20181210-中国银河国际证券-Short_Selling_Analysis_for_November_30_6页_428kb

报告摘要

Hong Kong Short Selling Analysis for November 30

Core Content

This document presents a short selling analysis for the week ended November 30, focusing on the changes in short positions for various Hong Kong-listed companies. It outlines the methodology used for the analysis and highlights key findings based on three criteria: (i) the net change in short positions between November 23 and November 30, (ii) short positions as a percentage of free float, and (iii) the absolute amount of short positions.

Main Findings

BOC Aviation (2588.HK):
- Short positions increased by 25.1%.
- Outstanding short positions represented 4.18% of its free float.
- The 5-day moving average short-selling amount rose from HK$30.31m to HK$33.87m during the week ended December 07.
GCL-Poly Energy (3800.HK):
- Short positions fell by 21.6%.
- Outstanding short positions accounted for 8.56% of its free float.
- The 5-day moving average short-selling amount decreased from HK$3.36m to HK$1.19m.
Li & Fung (494.HK):
- Short positions dropped by 45.4%.
- Outstanding short positions were 5.58% of its free float.
- The 5-day moving average short-selling amount fell from HK$4.65m to HK$3.90m.
Skyworth Digital (751.HK):
- Short positions fell by 63.3%.
- Outstanding short positions made up 2.93% of its free float.
- The 5-day moving average short-selling amount dropped from HK$5.11m to HK$3.49m.
Cosco Ship Dev (2866.HK):
- Short positions decreased by 57.5%.
- Outstanding short positions were 2.85% of its free float.
- The 5-day moving average short-selling amount fell from HK$1.40m to HK$545,084.

Key Information

The HKSCF (Hong Kong Securities Clearing Company) releases aggregate short positions data every Friday, with a one-week delay.
The HKEx provides daily short-selling activity data, but it does not disclose whether the short positions are covered or not.
The data provided does not include short-selling activity via OTC derivative products, which is a limitation of the analysis.
The analysis is quantitative and objective, based solely on official data, and does not imply any judgment on corporate governance or fundamentals.

Methodology

The analysis is based on three key angles:

Net change in short positions: This measures the change in short positions over the past week.
Short positions as a percentage of free float: This provides insight into the relative size of short selling activity.
Absolute amount of short positions: This reflects the total value of short positions outstanding.

Summary of Top 50 Short Selling Stocks

Figure 2 ranks the top 50 short selling stocks by net change (descending order).
Figure 3 ranks the top 50 short selling stocks by net change (ascending order).
Figure 4 ranks the top 50 short selling stocks by percentage of free float.

The analysis highlights the BOC Aviation as a company requiring close monitoring due to the significant increase in short positions, while GCL-Poly Energy, Li & Fung, Skyworth Digital, and Cosco Ship Dev experienced a notable decrease in short positions, suggesting a potential shift in market sentiment.