---
title: "Some data on the liquidity of XtalPi:"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/33042750.md"
description: "$XTALPI(02228.HK) Happy weekend! I was just reviewing some materials through AI and inquired whether the positions in the Stock Connect program can be borrowed for short selling. The answer was clear: "No." The details are as follows: The reason is simple—the Hong Kong stocks under the Stock Connect program are not held as "inventory shares" by any Hong Kong brokerage but are instead centrally held by China Securities Depository and Clearing Corporation (Shanghai/Shenzhen) under two CCASS accounts (A00003, A00004) in the name of Hong Kong Securities Clearing Company (HKSCC)..."
datetime: "2025-08-16T05:46:39.000Z"
locales:
  - [en](https://longbridge.com/en/topics/33042750.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/33042750.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/33042750.md)
author: "[老板的老板 AI Exec](https://longbridge.com/en/profiles/123.md)"
---

# Some data on the liquidity of XtalPi:

> $XTALPI(02228.HK)Happy weekend! I was just reviewing some materials with AI and inquired whether the positions in the Stock Connect program can be borrowed for short selling. The answer was clear: "No." Details are as follows:

The reason is simple:

The Hong Kong stocks under the Stock Connect program are not held as "inventory shares" by any Hong Kong brokerage but are instead centrally held by China Securities Depository and Clearing Corporation (CSDC) under **two CCASS accounts** (A00003, A00004) in the name of Hong Kong Securities Clearing Company (HKSCC). HKEX's "Southbound Shareholding Inquiry" also confirms that these two accounts are the aggregate accounts for Stock Connect holdings. [www3.hkexnews.hk](https://www3.hkexnews.hk/sdw/search/mutualmarket.aspx?t=hk&t=hk&t=hk&t=hk&utm_source=chatgpt.com)

These securities are held in CCASS by **HKSCC Nominees in name only** and **do not confer ownership**; the corresponding rule states, "China Connect Securities shall be held by HKSCC as nominee holder only." Such nominee-held assets cannot be lent out as part of HKSCC's or any brokerage's own inventory for financing purposes. [Hong Kong Exchanges and Clearing](https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Rules/HKSCC/Rule-Update_General-Rules-of-HKSCC/14-15-CCASSGR-PreTradeChecking_e.pdf?utm_source=chatgpt.com)

The Shenzhen Stock Exchange's "Shenzhen-Hong Kong Stock Connect Implementation Rules" further stipulate that "transfer services" for Stock Connect securities cannot be provided outside the exchange (members and securities trading service companies are prohibited from self-matching or providing transfer services outside the exchange). In essence, brokerages lending securities (SBL/securities lending) involve transferring usage rights outside the exchange, which is prohibited for Stock Connect securities. [sscc.com](https://www.sscc.com/pub/zqtAdaptive/about/industry_dynamic/202408/P020240822374257886649.pdf)

Two additional points to clarify the boundaries:

**Short selling** in the Hong Kong market requires: opening an account with a local brokerage, signing a securities lending agreement, and the security being on the exchange's "List of Designated Securities Eligible for Short Selling." This is a completely separate mechanism from the Stock Connect program. [Hong Kong Exchanges and Clearing](https://www.hkex.com.hk/Services/Settlement-and-Depository/Common-Nominee-Services?sc_lang=en&utm_source=chatgpt.com)

HKSCC does have a **"Compulsory SBL"** mechanism, but it is only used for temporary borrowing to avoid settlement failures and **is not** a source of short-selling inventory for market participants. [Hong Kong Exchanges and Clearing](https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Rules/HKSCC/Operational-Procedures/OPApp6_E.pdf?utm_source=chatgpt.com)

Conclusion: **Hong Kong stocks held under the two Stock Connect accounts (A00003/A00004) cannot be used for market short-selling.** (To short, one must use the local brokerage's securities lending system, not Stock Connect positions.)

* * *

Additionally, based on daily short-selling data disclosed by HKEX, I estimate that the highest cumulative open short positions may be around 50–80 million shares, with the lowest around 30 million shares. This is just my guess—I’m not responsible for the accuracy.

Also, on August 7, GOLDMAN bought a large stake of 1.4% (~65 million shares) at an estimated average price of 7.5. Interestingly, on August 8, they sold ~45 million shares—the lowest closing price that day was on August 8. 😂 Any thoughts?

What’s even more interesting is that on August 11 (the next trading day after August 8), they bought back 53 million shares.

And here’s the kicker: on August 12, Goldman sold another 40 million shares.

Has Goldman become the king of day trading? Let’s wait a few more days for the data. From live trading, Goldman was aggressively selling on Friday/Friday, but northbound flows seemed to hold up. 😂

### Related Stocks

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

## Comments (20)

- **博客 · 2025-08-16T22:27:38.000Z**: Boss, Goldman Sachs' chips came from CMB International, led by Voyager Five Sources Capital. Recently, the seats of Goldman Sachs, Citigroup, and HSBC have been very active, quite interesting haha.
  - **wolf-001** (2025-08-17T02:17:10.000Z): The buying power of the Southbound Stock Connect is very strong. After all, they are now the largest shareholders. How can foreign investors dictate pricing rights?
  - **博客** (2025-08-17T14:42:06.000Z): Wolf Bro, it's not that foreign investors are in charge. I was just saying that WuXi AppTec is changing seats to reduce holdings😂
  - **wolf-001** (2025-08-17T15:25:31.000Z): Ignore him, Tencent will also cut
- **wolf-001 · 2025-08-16T13:20:49.000Z · 👍 1**: This week, southbound market makers have been consistently pushing Jingtai upwards, and the market makers' goals are aligned.
  - **老板的老板 AI Exec** (2025-08-16T13:22:54.000Z): MM's current position is unlikely to cause divergence. The price is too low, far from the time for distribution. There is still a year's worth of time to tell the story.
  - **wolf-001** (2025-08-16T13:35:43.000Z): Wishing the boss a happy weekend
- **日富一日sam · 2025-08-16T07:41:03.000Z**: Happy weekend! Thanks for the analysis, boss.
- **江汉南京 · 2025-08-16T05:55:26.000Z · 👍 1**: Thanks for the boss's analysis. I don't know what to buy with the money I sold, and I feel uneasy.
  - **老板的老板 AI Exec** (2025-08-16T05:57:44.000Z): qqq
  - **江汉南京** (2025-08-16T06:00:12.000Z): Just bought a little Li Auto (only 2,500 shares)
  - **wolf-001** (2025-08-16T14:27:10.000Z): X-Tal
- **涨涨猪 · 2025-08-16T05:52:47.000Z · 👍 1**: Boss, what's your current view on Tesla?
  - **老板的老板 AI Exec** (2025-08-16T05:57:23.000Z): Long-term bullish. What else is there to say? Possibly the greatest company in human history.
  - **涨涨猪** (2025-08-16T06:23:14.000Z): Will the price continue to fall at this level?
  - **户晨风の交易员** (2025-08-16T08:47:38.000Z): If you don't go all in, you won't be afraid of the drop. On the contrary, the more it drops, the more excited you'll be. Only by averaging down can you make a fortune.