Opinion | Soho China buys back own shares, Galaxy Entertainment boss sells

Directors of Hong Kong companies increased their purchases of their firms' shares last week, according to filings lodged with the stock exchange. Selling by such insiders fell.

Some 35 companies reported 164 purchases worth a combined HK$356 million last week. Nine reported disposals, worth a combined HK$120 million. Buying rose compared with the previous week. Selling fell.

Buy-back activity by companies themselves surged for the second straight week, with 16 companies executing 88 share repurchases worth HK$349 million. Property firms Soho China and Hopewell bought back the most, with purchases of HK$108 million and HK$56 million, respectively.

Directors of property companies were also heavy buyers from June 17 to 21, when the sector's shares continued to fall. Lee Shau-kee acquired 195,000 shares in Henderson Land Development on June 17 at HK$46.56 each, bringing his total purchases since the last week of March to HK$2.48 billion. The stock closed at HK$44.70 on Friday.

Fellow property tycoons Thomas Kwok Ping-kwong of Sun Hung Kai Properties and Peter Woo Kwong-ching of Wheelock also bought shares last week. AIA chief executive Mark Tucker bought shares after the firm's stock dropped 9 per cent. Managing director of Galaxy Entertainment Joseph Chee sold shares, locking in the sharp gains over the past year of the casino operator's stock.

Kwok, the managing director of Sun Hung Kai, bought 2.03 million shares from June 7 to 18 at an average of HK$98.30 per share. The trades increased his stake in the firm to 430.672 million shares, or 16.12 per cent of the issued capital. The purchases came after the stock fell by as much as 26 per cent from its January level of HK$130.50.