20181126-中国银河国际证券-Short_Selling_Analysis_for_November_16_6页_1mb

报告摘要

Short Selling Analysis for November 16

Core Content

This document presents an analysis of short-selling activity in Hong Kong stocks, focusing on changes in short positions between November 9 and November 16, the percentage of short positions relative to free float, and the absolute amount of short positions. The analysis is based on data released by the Hong Kong Securities Clearing Corporation (HKSC) and aims to identify companies that may be vulnerable to short-selling activity.

Main Points

Short Positions Data: The HKSC releases aggregate short positions data every Friday with a one-week delay, while the Hong Kong Exchange (HKEx) provides daily short-selling activity data without a delay. However, the HKEx data does not indicate whether the short positions are covered.
Analysis Criteria:
1. Net change in short positions between November 9 and November 16.
2. Short positions as a percentage of free float.
3. Absolute amount of short positions.
Key Findings:
- Grand Boaxin (1293.HK) and Hua Hong Semi (1347.HK) show significant increases in short positions, with Grand Boaxin's short positions rising by 17.9% and Hua Hong Semi's by 16.1%.
- Grand Boaxin's short positions represent 5.85% of its free float, and its share price has rebounded 48% since late October.
- Hua Hong Semi's short positions account for 3.18% of its free float, and its short-selling amount increased slightly.
- Ausnutria (1717.HK) and China Eastern Airlines (0670.HK) experienced notable declines in short positions, with Ausnutria's short positions dropping by 15.2% and China Eastern Airlines' by 15.1%.
- The analysis emphasizes that it is purely quantitative and does not reflect any judgment on corporate governance or fundamentals.

Key Companies

Short Positions Increased

Ticker	Company Name	Short Positions (Shares)	Short Positions (HK$)	% of Free Float	Price Change (Nov 16 to Nov 23)	Market Cap (HK$)	2018E PER	2019E PER	PBR	2018E Dividend Yield
1293	Grand Boaxin	49,333,398	106,066,806	5.85%	1.4%	6,185	6.81	5.64	0.78	3.36
1347	Hua Hong Semi	19,811,344	306,679,605	3.18%	-2.6%	19,359	12.04	11.68	1.45	2.28

Short Positions Decreased

Ticker	Company Name	Short Positions (Shares)	Short Positions (HK$)	% of Free Float	Price Change (Nov 16 to Nov 23)	Market Cap (HK$)	2018E PER	2019E PER	PBR	2018E Dividend Yield
1717	Ausnutria	10,086,316	94,609,644	2.86%	-0.1%	14,848	20.62	15.37	6.22	1.72
0670	China Eastern Airlines	51,797,670	247,592,863	3.83%	1.5%	80,851	13.41	9.78	1.08	0.77

Limitations of the Data

The HKSCF data does not cover short-selling activity through OTC derivative products.
The data is delayed by one week, making it less current compared to the daily HKEx data.

Summary

The analysis highlights that Grand Boaxin and Hua Hong Semi are under increased short-selling pressure, while Ausnutria and China Eastern Airlines have seen a reduction in short positions. Investors should monitor these companies closely due to the potential impact of short-selling on their stock prices. The data provided is useful for tracking weekly changes in short positions but has limitations in comprehensiveness.

展开完整摘要