The lending market for DXF (Eason Technology Limited) has seized up virtually overnight. Cost to borrow hit 147.4% APR on May 13. That's a 648% jump in a single week.
Availability has collapsed alongside it. With utilization at 99.37% — just below the 52-week peak of 99.5% — there is almost nothing left in the lending pool. For every 100 shares already borrowed, fewer than one remains available. The borrow market is, for practical purposes, closed.
Short interest in DXF stood at roughly 98,000 shares as recently as May 8. By May 13 it had reached 755,509 — a 676% increase in five days.
The one-month change is even more striking: up 1,519% from April levels.
That pace of accumulation, compressed into such a short window, is what has drained the lending pool and sent cost to borrow vertical. On May 11, CTB was still 17%. Two days later it was 147%.
The equity side has moved sharply too. DXF closed at $1.75 on May 14. That's a 130% gain in a single session and a 290% gain on the week.
Short sellers building positions into a stock that has already nearly tripled in a week face a punishing carry cost — 147% annualised — on top of mark-to-market pressure.
There is a confirmed earnings event scheduled for May 22. DXF's recent earnings history has been volatile. The September 2025 print produced a -39% one-day move and a -46% five-day move. The most recent release on April 30 was more muted at -2% on the day.
With availability essentially exhausted and borrow costs extreme, any sharp move in either direction around the earnings date could amplify positioning pressure significantly.
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