Ping An's 56% Rally Burns Increasingly Bearish Short SellersBy
Ping An Insurance Group Co. shares have soared almost 56 percent this year, even as short sellers have grown increasingly bearish on the stock. Short interest has more than doubled from this year’s low in March, to 6.2 percent of free float as of Aug. 16, according to data from IHS Markit Ltd. The pain may only get worse, if Ping An President Alex Ren proves right: The shares remain undervalued and have “large room” to run higher, he said in an interview Friday.
Ping An shares surged as much as 3.3 percent Friday to the highest level in more than two years. The insurer reported higher earnings Thursday and hiked its dividend payout by 150 percent.
— With assistance by Dingmin Zhang