ONEG, the Nasdaq-listed OneConstruction Group, is at the centre of a violent short-selling dislocation. Cost to borrow has exploded to 346% — a 27-fold rise in six weeks. The stock fell 80% in a single session on May 8.
Availability has collapsed to near zero. With lending availability at roughly 2% — fewer than two shares remain to borrow for every hundred already out on loan — the lending market is as tight as it gets. The 52-week peak utilization was 100%, hit on April 15. The current reading of 98.15% puts ONEG back at that threshold.
Cost to borrow tells the same story. Six weeks ago, CTB sat at a modest 12%. It crept to 17% through April. Then it broke.
That is a 2,590% rise in CTB over one month.
The shares-short figure has been equally volatile. Estimated short interest stood at ~53K shares in early April. It built steadily, hit 821K on April 30, then collapsed to 164K by May 6 — a 64% single-week drop as covering accelerated. Then it exploded again: up 388% in one day to 799K by May 7.
This stop-start pattern — cover, rebuild, cover again — is typical of a disorderly borrow market. Shorts who covered briefly found themselves back in, or new shorts entered at what appeared to be a better entry. The 346% CTB rate means anyone holding a short position overnight is paying roughly 1% per day in financing costs alone.
The ownership structure amplifies the squeeze dynamics. A single holder, He Yun, controls 56.25% of shares — some 9 million shares — with no reported change in position since August 2025. Institutional ownership beyond that is minimal: the next-largest known holder holds fewer than 24,000 shares.
With such a thin free float, even modest short interest creates outsized pressure on the borrow market. ONEG's ORTEX short score stood at 61.6 on May 6, down from a recent high of 79 on April 30, consistent with the partial covering episode mid-week.
CTB at 346% with near-zero availability and shares-short jumping 388% in a day signals the borrow market is not stabilising. The stock is already down 47% over one month. Next confirmed earnings are not until August 14.
Data summary
See the live data behind this article on ORTEX.
Open ONEG on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
