Abstract: Adopting Mean Adjusted Return Model of event study, this paper analyzes the share repurchases of Shanghai Highly(Group)Com., Ltd and Changchun High New Technology Industries (Group) Inc. and has the results: In a short period before and after the announcements, the two firms' shares get positive cumulative abnormal returns, which shows that the buy-backs of the state-owned stock do be able to create wealth for A share holders; The information disclosure of the share repurchases is not canonical, and inside...