Some data of XtalPi
$XTALPI(02228.HK)
The core percentages are as follows:
| Category | Percentage | Corresponding Number of Shares / Explanation |
|---|---|---|
| Founding Shareholder Equity Basis | 25.70% | Combined SFO interests of Wen Shuhao, Ma Jian, and Lai Lipeng, including trusts, options, controlled companies, and voting rights |
| Founder's Actual Platform Shareholding Basis | 16.87% | Combined platforms such as QuantumPharm Roc, Holdings, Crete Helix, SeveningBAlpha, Employee Holdings, etc. |
| Total Major External Institutional Shareholders | Approx. 24.64% | Combined visible holdings of Tencent, China Life, Morningside, Sequoia/Gaorong?, Goldman Sachs, BlackRock, JPM, ChinaAMC, GF Fund, China Universal, Norges, etc. |
| Stock Connect (Southbound) / Northbound Capital Holdings | Approx. 47.20% | Approx. 2.031 billion shares, T-2 basis |
| Non-Stock Connect Holdings | Approx. 52.80% | Total shares outstanding minus Stock Connect holdings |
| Outstanding Short Positions | Approx. 8.87% | Approx. 382 million shares, data as of 2026-06-11 |
| Outstanding Short Positions / Stock Connect Holdings | Approx. 18.79% | Used to measure the pressure of short sellers relative to Northbound capital locking up shares |
| Daily Short Selling Volume Ratio | Approx. 11.85% | Single-day short selling volume as a percentage of total trading volume on 2026-06-22 |
Note:
The holdings of founding shareholders, institutional shareholders, and Stock Connect cannot all be simply added together, because Stock Connect is a custody/channel basis, while institutional shareholders are on an ultimate beneficiary/disclosure basis, and there may be overlap.
The most crucial structure is:
Founder equity 25.7% + Stock Connect 47.2% + outstanding short positions 8.9%.
This indicates that the pricing core of 2228 is already highly concentrated in: founder control + Northbound capital chips + short covering/suppression game.
I always feel there are some issues behind these numbers. It's worth patiently exploring and observing.
— Jason 🍎
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