Chi Cheng Enterprise heads into the end of April with a striking divergence: the stock has surged 35% over the past month yet short sellers show no signs of responding.
The price action is the dominant story this week. Chi Cheng closed at TWD 41.25 on April 29, down a fractional 0.12% on the day and off 2.7% over the week — a mild pullback following an extraordinary one-month run. That monthly gain of roughly 35% is all the more notable for a micro-cap electronic components name trading on the Taipei Exchange with a market cap of just ~$13 million. The move has run well ahead of several Taiwan-listed peers: 6658 gained 60% on the week and 595 rose 59%, suggesting a broader Taiwan and regional electronics surge has been lifting the segment. But 8092, another correlated GTSM name, fell 12% over the same period — a reminder that the rally is selective rather than uniform.
The short-side picture tells a story of near-total indifference. Short interest has been locked at exactly 8,500 shares — 0.11% of the free float — without a single share changing hands in the borrowed market for at least two months. At that level, shorts are not a factor in this stock's price behaviour in either direction. Cost-to-borrow data is materially stale, last recorded in late December 2025 at 7.1%, and should not be read as a current signal. Availability data is absent. The short score of 29.2 has drifted lower every session this week, down from 29.5 two weeks ago — consistent with a position that is simply unwinding in relevance rather than building.
The ORTEX factor profile adds modest texture to the picture. The short score ranks in the 78th percentile relative to the broader universe — meaning short interest, while tiny in absolute terms, is elevated relative to the stock's own history. Days-to-cover ranks at the 58th percentile. The dividend score of 22 is weak, suggesting income investors are not the driver of the recent run. The sector score of 50 is neutral. No analyst coverage is present in the data, and no options data is available for this name given its micro-cap status and exchange listing.
Ownership is highly concentrated and has not shifted. The top holder, Cheng-Kuang Chang, held 8.15% as of March 31 with no change recorded. The next two holders — Tsuei-Yun Chang and Hung-Yu Chang — together control another 8.9%, also unchanged. Combined, the top three individual holders account for more than 22% of the company. That concentration means the free float is thin, which amplifies price moves in both directions and limits the capacity for short sellers to build meaningful positions even if they wanted to.
The most recent earnings-adjacent events produced muted reactions. The late-March announcement produced a 1-day move of just +0.16%, with the stock drifting only 2% higher over the following five sessions. Prior prints in late 2025 saw marginal 1-day moves of -1.97% and -2.55%. The pattern points to a stock that typically absorbs earnings quietly — making the scale of the current monthly move more of a price-action story than a fundamentals story. What to watch now is whether the broader Taiwan electronics momentum that lifted peers like 6861 by nearly 40% on the week continues to carry the name, or whether the thin free float and concentrated ownership accelerate any reversal of the recent gains.
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