Since the beginning of this year, the Hong Kong stock market has continued to face volatility and adjustment, yet listed companies' enthusiasm for buybacks remains undiminished. On November 10, Zhipu, a leading artificial intelligence company, announced that its chairman had proposed a share repurchase plan, with an expected maximum aggregate amount of HK$4 billion and the total number of H shares to be repurchased not exceeding 1% of the company's total issued shares as of the announcement date. This is a microcosm of this year's buyback boom among Hong Kong-listed technology companies. Wind data shows that, as of November 11, 372 Hong Kong-listed companies had implemented buybacks during the year, with total repurchase amounts exceeding HK$130 billion. The number of companies participating in buybacks rose from 241 in the same period last year to 372, an increase of more than 50%. Notably, the number of buyback companies in sectors such as information technology, healthcare, and consumer staples increased significantly, with more small- and mid-cap companies and those in niche tracks joining the buyback ranks. Interviewees believe that, against the backdrop of tightening external liquidity and fluctuating southbound capital flows, listed companies using their own cash for buybacks is helping to form bottom support for their valuations and also reflects the ongoing evolution of capital management concepts in the Hong Kong stock market.