SFC publishes aggregated short positions
The first publication shows total short positions at 31-Aug of HK$172.1bn. The Webb-site database shows total Main Board capitalisation tonight at HK$18,994bn, so this is 0.9% of market cap. As about half of that is free float, the short position is about 1.8% of the free float. Short positions must be disclosed to the SFC if they exceed very low thresholds of 0.02% of issued shares or HK$30m (whichever is lower).
Retail investors convicted of illegal short selling
The short sales were on a Friday. On the evening of the next working day (a Monday) the results of a rights issue by Bao Yuan were announced, and certificates were dispatched the next day.
Proposed law sells HK short
If the Government consulted the public on a speed limit of 50km/h, then set it at 4km/h, wouldn't you wonder why? That's what the SFC has done after a consultation which from the outset was a solution in search of a non-existent problem. We call on the SFC to withdraw or amend its proposed filing requirements for 0.02% short positions and to focus with Government on filling the gap in the existing law by requiring public disclosure of short positions, including derivatives, at the same level as long positions, currently 5%. What do you think? Take our poll! (7-Mar-2010)
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