Practical Guide to Share Repurchase Progress on January 15, 2026: Comprehensive Analysis of the PBOC's 900 Billion Yuan Reverse Repurchase and Multiple Market Events

Based on the latest information I have collected, I now present a comprehensive analysis report for the

.

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On January 15, 2026, the People’s Bank of China (PBOC) conducted a via fixed-quantity, interest rate bidding, and multi-price bidding methods, with a term of 6 months (181 days) [1][2].

Indicator	Data
Operation Scale	900 Billion Yuan
Term	6 Months (181 Days)
Operation Method	Fixed-quantity, interest rate bidding, multi-price bidding
Maturing Volume	600 billion yuan of 6-month outright reverse repurchases will mature in January
Net Injection	300 Billion Yuan
Continuity	Increased rollover for the 5th consecutive month

• Support Government Bond Issuance:
  The 2026 new local government debt quota has been issued in advance, and a certain scale of government bonds will be issued in January [1]
• Ensure a “Strong Start” for Credit:
  The 500 billion yuan new policy-based financial tools were fully disbursed in October 2025, continuing to drive supporting loan disbursements in January [1]
• Maintain Ample Liquidity:
  This marks the 8th consecutive month that the PBOC has injected medium-term liquidity into the market via outright reverse repurchases [3]

This operation will create a favorable liquidity environment for early-year government bond issuance and the “strong start” for credit, maintaining stable market liquidity [2]. Industry analysts note that the combined use of outright reverse repurchases and Medium-term Lending Facility (MLF) tools is a concrete manifestation of the PBOC’s “moderately loose” monetary policy stance for 2026.

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• Time:
  3:00 PM, Thursday, January 15, 2026
• Host:
  State Council Information Office
• Speakers:
  Zou Lan, Spokesperson and Deputy Governor of the People’s Bank of China; Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange [4]
• Theme:
  Effectiveness of Monetary and Financial Policies in Supporting High-Quality Development of the Real Economy

1. Summary of 2025 monetary policy implementation results
2. 2026 monetary policy orientation and liquidity arrangements
3. Specific policy measures to support the real economy
4. Foreign exchange policies and cross-border capital flows
5. Financial support for technological innovation and green transformation

Statements from the press conference will provide clear guidance on the direction of monetary policy for the market; it is recommended to closely monitor policy signals.

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Item	Details
Unlock Date	January 15, 2026
Unlock Quantity	76.2838 million shares
Proportion of Total Share Capital	63.25%
Unlock Type	IPO restricted shares
Lock-up Period	42 months

Shareholder Name	Number of Restricted Shares Held	Proportion
Huang Zhiqiang (Controlling Shareholder, Actual Controller)	31,643,214	26.24%
Zhuhai Bluetrum Management Consulting Partnership	15,068,197	12.49%
Zhuhai Bluetrum Technology Partnership	15,068,197	12.49%
Shenzhen Chuangyuan Century Investment Partnership	13,561,377	11.25%
Zhuhai Bluetrum Information Technology Partnership	942,864	0.78%
Total	76,283,849	63.25%

Based on confidence in the company’s future development, the controlling shareholder and shareholders holding more than 5% of the shares have voluntarily pledged that from January 15, 2026, to January 14, 2027 (12 months), they will not transfer or reduce their shareholdings in any way [5][6].

• ✅
  Positive Factors:
  The voluntary extension of the lock-up period by major shareholders reflects confidence in the company’s long-term development, providing support for the stock price
• ✅
  Earnings Support:
  Bluetrum expects its 2025 net profit to increase by 366.51% to 376.51%, with an estimated profit of 1.4-1.43 billion yuan [6]
• ⚠️
  Risk Warning:
  Despite the major shareholders’ pledge not to reduce holdings, attention should be paid to changes in market supply and demand after January 15

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• Repurchase Scale:
  1,494 listed companies conducted share repurchases, with a total repurchase amount of
  142.736 billion yuan
  [7][8]
• Share Increase Scale:
  Shareholders of 534 listed companies issued share increase announcements, with a proposed maximum share increase amount of
  83.922 billion yuan
  [7]
• Re-lending Support:
  522 listed companies or their shareholders disclosed re-lending for share repurchases and increases, with a maximum loan amount of
  111.165 billion yuan
  [8]
• Total Scale:
  The total scale of share repurchases and increases in 2025 reached
  226.658 billion yuan
  [8]

As of 5:00 PM on January 4, 2026, disclosed the latest progress on share repurchases and increases, including 98 repurchase announcements and 7 share increase announcements, with a maximum repurchase amount exceeding 27.8 billion yuan and a maximum share increase amount exceeding 4 billion yuan [7].

Company	Repurchase Progress	Amount Implemented
Kweichow Moutai	First repurchase of 87,000 shares on December 31, 2025	120 million yuan [7]
COSCO SHIPPING Holdings	Cumulative repurchase of 55.11 million shares	825 million yuan [7]
Haier Smart Home	Cumulative repurchase	1.08 billion yuan [7]
Sany Heavy Industry	Cumulative repurchase	1.36 billion yuan [7]
Midea Group	Full-year repurchase	11.545 billion yuan [8] (the second-largest single repurchase amount in A-share history)
CATL	Cumulative repurchase	4.386 billion yuan [9]
XCMG Machinery	Combined amount of two phases	3.05 billion yuan [9]
SF Holding	Cumulative repurchase	1.542 billion yuan [9]

1. Suspension After Meeting Minimum Target:
   Leading companies such as CATL, XCMG Machinery, Midea Group, and Sany Heavy Industry suspended repurchases after meeting the minimum proposed repurchase amount [9]
2. Pressure on Some Companies:
   Approximately 11 companies have less than 3 months left until the end of their repurchase periods, but the actual repurchase amount is less than half of the minimum proposed repurchase amount [9]

• Scale:
  No more than 887 million yuan
• Status:
  Approved by the Listing Review Center of the Shenzhen Stock Exchange on January 14, 2026 [10]
• Use of Raised Funds:
  • 500-ton annual output solar electronic paste project
  • Small-signal product packaging and testing project
  • Good-Ark (Suzhou) Innovation Institute project
  • Supplementing working capital

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Company	Dividend Plan	Equity Registration Date	Ex-Right/Ex-Dividend Date	Dividend Payment Date
Foxconn Industrial Internet	0.33 yuan per share (before tax), total 6.55 billion yuan	January 15	January 16	January 16 [11]
Hunan Forsun Pharmaceutical	0.15 yuan per share (before tax), total 65.86 million yuan (special dividend)	January 15	January 16 [11]
Foshan Gas Group	2.5 yuan per 10 shares (before tax)	January 14	January 15 [11]
Guangdong Mingzhu Group	0.20 yuan per share (before tax)	January 14	January 15 [11]

According to the speech by Chen Huaping, Vice Chairman of the China Securities Regulatory Commission (CSRC), at the 30th China Capital Market Forum,

, a record high, which is twice the scale of IPOs and refinancings in the same period [11].

• High-Frequency Dividends:
  Luzhou Laojiao, Xinji Energy, Huadian Clean Energy, etc. implemented interim dividends or special dividends [11]
• “Three Dividends” Mechanism:
  Hunan Forsun Pharmaceutical launched the “three dividends” mechanism of annual dividend + interim dividend + special dividend in 2024 [11]
• Normalization:
  Companies such as Xianheng International have maintained a cash dividend ratio of over 60% annually [11]

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• The PBOC’s 8 consecutive months of net liquidity injection indicate that the monetary policy maintains a loose stance, and market liquidity is ample
• Pay attention to the coordination rhythm of the PBOC’s subsequent MLF operations and outright reverse repurchases
• In an environment of ample liquidity, equity assets are expected to receive support

• Bluetrum (688793):
  Major shareholders have voluntarily pledged a 12-month share lock-up, reducing selling pressure; investors may consider accumulating on dips
• Targets that have fully adjusted before the unlock date may present layout opportunities
• Monitor the share increase/reduction dynamics of major shareholders and executives as leading indicators of market sentiment

• Key Focus:
  Companies that suspended repurchases after meeting the minimum target may restart repurchases at an appropriate time
• Opportunities in Lagging Progress:
  Companies with less than 3 months left until the end of their repurchase periods but lagging in progress may adopt strategies such as increasing repurchase prices or accelerating execution
• Leading Enterprise Effect:
  Large-scale repurchases by CSI 50 component stocks have a strong boosting effect on market confidence

• Dividend Yield Strategy:
  Focus on dividend opportunities of blue-chip stocks with high dividend yields
• Right-Filling Market:
  Pay attention to the right-filling expectation on the ex-right/ex-dividend date after the equity registration date
• Long-Term Allocation:
  Listed companies with a stable dividend mechanism are suitable for long-term holdings

• Closely monitor policy signals from the State Council Information Office press conference on the afternoon of January 15
• Pay attention to monetary policy orientation and liquidity arrangements
• Track foreign exchange policies and cross-border capital flow dynamics

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[1] People’s Daily Online - PBOC Conducts 900 Billion Yuan Outright Reverse Repurchase Operation on January 15 (http://finance.people.com.cn/n1/2026/0115/c1004-40645941.html)

[2] Shanghai Securities News/Sina Finance - PBOC Conducts 900 Billion Yuan Outright Reverse Repurchase Operation (https://finance.sina.com.cn/roll/2026-01-15/doc-inhhicuf8048507.shtml)

[3] Dahe Finance Cube/East Money - Expert Interpretation of the 900 Billion Yuan Outright Reverse Repurchase (https://finance.eastmoney.com/a/202601143619181374.html)

[4] Securities Times/East Money - Preview of the State Council Information Office’s January 15 Monetary and Financial Policy Press Conference (https://wap.eastmoney.com/a/202601143618889636.html)

[5] Sina Securities - 76.28 Million IPO Restricted Shares of Bluetrum to Be Unlocked (https://finance.sina.com.cn/stock/aigc/zjchg/2026-01-07/doc-inhfnqzm6177433.shtml)

[6] The Paper - Market Value of Shares to Be Unlocked Next Week Drops to 42.4 Billion Yuan (https://m.thepaper.cn/newsDetail_forward_32353461)

[7] Securities Times - Over 100 Announcements in One Night! Intensive Disclosures of Repurchases and Share Increases at the Start of the Year on the Shanghai Stock Exchange (https://www.stcn.com/article/detail/3569109.html)

[8] Securities Times/21st Century Business Herald - Wave of A-Share Repurchases and Share Increases Exceeded 220 Billion Yuan Last Year (https://www.stcn.com/article/detail/3582142.html)

[9] National Business Daily - A-Share Repurchase Monthly Report: Industry Leaders Led Large-Scale Repurchases in December Last Year (https://www.nbd.com.cn/articles/2026-01-11/4215156.html)

[10] Sina Finance - Suzhou Good-Ark’s No-More-Than-887-Million-Yuan Private Placement Approved by the Shenzhen Stock Exchange (https://finance.sina.com.cn/jjxw/2026-01-15/doc-inhhiyxv7730035.shtml)

[11] China Securities Journal/East Money - A-Share Listed Companies Conduct Intensive Dividends, 2025 Cash Dividend Scale Hits a Record High (https://www.cs.com.cn/ssgs/gsxw/202501/t20250112_6532742.html)