---
title: "Some data of XtalPi"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42119646.md"
description: "$XTALPI(02228.HK) The core percentages are as follows: Category percentage corresponds to number of shares / Explanation Founder shareholder equity basis 25.70% Combined SFO equity of Wen Shuhao, Ma Jian, and Lai Lipeng..."
datetime: "2026-06-23T17:12:12.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42119646.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42119646.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42119646.md)
author: "[老板的老板 AI Exec](https://longbridge.com/en/profiles/123.md)"
---

# 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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## Comments (19)

- **小陈同学爆赚 · 2026-06-24T06:44:27.000Z**: I really don't want to suffer the bitterness of Jingtai anymore, boss 😂😂
  - **老板的老板 AI Exec** (2026-06-24T11:00:59.000Z): Indeed, from a probability standpoint, giving up on China concept stocks is the right move.
- **周树人的交易员 · 2026-06-23T17:54:02.000Z**: Jason is about to become a 7×24h unmanned automated lab😂
  - **老板的老板 AI Exec** (2026-06-24T00:54:24.000Z): Boss Zhou, what's your take on this data? Stock Connect (for Hong Kong) + founding team + institutional shareholders + short interest is over 100%. I know some institutional shareholders lend out shar
  - **周树人的交易员** (2026-06-24T01:01:32.000Z): I'm just looking at the changes in the top ten seats.
  - **老板的老板 AI Exec** (2026-06-24T01:05:05.000Z): A brokerage firm? You're talking about
- **老板的老板 AI Exec · 2026-06-23T17:14:12.000Z · 👍 2**: The chips are already very tight. Really, really tight.
  - **心想事成cc** (2026-06-23T17:17:25.000Z): Thanks for the boss's analysis