According to a report issued by Damo, the rise in securities listed in the US this month was mainly due to hedge funds making up short positions, not driven by the return of long-term investors. As far as short selling capital flows are concerned, December is a typical short recovery month for hedge funds to be deleveraged at the end of the year. According to the report, according to IHS Markit data, short selling of open positions on H shares and American Depositary Receipts has declined since December, and the recovery flow is estimated at US$400 million and US$1.4 billion, respectively. Large market capitalization ADRs, such as Pinduoduo and Alibaba, have been reimbursed the most; in addition, shortpositions in Yum China, Huazhu Hotel, Shell, and BeiGene Shenzhou have increased.
大摩：12月中概股上升来自对冲基金补回空仓，非由长期投资者重返带动
Damo: The rise in securities securities in mid-December came from hedge funds making up for short positions, not driven by the return of long-term investors
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