BEIJING - Listed firms on China's A-share market conducted a surging number of share repurchases last year, which analysts believe showed companies' strong intention of bottom fishing and would support stock value.

In 2018, 1,000 listed firms repurchased their shares, accounting for nearly a third of all listed firms on the market, according to Wind Info, a financial information provider.

These repurchased shares were valued at 51.7 billion yuan ($7.6 billion), up 462.3 percent from 2017.

"The buyback tide showed companies believed their share prices were already at a low level," the China Securities Journal cited an analysis note from private equity firm Beijing Heju Investment as saying.

China's A-share market has recovered a bit since the beginning of this year following corrections last year, with the benchmark Shanghai Composite Index up 2.5 percent as of the closing on Tuesday from the first trading day of 2019.