---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38681749.md"
description: "$XTALPI(02228.HK) needs to hold on until JuneThe company issued zero-interest convertible bonds (over 2 billion)Institutions take money to buy bondsIn the future, they can convert into shares at a priceInstitutions are afraid the stock price will fall, and the bonds will also lose valueSo they immediately short the underlying stock to hedgeBuy convertible bonds → lock in future returnsSimultaneously sell borrowed shares → hedge against downside riskThis is what everyone seesIssue bonds → immediately massive short selling → stock price suppressed from rising"
datetime: "2026-02-12T04:32:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38681749.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38681749.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38681749.md)
author: "[江汉南京](https://longbridge.com/en/profiles/16860474.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/38681749.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38681749.md)


# $XTALPI(02228.HK) needs to hold on until JuneThe c…


### Related Stocks

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

## Comments (2)

- **长桥大红大紫 · 2026-02-12T04:45:41.000Z**: It will only go up after I sell, I'm not selling now
- **江汉南京 · 2026-02-12T04:36:10.000Z**: @wolf-001 @Zhou Shuren's Trader Could you two experts take a look? Is this the storyline of the boss's ghost story?