Xiaomi Corporation has announced the launch of a new Automatic Share Buy-Back Program under which the company may repurchase up to HK$2.5 billion worth of its Class B ordinary shares on the Hong Kong Stock Exchange.
The Board of Directors of the company entered into an agreement with an independent broker on January 22, 2026 (the “Broker Agreement”), enabling systematic repurchases of Xiaomi’s shares under predefined parameters. The program will commence on January 23, 2026, and will continue until the earliest of:
The day prior to the 2026 Annual General Meeting;
The repurchase of shares totalling HK$2.5 billion in aggregate consideration; or
Early termination under the terms of the Broker Agreement.
Waiver From HKEX Listing Rule Compliance
In connection with the program, Xiaomi received a waiver from the Stock Exchange of Hong Kong Limited from strict compliance with Rule 10.06(2)(e) of the Hong Kong Listing Rules. This rule typically restricts share buy-backs during “restricted periods” ahead of periodic results announcements.
According to the company, the waiver was granted because the Automatic Share Buy-Back Program was structured to mitigate risks of inside information abuse and manipulation. Xiaomi confirmed that sufficient safeguards are in place, including:
The pre-determination of buy-back parameters outside the restricted period;
Repurchases to be made by an independent broker under non-discretionary terms; and
A single broker execution structure unrelated to connected persons.
Program Design and Safeguards
The announcement further explains that the program’s structure seeks to preserve fairness and transparency. Key arrangements include:
Pre-determined buy-back parameters setting objective criteria for repurchase execution;
Buy-backs implemented solely through the broker, independent of Xiaomi’s internal personnel; and
Optional termination mechanisms to ensure compliance with applicable laws and market guidance.
The company reiterated its intent to disclose any repurchases executed under the program via next-day disclosure returns, in accordance with the Listing Rules.
Management Commentary
While the announcement does not include direct commentary from Xiaomi’s leadership, the implementation of a significant share buy-back plan underscores the company’s confidence in its long-term business prospects, as well as its commitment to returning value to shareholders. The HK$2.5 billion program represents a substantial financial initiative in the context of Xiaomi’s capital allocation strategy.