Sina Shorts Wiped Out as Alibaba Ignites Weibo: China Overnight
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Bets on declines in Sina Corp. shares plunged to a record low last week on prospects the Chinese Internet company’s alliance with Alibaba Group Holding Ltd. will propel advertising sales on its social media platform.
Short interest on Sina slid to 0.8 percent of the total outstanding April 29, the lowest since 2006, when London-based researcher Markit started tracking the data. Interest was as high as 5.6 percent Jan. 15. The Shanghai-based company surged 12 percent last week for the biggest gain since September, while the Bloomberg China-US Equity Index climbed 1.4 percent.