The InsiderCheung Kong Property’s HK$1.1 billion deals put buy-back activity in limelight in Hong Kong
Repurchases by SEA Holdings, Fairwood and China Gas fuel hopes for rally
Buying among directors surged after two weeks of flat trading while selling fell, based on filings on the Hong Kong stock exchange from December 5 to 9. A total of 41 companies recorded 268 purchases worth HK$443 million, compared with 13 firms with 49 disposals worth HK$56 million.
The buy figures were sharply up from the previous week’s 31 companies, 178 purchases and HK$278 million while the sales side saw a drop from 19 firms, 73 disposals and HK$80 million.
Buy-back activity also surged last week with 25 companies that posted 116 repurchases worth HK$2.32 billion. The number of firms and value were up from 22 companies and HK$1.32 billion while the number of trades was not far off from 126 repurchases previously.
Buy-backs took the spotlight last week, led by Cheung Kong Property Holdings with deals worth HK$1.1 billion, pushing the repurchase total for the week to more than HK$2.3 billion.
SEA Holdings, Fairwood Holdings and China Gas Holdings recorded repurchases last week as well. Shares in these firms tend to rise whenever they buy back from the market. Repurchases by Tianyun International Holdings also indicate some upside in the near term after the group bought back shares last week at below the purchase prices by the company and chairman and chief executive Yang Ziyuan earlier this year.