Super Micro Shares Plunge 8% After Hindenburg Shorts, Claims "Fresh Evidence" Of Accounting Manipulation
https://www.zerohedge.com/markets/super ... accounting
Short positions on American Depositary Receipts of major companies including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. haven’t changed dramatically in recent days, according S3 Partners and JPMorgan Chase & Co.
If the bears were forced out of their bets, the rally could get further momentum.
“The sharp rally in Chinese ADRs over the past week has been mostly the result of fresh buying rather than short covering”.
The Hang Seng Tech Indexhas soared more than 45% in less than four weeks, including a record surge in the six days through Wednesday.
The short interest for Alibaba, JD.com and Baidu had remained around 2% to 3% of shares available.
Consumers’ “downtrading trend” is still pronounced in sectors including e-commerce, travel and food delivery.
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