seng Index, also announced on September 27 that it had repurchased 2.615 million shares for approximately HK$178 million, with a repurchase price of HK$67.9-68.6. This is the 106th repurchase of shares of the company this year, with a total repurchase amount of HK$17.015 billion.

In addition, many Hong Kong stock companies such as Weichai Power (2338.HK), Great Wall Motor (2333.HK), Cheungshi Group (1113.HK), etc. have also announced large repurchases recently.

In this regard, some market insiders analyzed that the repurchase of shares is the active attack of the enterprise in a passive situation, which will promote confidence by conveying the outside world that its own operating conditions are good and its cash flow is stable. On the other hand, it also shows that under the current market environment, the large amount of cash reserves in the hands of enterprises may not have a better place to go.