A-share buybacks near 2025 total as cancellation buybacks rise

The shift toward cancellation-style buybacks is the more meaningful signal than the headline totals: cancelling repurchased shares mechanically lifts per-share metrics and signals management sees the stock as undervalued, which is why participants link it to value investing. The falling number of companies executing buybacks alongside higher aggregate value suggests activity is concentrating in larger or more committed issuers rather than broadening. Whether cancellations keep rising as a share of total buybacks — and whether the concentration persists — is the open question.