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UBS released its report on Hong Kong strategy yesterday (19 April). The research house believed that the Hong Kong stock market will undergo sharp correction following the China Securities Regulatory Commission (CSRC) announcement on restriction of umbrella trust and OTC margin financing. The CSRC also expanded the number of Chinese stocks for short selling to 1,100. It is convinced that the HSI has become overbought with 12-month forward PE reaching 3.8x standard deviation above its 3-year average and the recent growth momentum will not be sustainable. 

LI & FUNG (00494.HK)  -0.150 (-1.868%)    Short selling $7.86M; Ratio 13.631%   , CHOW TAI FOOK (01929.HK)  -0.180 (-2.079%)    Short selling $3.17M; Ratio 24.774%   , SA SA INT'L (00178.HK)  -0.080 (-1.951%)    Short selling $1.31M; Ratio 12.341%   , GIORDANO INT'L (00709.HK)  -0.110 (-2.842%)    Short selling $782.14K; Ratio 22.046%   , SANDS CHINA LTD (01928.HK)  -0.850 (-2.500%)    Short selling $22.21M; Ratio 7.528%   , SJM HOLDINGS (00880.HK)  -0.220 (-2.140%)    Short selling $17.38M; Ratio 31.836%   , WHARF HOLDINGS (00004.HK)  -0.550 (-0.985%)    Short selling $25.12M; Ratio 23.364%   and HANG LUNG PPT (00101.HK)  -0.500 (-2.119%)    Short selling $731.55K; Ratio 1.633%   may underperform the market.

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