Alibaba soars, but the short selling index has already started to surge.

Alibaba's stock price soared, but prior to this, trades betting that it would fall had already skyrocketed. The latest available data from S&P Global shows that the number of Alibaba ADRs being shorted surged to 161 million on September 22, 4.7 times higher than the previous trading day, and continued to rise to 163 million on September 23, reaching the highest level since January 2019. The short positions on that day accounted for 6.86% of its total shares, far higher than the 1.44% on September 19. S3 data shows that the number of Alibaba ADRs being shorted rose to 41.85 million on September 24, higher than the 41.18 million on the previous day, reaching the highest level since April, with short positions accounting for 1.76% of the outstanding shares, higher than the 1.70% on September 19.