Countries Up YTD Have More Shorting

Author:

S3 Research Team

August 7, 2025

Focus on Germany and Hong Kong

When we look at the year-to-date (YTD) change in short interest across major countries, we find a notably strong correlation.

Countries with rising equity indices are also seeing higher increases in short interest—with Germany and Hong Kong leading the upside, while Japan and Taiwan are notable laggards.

Taiwan stands out with a relatively high borrow cost of 3%, while borrow rates in other markets remain low, indicating cheaper shorting conditions elsewhere.

Here are the most significant changes in short interest by country, highlighting regional short selling sentiment trends:

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Here are the most significant changes in short interest by country, highlighting regional short-selling sentiment trends:

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CBK has a 72.5 crowded and squeeze score. Key drivers include rising stock price, takeover speculation, cost cutting and slower growth.

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Budweiser Brewing Co had a squeeze score of 77.5 and crowded of 87.5. Key reasons Include weak demand, rising taxes, and cost-cutting.

Chow Tai has a squeeze and crowded score of 92.5.

Wuxi has a crowded score of 97.5 and a squeeze score of 100. Reasons include fear of US restrictions, weak deal pipelines, insider selling and data quality.

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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.

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