$XPENG-W (09868.HK)$ Jefferies has 1,976K (09868 XPENG) shar...

$XPENG-W (09868.HK)$ Jefferies has 1,976K (09868 XPENG) shares net sales (short) from Jan 19th, 2024, to Mar 28th, 2024.

‎The last positive shareholding for Jefferies was 151.5K shares on December 19, 2023. It would indicate this long position was cleared out on December 20th, 2023. ‏ ‎

‎Jefferies has been in a short position since December 20th, 2023.
In the best case scenario, Jefferies has a zero net short position from December 20th, 2023, to Jan 18, 2024.
From the period between Jan 19th, 2024 to March 28th, 2024, Jefferies shorted 1,976K shares (HK$70M based on closing price). Therefore, Jefferies' minimum short position is -1,976K shares or more. ‏ ‎

‎Jefferies' net short position agrees with their Mar 28th, 2024 price target downgrade recommendation, which has a target price drop from HK$98.9 to HK$73, but it maintains a “buy” rating.
In other words, Jefferies put their money where their mouth is, exactly in that order - short first, then drop the price target, consistent with their conviction and consistent with their trading strategy.
Good job!