追踪30家在香港上市的中国科技公司的恒生科技指数在不到四周的时间里飙升了45%以上，其中包括截至周三的六天内创纪录的涨幅。阿里巴巴、京东和美团等公司迎来了多年来最好的交易日，在中国宣布刺激经济的措施后，投资者掀起了一股抢购热潮。上周五，上证综指在8天内第7次上涨。The recent uptrend of Chinese technology stocks is driven by new bid, and if short sellers cover, it is expected to further boost the uptrend.
According to Securities Times, since China announced economic stimulus policies, Chinese technology stocks have risen significantly, and all signs indicate that new bid is the main reason. S3 Partners and jpmorgan's data show that the short positions of large technology companies such as Alibaba Group (BABA.US), JD.com (JD.US), and Baidu (BIDU.US) have not changed much recently. If short sellers are forced to exit their positions, the stock market may rise further.
jpmorgan strategist Nikolaos Panigirtzoglou wrote in a report this week: "The significant increase in Chinese ADRs over the past week is mainly the result of new buy orders rather than short sellers covering. The role of individual short covering seems to be limited in the rise of the Chinese stock market."
The Hang Seng Tech Index, tracking 30 Chinese technology companies listed in Hong Kong, has surged over 45% in less than four weeks, including record gains in the six days ending Wednesday. Companies like Alibaba, JD.com, and Meituan have experienced some of their best trading days in years as investors rushed to buy following China's economic stimulus measures. Last Friday, the Shanghai Composite Index rose for the 7th time in 8 days.
S3's predictive analysis director Ihor Dusaniwsky wrote in a report on October 1 that although short sellers have incurred losses based on market cap, they have not been eager to cover their short bets. The short interest in Alibaba, JD.com, and Baidu has remained around 2% to 3%. However, Dusaniwsky warned that if the uptrend continues, a "significant" short covering is expected, which will further boost stock prices.
Han Piow Liew, fund manager at Maitri Asset Management Pte, said: "These data are surprising because the rebound usually leads to multiple short squeezes and forced covering under traditional risk monitoring and control frameworks. China's latest round of stimulus policies indicates that the leadership is enthusiastic and willing to turn the situation around."
Morgan Stanley Securities Hong Kong Limited analyst Sonija Li said that short sellers with positions may be skeptical of the recent uptrend. However, in the options market, long positions remain active. Following record levels of call options trading, bets on the rise of the ETF tracking Chinese large-cap stocks on American exchanges are close to historical highs compared to put options bets. Alibaba and JD.com are the largest components of this index, and these two companies have recently witnessed a wave of call options trading.
