Comprehensive Interpretation of the January 15, 2026 Monetary Policy Press Conference and Multiple Financial Market Events

January 15, 2026 marked a key juncture for China’s financial market, where multiple major events converged. The State Council Information Office (SCIO) held a press conference at 3:00 PM on the same day, with Zou Lan, Deputy Governor of the People’s Bank of China (PBOC), and Li Bin, Deputy Administrator of the State Administration of Foreign Exchange (SAFE), in attendance to introduce the outcomes of monetary and financial policies supporting the high-quality development of the real economy [1]. On the same day, the PBOC launched large-scale liquidity injection operations, while events such as restricted share unlocking, listed companies’ share repurchases and holdings increases, and dividend registration proceeded simultaneously, forming a pattern of overlapping multi-dimensional market impact factors.

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Item	Details
Time	3:00 PM, Thursday, January 15, 2026
Host Organization	State Council Information Office (SCIO)
Speakers	Zou Lan, Deputy Governor of PBOC; Li Bin, Deputy Administrator of SAFE
Theme	Outcomes of Monetary and Financial Policies Supporting High-Quality Development of the Real Economy

This press conference served as an important policy communication window for the PBOC at the start of 2026, with the market paying close attention to the monetary policy orientation, liquidity arrangements, and support measures for the real economy [2].

Based on previous policy signals and expert analysis, the 2026 monetary policy will continue to implement the “moderately loose” tone. The core implications of this policy orientation include:

1. Liquidity Guarantee Mechanism
   : Comprehensively use policy tools such as outright reverse repos and Medium-term Lending Facility (MLF) to ensure reasonably sufficient market liquidity [3]
2. Focus of Structural Support
   : Focus on the “Five Key Areas” - technology finance, green finance, inclusive finance, pension finance, and digital finance, and increase support for key sectors and weak links
3. Interest Rate Policy Orientation
   : Guide further declines in financing costs for the real economy, reducing the financial burden on enterprises, especially small and micro-enterprises

Wang Qing, Chief Macro Analyst at Dongfang Jincheng, pointed out that multiple factors need attention in January 2026 [4]:

• Government Bond Issuance
  : The 2026 new local government debt quota has been issued in advance, and a large-scale government bond issuance will launch in January
• Continuation of Policy-Based Financial Tools
  : The RMB 500 billion new policy-based financial tool launched in October 2025 will continue to drive supporting loan disbursements
• “Strong Start” Effect
  : Bank credit disbursements increase seasonally at the beginning of the year, requiring liquidity support to stabilize the funding market

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[5]:

Operation Item	Value/Details
Operation Scale	RMB 900 billion
Operation Method	Fixed quantity, interest rate bidding, multi-price winning bids
Tenor	6 months (181 days)
Operation Date	January 15, 2026

:

On January 8, the PBOC had already conducted a RMB 1.1 trillion 3-month outright reverse repo operation. Overall [6]:

• The January 3-month outright reverse repo was rolled over in equal amount (RMB 1.1 trillion matured, RMB 1.1 trillion rolled over)
• The January 6-month outright reverse repo was rolled over with an increased scale of RMB 300 billion (RMB 600 billion matured, RMB 900 billion rolled over)
• A total of RMB 300 billion was added in the rollover of the two operations
  , marking the 8th consecutive month that the PBOC injected medium-term liquidity into the market via outright reverse repos

According to China News Service, the PBOC simultaneously conducted a RMB 179.3 billion 7-day reverse repo operation on January 15 [7], using a fixed-interest rate and quantity bidding method to further improve the term structure of liquidity management.

Dimension	Policy Implication
Quantitative Tools	Continuous intensification, conveying the PBOC’s supportive monetary policy stance
Tenor Matching	7-day + 3-month + 6-month, constructing a multi-level liquidity management system
Timing	Addressing funding demands such as early-year government bond issuance and the “strong start” of credit disbursements
Market Signal	Stabilizing market expectations and enhancing the lending capacity of financial institutions

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Based on market data, 9 companies had restricted share unlocking on January 15 [8]:

Indicator	Value
Total Unlocked Shares	304 million shares
Market Value of Unlocked Shares	RMB 15.476 billion
Number of Companies	9

:

• Listing Status: Listed on the Sci-Tech Innovation Board (STAR Market)
• Unlock Type: Initial Public Offering (IPO) restricted shares
• Unlocked Quantity: 76,283,849 shares
• Proportion of Total Share Capital: 63.25%
• Unlock Date: January 15, 2026

[9]:

Shareholder Name	Number of Restricted Shares Held	Proportion
Huang Zhiqiang (Controlling Shareholder & Actual Controller)	31,643,214	26.24%
Zhuhai Soco Technologies Management Consulting Partnership	15,068,197	12.49%
Zhuhai Soco Technologies Partnership	15,068,197	12.49%
Shenzhen Chuangyuan Shiji Investment Partnership	13,561,377	11.25%
Zhuhai Soco Technologies Information Technology Partnership	942,864	0.78%

: The company’s controlling shareholder and multiple shareholders holding more than 5% of the shares voluntarily committed that they will not transfer or reduce their holdings in any way within 12 months after the restricted share period expires (i.e., from January 15, 2026 to January 14, 2027) [10].

Company	Unlocked Quantity (10,000 Shares)	Market Value of Unlocked Shares (RMB 100 Million)	Features
Hanma Technology	14,000	-	Largest unlocked quantity
Huitong Technology	5,287.2	15.29	-
Sikan Technology	-	13.44	-

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At the start of 2026, SSE-listed companies intensively released announcements on the progress of share repurchases and holdings increases [11]:

Indicator	Value
Number of Companies Disclosing	105
Repurchase-Related Announcements	98
Holding Increase-Related Announcements	7
Upper Limit of Repurchases on the Main Board	Over RMB 27.8 billion
Upper Limit of Holdings Increases	Over RMB 4 billion

:
7 SSE 50 Index constituent companies, including Kweichow Moutai, Haier Smart Home, Sany Heavy Industry, Hengrui Medicine, COSCO Shipping Holdings, NARI Technology, and China National Nuclear Power, disclosed repurchase progress with cumulative implemented repurchase amounts exceeding RMB 4.8 billion.

Company	Key Points of Repurchase Plan	Progress
Kweichow Moutai	Repurchase RMB 1.5-3 billion for share cancellation and capital reduction	As of December 31, the first repurchase exceeded 87,000 shares, with a payment of RMB 120 million
COSCO Shipping Holdings	Repurchase RMB 749 million - 1.498 billion (within 3 months)	Cumulative repurchase of 55.11 million shares, with a payment of RMB 825 million
Haier Smart Home	-	Cumulative repurchase amount of RMB 1.08 billion
Sany Heavy Industry	-	Cumulative repurchase amount of RMB 1.36 billion

SZSE-listed companies also showed active performance [12]:

• 2025 Data
  : A total of 424 share repurchase and holding increase plans were disclosed by SZSE-listed companies
  • 288 repurchase plans with an upper limit of RMB 82.725 billion
  • 136 holding increase plans with an upper limit of RMB 31.521 billion
• Special Loans
  : 383 companies and their major shareholders obtained commitment letters for special loans for share repurchases and holdings increases, with a total loan quota of RMB 82.981 billion

[13]:

Company	Repurchase Progress
Midea Group	Cumulative repurchase exceeding RMB 10 billion
CATL	Repurchase RMB 4-8 billion, cumulative completion of RMB 4.386 billion
Lens Technology	Cumulative repurchase of 7.4096 million shares, amounting to RMB 215 million
Mindray Medical	Chairman Li Xiting increased holdings by RMB 200 million

Market analysts pointed out [14]:

• Intensive share repurchases by listed companies and holdings increases by major shareholders express confidence in their long-term development prospects
• Reflect recognition of value at the current valuation level
• The Wind Share Repurchase Index rose 31.31% for the full year since 2025, hitting a record high
• Share repurchases and holdings increases will remain a core tool for listed companies’ market value management in 2026

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Chen Huaping, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated on January 11 [15]:

• A-listed companies distributed RMB 2.55 trillion in cash dividends in 2025
• Hit a new record high
• Twice the scale of IPOs and refinancing during the same period

Company	Dividend Plan	Record Date	Ex-Date	Payment Date
China Merchants Bank	RMB 1.013 per share (including tax)	January 15	January 16	January 16
Foxconn Industrial Internet	RMB 0.33 per share (including tax), totaling RMB 6.55 billion	January 15	January 16	January 16
Hunan Forsun Pharmaceutical	Special dividend of RMB 0.15 per share (including tax)	January 15	January 16	-
Foshan Gas Group	RMB 2.5 per 10 shares (including tax)	January 14	January 15	-
Guangdong Mingzhu Group	RMB 0.20 per share (including tax)	January 14	January 15	January 15

The “Three Dividends” mechanism of Hunan Forsun Pharmaceutical represents the direction of dividend innovation for listed companies [16]:

• 2020
  : Implemented the “Two Dividends” policy (annual dividend + interim dividend)
• 2024
  : Launched the “Three Dividends” mechanism (annual dividend + interim dividend + special dividend)
• To date
  : Completed 5 interim dividends and 2 special dividends

On the evening of January 9, Luzhou Laojiao released its 2025 interim profit distribution plan [17]:

• RMB 13.58 cash dividend per 10 shares (including tax)
• Total cash dividend of approximately RMB 2 billion (including tax)
• Based on the existing total share capital of approximately 1.472 billion shares

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: The PBOC’s RMB 900 billion outright reverse repo plus RMB 179.3 billion 7-day reverse repo injected over RMB 1 trillion in total liquidity, effectively hedging the potential funding pressure from restricted share unlocking.

:

• The monetary policy press conference sent positive signals, boosting market confidence
• The wave of share repurchases and holdings increases by listed companies continued, with leading companies setting an example
• Voluntary lock-up commitments by major shareholders stabilized market expectations
• The record-high dividend model enhanced investors’ sense of gain

Funding Source/Destination	Impact Direction	Estimated Scale
PBOC Liquidity Injection	Inflow	Approximately RMB 1.08 trillion
Reduction of Unlocked Restricted Shares	Outflow	Approximately RMB 15.5 billion (theoretical maximum)
Dividend Distribution	Outflow	Over RMB 10 billion cumulatively across multiple companies
Share Repurchases and Holdings Increases	Inflow	SSE: RMB 27.8 billion + SZSE: RMB 82.7 billion (upper limits)

Looking at the day’s events, the policy level formed a package featuring

:

1. Ample Liquidity
   : The outright reverse repo has been rolled over with increased scale for 8 consecutive months, reflecting the continuity of liquidity support
2. Market Stability
   : Pioneered structural monetary policy tools to support the capital market (swap facilities, special relending for share repurchases)
3. Strong Returns
   : Dividend amounts hit a record high, and the scale of share repurchases and holdings increases continued to expand

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• Short-term
  : Ample liquidity provides support to the market, with positive policy signals
• Mid-term
  : Focus on the effectiveness of policy transmission, especially the support for the real economy
• Long-term
  : The cultivation of a dividend and repurchase culture among listed companies is conducive to the healthy development of the capital market

Area	Rationale	Key Focus
Leading Enterprises	Most active in share repurchases and holdings increases, with attractive valuations	Kweichow Moutai, Midea Group, CATL, etc.
Dividend Targets	Cash dividends hit a record high, with enhanced shareholder return awareness	China Merchants Bank, Foxconn Industrial Internet, Luzhou Laojiao, etc.
Policy Beneficiaries	Directions supported by monetary and financial policies	Industries related to the “Five Key Areas”
Targets with Lock-Up Commitments	Major shareholders’ voluntary lock-up commitments reflect strong confidence	Companies with voluntary lock-up commitments such as Soco Technologies

• The actual scale of reductions from restricted share unlocking may be lower than the theoretical value, requiring dynamic observation
• The transmission of monetary policy effects takes time
• Need to pay attention to the spillover impact of overseas market fluctuations on A-shares

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The financial market on January 15, 2026 featured

. The PBOC maintained market liquidity through large-scale reverse repo operations, the SCIO press conference sent positive monetary policy signals, and listed companies rewarded investors with real capital, forming a multi-dimensional policy synergy to stabilize the market.

Looking at the full year, A-listed companies’ 2025 cash dividends of RMB 2.55 trillion hit a record high, the scale of share repurchases and holdings increases continued to expand, and major shareholders’ voluntary lock-up commitments demonstrated confidence in development. These positive changes are reshaping the investment ecology of the capital market and laying a solid foundation for market development in 2026.

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[1] SCIO Holds Press Conference on January 15 to Introduce Outcomes of Monetary and Financial Policies Supporting High-Quality Development of the Real Economy

[2] SCIO to Hold Press Conference at 3:00 PM on January 15 to Introduce Monetary and Financial Policies

[3] Expert Interpretation of the RMB 900 Billion Outright Reverse Repo

[4] PBOC Conducts RMB 900 Billion Outright Reverse Repurchase Operation on January 15

[5] PBOC Conducts RMB 900 Billion Outright Reverse Repurchase Operation on January 15

[6] Expert Interpretation of the RMB 900 Billion Outright Reverse Repo

[7] PBOC Conducts RMB 179.3 Billion 7-Day Reverse Repurchase Operation on January 15

[8] Today’s Highlights | SCIO to Hold Press Conference on Outcomes of Monetary and Financial Policies Supporting High-Quality Development of the Real Economy

[9] 76.28 Million IPO Restricted Shares of Soco Technologies to Be Unlocked; Controlling Shareholder and Major Shareholders Voluntarily Commit to No Reduction for 12 Months

[10] 76.28 Million IPO Restricted Shares of Soco Technologies to Be Unlocked

[11] Over 100 Announcements in One Night! SSE Intensively Discloses “Start-of-Year” Share Repurchases and Holdings Increases

[12] Fervor for Share Repurchases and Holdings Increases Rises; SZSE Companies Use Real Capital to Stabilize the Market

[13] Combining Share Repurchases, Holdings Increases, and Dividends; SZSE Companies Use Real Capital to Stabilize the Market

[14] Over 100 Announcements in One Night! SSE Intensively Discloses “Start-of-Year” Share Repurchases and Holdings Increases

[15] [A-Listed Companies