YJ enters mid-May with a quiet but clear tension: the stock has gained nearly 4% on the week and 19% over the past month, yet short sellers have been adding at their fastest pace in weeks — a mild divergence that is worth watching on a name this thinly traded.
Short interest has climbed steadily after collapsing in late April. Estimated shares short rose 26% over the past week to just under 18,000 shares as of May 12, pushing SI as a percentage of free float back toward 0.95% — still well below the early-April peak of around 1.17%, but a clear reversal from the trough of roughly 0.75% seen in early May. The direction of travel matters more than the absolute level here, and the ORTEX short score has ticked up for nine consecutive sessions, reaching 36.5 by May 12 from 31.6 at the start of the month. That's a modest but consistent drift higher in shorting pressure coinciding with the price rally.
The borrow market tells a more relaxed story. Cost to borrow has fallen from above 12% in late March to around 7.3% now — down about 11% on the week and 26% over the past month. Availability is extremely loose, with utilization near just 4%, compared to a 52-week peak of essentially full utilization. That means there is no squeeze dynamic in the lending pool right now. Bears can add positions cheaply and without friction, which may partly explain why they are doing so into the price rise.
Ownership is highly concentrated, which sets the context for any positioning discussion. The founder Shanglue Xiao controls roughly 49% of shares, with Ares Management holding another 11%. Between those two alone, nearly 60% of the company is locked up with long-term holders. That leaves a very thin tradeable float — which amplifies the significance of even small changes in shares short.
The earnings record gives pause. The last two results events — April 23 and the late-March print — both produced immediate losses for buyers. The April 23 release saw the stock fall nearly 8% on the day, and the March print fell around 5% on the day and 19% over five days. Yunji filed its 2025 annual report on Form 20-F on April 24, and no next earnings date has been confirmed yet.
With no near-term catalyst on the calendar and cost-to-borrow easing, the most interesting question for this stock is whether short sellers adding into a rising tape are anticipating a mean reversion, or whether the price momentum has enough retail momentum behind it to push back through the April highs — the next reference point worth watching.
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