Shares of Ganfeng Lithium Co., Ltd. (01772.HK) surged 13.39% on Tuesday, following reports that JPMorgan Chase & Co. reduced its short position in the company's H shares.
According to the Hong Kong stock exchange, JPMorgan decreased its short position in Ganfeng Lithium's H shares to 2.84% on September 26, down from 3.33% previously. This move by the global investment bank signaled a reduction in bearish bets against the lithium producer's stock.
The reduction in JPMorgan's short position is seen as a positive development for Ganfeng Lithium, as it suggests that the bank is less pessimistic about the company's prospects. When a major institution reduces its short position, it can create buying pressure and drive the stock price higher.
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