Buybacks still heavily depend on the regime

1) Excellent buyback: It is part of the core narrative and also involves buybacks. This market generally interprets it very positively, with buyback effects maximized; buying back 1 yuan might generate 10 yuan of outside buying pressure. For example, in recent years, the AI sector.
2) Effortful buyback: Long-term observers like Wolong Fengchu, $ADBE and $PYPL , both have stable large-scale buybacks: $ADBE 's buyback in the past two years is around 10B, and $PYPL 's buyback in the past two years is around 6B. Their growth looks relatively decent.
However, both are trading at the worst levels in terms of stock price/valuation: the market's core narrative is not here, and the regime is unfriendly. (Of course, without buybacks, the stock price might be much worse)
So, the effects of these buybacks tend to be self-entertaining.
3) The tough guys who don't buy back: when the regime is unfriendly, they simply don't buy back. Moreover, they might even go against the market, like $PDD$, which has plenty of money but ignores buybacks, and management often comes out to FUD.
This is also a common complaint in the "market," similar to holding a governance token.
But these tough guys often possess outstanding resilience, attracting a group of fans like Gao Ling, Li Lu, and Duan Yongping.