$XTALPI(02228.HK)@wolf-001 Mr. Li@周树人的交易员 Mr. Lu, could you two big shots help me check if the data I found is correct?

• Lender: Primarily HSBC

• Executor: Citibank

• Short seller: Convertible bond buyers

The convertible bond issuance was just completed → Hedging positions are concentrated.

• Issued over 2 billion in bonds

• Corresponding short stock position is very large

• That's why you see large short selling every day

It's not someone maliciously targeting this stock,

It's the standard hedging action for convertible bonds.