$XTALPI(02228.HK) Let Jason look at the recent short-selling data, and the conclusions are as follows

  Key Conclusions

 1. Directional bearishness is clear: Short positions were continuously added during the stock price decline from

 10.3→8.24 (−20%), and continued to pile on at low levels, indicating this is not short-term speculative hedging, but a persistent belief in a trend of bearishness. This is the main headwind currently.

 2. However, 7.39% + days to cover ~6 days = fuel for a short squeeze. Once positive catalysts emerge (earnings report/pipeline/cooperation/AI pharmaceutical sector revaluation), it is enough to trigger rapid covering and a sharp rally—the single-day 1.14 billion shares on 5/25, intraday 7.52→closing 8.37 has already demonstrated this elasticity.

3. Key observation point: The marginal short cost is pinned at ~7.95–8.18, the 8.0 level is the cost/psychological defense line for shorts. If it breaks below, shorts will likely pour in and increase positions; if it stabilizes and rallies upward accompanied by a peak and decline in the short interest ratio, that is the first signal of shorts beginning to capitulate.