---
title: "We analyzed the data distribution of 2228 in brokerages over the past 3 months on some key dates."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/27781580.md"
description: "$XTALPI(02228.HK)Data source: https://webb-site.com/ccass/choldings.asp?sort=holddn&i=35305&sc=&d=2024-12-13Based on the provided data, we can analyze the stock's position transfer situation from the following aspects and draw some conclusions:1. Changes in total holdingsBy observing the "Cumul. Stake" (cumulative shareholding ratio) column on different dates..."
datetime: "2025-03-04T05:50:26.000Z"
locales:
  - [en](https://longbridge.com/en/topics/27781580.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/27781580.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/27781580.md)
author: "[老板的老板 AI Exec](https://longbridge.com/en/profiles/123.md)"
---

# We analyzed the data distribution of 2228 in brokerages over the past 3 months on some key dates.

$XTALPI(02228.HK)

Data source: [https://webb-site.com/ccass/choldings.asp?sort=holddn&i=35305&sc=&d=2024-12-13](https://webb-site.com/ccass/choldings.asp?sort=holddn&i=35305&sc=&d=2024-12-13)

Based on the provided data, we can analyze the stock's holdings transfer situation from the following aspects and draw some conclusions:

### **1\. Changes in Total Holdings**

By observing the "Cumul. Stake" (cumulative shareholding ratio) column on different dates, we can evaluate the overall market concentration and trends:

-   **December 12, 2024**: Cumulative shareholding ratio was 42.27%.
-   **March 3, 2025**: Cumulative shareholding ratio was 52.02%.

**Conclusion**: Overall, the cumulative shareholding ratio of brokers has gradually increased, indicating rising interest from institutional investors and higher market concentration.

### **2\. Changes in Major Brokers' Holdings**

We can analyze the holdings transfer of major brokers by comparing their "Holding" (number of shares held) and "Stake" (shareholding ratio). Below are the changes for key brokers:

#### **(1) FUTU SECURITIES INTERNATIONAL (B01955)**

-   **December 12, 2024**: Held 337,176,787 shares, accounting for 9.88%.
-   **March 3, 2025**: Held 321,773,416 shares, accounting for 8.00%.

**Conclusion**: Futu Securities' holdings slightly decreased, but it remains the top broker, indicating strong control over the stock.

#### **(2) CHINA SECURITIES DEPOSITORY AND CLEARING (A00004 & A00003)**

-   **A00004**:
    -   **December 16, 2024**: Held 83,593,000 shares, accounting for 2.45%.
    -   **March 3, 2025**: Held 478,595,584 shares, accounting for 11.91%.
-   **A00003**:
    -   **December 16, 2024**: Held 75,934,000 shares, accounting for 2.22%.
    -   **March 3, 2025**: Held 365,960,055 shares, accounting for 9.10%.

**Conclusion**: China Securities Depository and Clearing Corporation significantly increased its holdings, becoming the second and third largest brokers, suggesting strategic or long-term investment purposes.

#### **(3) THE HONGKONG AND SHANGHAI BANKING (C00019)**

-   **December 12, 2024**: Held 200,988,282 shares, accounting for 5.89%.
-   **March 3, 2025**: Held 135,934,399 shares, accounting for 3.38%.

**Conclusion**: HSBC's holdings decreased significantly, possibly reflecting reduced investment interest in the stock.

### **3\. New or Exited Major Brokers**

Comparing data across different dates reveals new or exited major brokers:

-   **New Brokers**:
    -   CITIC SECURITIES BROKERAGE (HK) LTD (B01228) entered the top five on March 3, 2025, holding 170,571,530 shares (4.24%).
-   **Exited Brokers**:
    -   CLSA LTD (B01138) dropped from fourth to seventeenth place, with its shareholding ratio falling from 3.34% to 0.35%.

**Conclusion**: Some brokers (e.g., CITIC Securities) increased holdings, while others (e.g., CLSA) reduced them, indicating market divergence on the stock.

### **4\. Dynamics of Small Holdings Brokers**

Changes in small holdings brokers also reflect market sentiment:

-   **LONG BRIDGE HK LTD (B02195)** and others maintained stable holdings, suggesting conservative strategies.
-   **INTERACTIVE BROKERS HONG KONG LTD (B01590)** significantly increased holdings from 10,317,000 to 13,436,000 shares (0.26% to 0.33%).

**Conclusion**: Some small brokers began accumulating shares, possibly anticipating short-term gains.

### **5\. Changes in Market Concentration**

Observing cumulative shareholding ratios (Cumul. Stake) reveals market concentration trends:

-   **December 12, 2024**: Top 25 brokers held 42.27%.
-   **March 3, 2025**: Top 25 brokers held 52.02%.

**Conclusion**: Market concentration rose sharply, indicating stronger institutional control and potentially fewer retail investors.

### **6\. Overall Conclusions**

Key takeaways:

1.  **Growing Institutional Interest**: Total shareholding ratio rose from 42.27% to 52.02%, signaling heightened institutional attention.
2.  **Major Brokers' Divergence**: Futu Securities and China Securities Depository increased holdings, while HSBC reduced them, reflecting mixed market views.
3.  **Higher Market Concentration**: Top 25 brokers' cumulative shareholding surged, possibly reducing stock liquidity.
4.  **Small Brokers' Activity**: Some small brokers ramped up holdings, likely for short-term speculation.

Let us know if further analysis on specific brokers or periods is needed!

### Related Stocks

- [02228.HK](https://longbridge.com/en/quote/02228.HK.md)

## Comments (16)

- **车公庄Harold · 2025-03-06T01:15:47.000Z**: Feels like this doesn't really prove anything. CHINA SECURITIES DEPOSITORY AND CLEARING (A00004 & A00003) is probably the Stock Connect holdings, maybe many are naive investors from the south, including me...
  - **老板的老板 AI Exec** (2025-03-06T01:18:04.000Z): Not ruled out.
- **不卖我就不亏 · 2025-03-04T10:35:08.000Z**: Boss, I found a horror story😂 The number of shares held is delayed by two days because the Hong Kong stock settlement system is T+2, so March 3 is actually the result of February 27...
  - **老板的老板 AI Exec** (2025-03-04T10:47:15.000Z): Don't panic, under the current trading volume, the trend won't change. Also, I'll double-check this number. Could it be a delay? It shouldn't be. I'll ask a professional. I remember there's a dedicate
  - **老板的老板 AI Exec** (2025-03-04T10:52:22.000Z): https://www3.hkexnews.hk/sdw/search/mutualmarket_c.aspx?t=hk Based on the cross-verification of the data I saw on this website, I believe there is no two-day delay:
  - **老板的老板 AI Exec** (2025-03-04T10:53:17.000Z): As stated on the website: The data displayed based on the shares you selected and the holding date reflects the total shareholding of China Securities Depository and Clearing Corporation Limited (Cent
- **Ω骑墙派 · 2025-03-04T05:59:00.000Z**: Boss, the market will turn green (rise) for you this afternoon!
- **Loki in HK · 2025-03-04T05:55:50.000Z**: Boss, you've worked hard. Did you make some breakfast money this morning?
  - **老板的老板 AI Exec** (2025-03-04T06:14:40.000Z): Hey babe. I've been in meetings all day today. Just managed to sneak a peek at the stock market. Given the current situation, I'm kinda hesitant about the timing to add more positions. 😄
  - **Loki in HK** (2025-03-04T06:15:42.000Z): I bought at the lowest point this morning, now I've got dinner money.
- **政屿同学 · 2025-03-04T05:53:57.000Z · 👍 1**: Institutions are definitely bullish, and they have large amounts of capital, playing with open cards. They have patience and can control both rises and falls, so in the short term, they torment people into surrendering their chips, which feels pretty rough.
- **老板的老板 AI Exec · 2025-03-04T05:51:01.000Z · 👍 5**: Note: Currently only a few days' data is provided, not all of them are included. The workload is too heavy. I'll process it when I have time.
  - **不卖我就不亏** (2025-03-04T05:51:56.000Z): Boss, you're working hard!