Short interest

Short positions

Hong Kong 25 Sep · New York 15 Sep 2026

19.8%

Of free float held short

Both listings · 281.87m shares

XPulse calculation using latest reported positions

Both listingsHong KongNew York

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	Hong Kong25 Sep	New York15 Sep	Both
Shares short	190.94m	90.92m45.46m ADSs	281.87m
Of free float	13.4%	6.4%	19.8%
Of Class A	12.2%	5.8%	18.0%
In a month	+16.3%	+0.6%	+10.7%
In a year	+134.7%	+22.0%	+80.8%
Record high	190.94m25 Sep 2026	122.14m14 Jun 2024	281.87m25 Sep 2026
Days to cover	25.2	6.4

Hong Kong: weekly, published about a week laterNew York: twice a month · published 24 Sep 2026

Details & sources

A short position is shares sold short and not yet bought back. Hong Kong's figure is the total of the net short positions large enough to be reported to the SFC each week (0.02% of the company's market value or HK$30m, whichever is lower), so it is a floor. New York's is FINRA's short interest in ADSs, one ADS being two Class A shares.

The percentages and Both are XPulse calculations: each Hong Kong report added to the latest New York report on or before it, over the free float and over the Class A shares in issue. The two reports have different dates.

Free float is XPulse's estimate, 1,423.1m shares: the Class A shares not held by the founder, directors, executives or Volkswagen. Each listing's shorts are set against that one company-wide figure. The working is on Ownership.

Changes compare a report with the one nearest a month and a year earlier. Days to cover is the position over average daily volume (New York: FINRA's figure; Hong Kong: XPulse arithmetic on the ten sessions before the report), not a covering timetable.

Sources: SFC · FINRA · Class A shares in issue at 31 Aug 2026.

Daily short selling

Hong Kong · 2 Oct 2026

34.8%

Of trading value was short sales

Hong Kong · five sessions to 2 Oct 2026

Five sessionsEach sessionPast-year median

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Latest session · 2 Oct: 46.5%
Past-year median · five sessions: 24.5%
Record high · 3 May 2023: 52.8%

Every session, after the Hong Kong close

Details & sources

Short sales as a share of the value traded in 9868 on the Hong Kong exchange. Five sessions are taken together, all their short sales over all their trading, because a single session swings widely.

These are trades, not positions still open: a share sold short in the morning and bought back in the afternoon counts here and leaves no position. Market makers' hedging is included.

Source: HKEX daily reports. Sessions before 27 Jul 2026 are from Eastmoney's record of the same HKEX figures, identical on every session checked.

Borrowing

Interactive Brokers · 2 Oct 2026

	Hong Kong2 Oct	New York2 Oct
Available to borrow	650,000shares	4.70mADSs
Past-year median	5.50m	1.50m
Fee, a year	1.23%	0.91%
Past-year median	1.22%	0.66%

Hong Kong, sharesNew York, ADSs

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One broker's inventory and indicative rate, at each close

Details & sources

To sell short, a trader first borrows the shares. The fee is Interactive Brokers' indicative yearly rate for lending them; the count is what it could lend at that reading, rounded as it publishes it. Above 10 million it says only "more than".

One broker's own inventory and rate: other lenders differ, and both figures move through the day. One reading per session, taken after the close. The chart shows every session for three months and each week's last reading for the year. Counts are in each listing's own unit (one ADS is two shares); one above the ceiling is drawn at the ceiling.

Source: Interactive Brokers. Readings so far are from iBorrowDesk's archive of the same file.

Disclosed short interests

Hong Kong notices · checked through 4 Oct 2026

JPMorgan55.80m22 Sep 20263.55% of Class ALong interest below 5%; last disclosed short position

Goldman Sachs41.75m9 Jun 20262.67% of Class ALong interest below 5%; last disclosed short position

BlackRock3.95m29 Sep 20260.25% of Class A

Short interests disclosed by holders of 5% or more of the Class A shares, each as last reported

Details & sources

A holder of 5% or more of the Class A shares must disclose its long and short interests in Hong Kong, and again each time they cross a whole percentage level. Once its long interest falls below 5% the notices stop, so the short position shown is the last one disclosed.

The interests include derivatives, borrowed shares and client business, so they are not parts of the reported positions above and cannot be subtracted from them. A bank's short interest is not a view on the shares.

New York has no equivalent yet: under current SEC rules managers report their short positions from 2028, and the SEC will publish totals per stock. Source: HKEX disclosure of interests.

All holders and notices →