In the capital markets, a share buyback is often seen as a signal that management believes the current share price is below its intrinsic value. According to Chinese media reports, following the departure of several core executives, Han Ling, the head of intelligent driving products, has also officially left the company on March 9. In terms of sales, the company delivered 406,300 vehicles in 2025, a year-on-year decrease of approximately 19%, falling short of expectations. This market performance was also reflected in its stock price, with Li Auto’s Hong Kong-listed shares hitting a record low of HKD 61.15 per share on January 20. In response to feedback from the capital market, Li Auto’s CEO, Li Xiang, is considering repurchasing some of the company’s Hong Kong-listed shares, although the specific proportion and total amount are still under discussion. It is worth noting that since its listing in Hong Kong in 2022, Li Auto has never conducted any share repurchases, nor has Li Xiang himself ever increased his holdings in the company. If this repurchase plan is ultimately executed, it will be the first in Li Auto’s history. Li Xiang, CEO of Li Auto Regarding this potential move, the market generally interprets company share repurchases as a signal of value recognition. In capital markets, buyback actions often indicate that management believes the current stock price is below the company’s intrinsic value. For reference, among the several listed new EV startups, Xiaomi Group has conducted the most frequent share repurchases. In the past four months, it has repurchased shares 44 times, buying back approximately 206 million shares at a cost of about RMB 7.664 billion. On January 22, Xiaomi Group announced to the Hong Kong Stock Exchange that it would implement an automatic share repurchase plan, intending to buy back up to HKD 2.5 billion of the company’s Class B ordinary shares and cancel the repurchased shares. The new EV startup with the most instances of shareholding increases by its founder personally is Leapmotor. Since its listing in 2023, Zhu Jiangming, Chairman and CEO of Leapmotor, along with Leapmotor shareholder Fu Liquan, have increased their holdings in the company a total of four times. Leapmotor A10 Regarding the above reports, media outlets sought confirmation from Li Auto officially. A company representative responded, stating that they are “only discussing the possibility of a plan.” According to its plans, based on its actual sales volume in 2025, Li Auto has set an annual sales target of 550,000 vehicles for 2026, representing a year-on-year increase of approximately 40%.