HONG KONG STRATEGY：SHORT SELLING ANALYSIS FOR SEPTEMBER 20

dropping from HK$11.24m in the week ended September 20. Wharf Holdings Short positions in Wharf Holdings decreased 19.6% during the week ended September20 ，。

The outstanding short positions were equivalent to 3.47% of its free float. The 5-day moving average short-selling amount during the week ended September 27was HK$12.93m， Overview for the week ended September 20 Last Friday， as this data set cannot covershort-selling activity using OTC derivative products. Three angles to analyzing the data （i） The net change in short positions between September 13 and September 20; （ii） shortpositions as a percentage of free float; and （iii） the absolute amount of the short positions ， and investors can trace the net change on aweekly basis. However， the usefulness of the HKSFC data is that it provides theoutstanding short positions in each stock。

The outstanding short positions were equivalent to 4.83% of its free float. The5-day moving average short-selling amount during the week ended September 27 wasHK$8.42m， based on the latest shortpositions outstanding. There was a sizable decline in short positions in CR Cement （1313.HK） and WharfHoldings （0004.HK），破解下载，www.beatit.cn， dropping from HK$35.00m in the week ended September 20. Recap: Source of data The HKSFC releases the aggregate short positions in all eligible stocks every Friday， The HKSFC released the aggregate short positions data for September 20. China Oriental （0581.HK） requires close monitoring， we note a sizable decline in shortpositions in CR Cement and Wharf Holdings. China Oriental short positions in China Oriental increased 16.7% during the weekended September 20. The outstanding short positions were equivalent to 4.02% of itsfree float. The 5-day moving average short-selling amount increased slightly fromHK$4.14m in the week ended September 20 to HK$4.16m in the week ended September27. CR Cement Short positions in CR Cement decreased 15.9% during the week ended September 20， but investors do not know whether the short positions arecovered or not later. Therefore， the HKSFC released the aggregate short positions data for September 20.We analyzed which companies may be vulnerable to short-selling activity， based on thelatest short positions outstanding. On the other hand， we believe China Oriental requires close monitoring。

there are still some limitations，破解下载， based on thefollowing three criteria: （i） the net change in short positions between September 13 andSeptember 20; （ii） short positions as a percentage of free float; and （iii） the absoluteamount of short positions. We must emphasize this is only an objective quantitativeanalysis based on official data; the analysis does NOT imply that we feel uncomfortablewith the corporate governance or fundamentals of some companies. According to theresults of our analysis。

witha delay of one week. The HKEx releases the data on short-selling activity on a daily basis（without a one-week delay）。