2228 Jing Tai Holdings recent two weeks shareholding change statistics:

I don't care about the stock price of 2228 $XTALPI(02228.HK) at the end of this month, I care about the stock price a year from now.

CCASS Top 30 Custodian Banks Shareholding Changes—Comparison between 2025-05-08 and 2025-05-16

Serial Number	Settlement Participant	Shares on 5-08	Shares on 5-16	Change (Shares)	Shareholding Ratio Δ (pp)	Remarks
1	HSBC (C00019)	550,546,077	519,455,820	-31,090,257	-0.78	Largest net reduction
2	CSDC-A00004	476,828,644	499,641,726	+22,813,082	+0.57	Shenzhen settlement account increased
3	CSDC-A00003	453,230,726	488,866,644	+35,635,918	+0.94	Shanghai settlement account significantly increased
4	FUTU (B01955)	361,404,237	363,251,199	+1,846,962	+0.05	Slight increase
5	BOC HK (C00033)	270,438,577	273,754,577	+3,316,000	+0.08	Slight increase
6	Merrill Lynch (B01224)	267,974,267	269,048,477	+1,074,210	+0.02	Basically unchanged
7	CMB International (B01901)	264,662,386	261,272,163	-3,390,223	-0.09	Slight decrease
8	CICC (B01654)	142,367,025	63,996,025	-78,371,000	-1.95	Largest reduction in a single week
9	Citibank N.A. (C00010)	82,532,662	125,983,665	+43,451,003	+1.08	Largest net increase
10	CITIC Sec. Brokerage (B01228)	102,422,530	103,221,530	+799,000	+0.02	Stable
…	Other custodians	Change < ±5 million shares, or ratio change ≤0.05 pp	—	—	—

Key Observations

Phenomenon	Interpretation
1. Divergence in net capital flow	• State-owned settlement channels (A00003/A00004) combined increased by ~58 million shares, with the ratio rising to >24.5 %. • CICC alone significantly reduced (-78 million), almost halving its previous position.
2. Foreign custody divergence	• Citibank significantly increased holdings +43 million, with the shareholding ratio jumping from 2.05 % to 3.13 %. • HSBC reduced holdings -31 million, with the ratio dropping to 12.9 %, but still remains the largest.
3. Brokerage internet platforms remain cautious	FUTU, Merrill, CMBI, etc., only slightly adjusted positions (<2 million shares), overall positions remain stable.
4. Slight decrease in circulation concentration	The top 3 custodians (HSBC+A00004+A00003) combined ratio changed from 36.8 %→37.5 %, structurally "foreign capital - settlement" sees mutual changes, overall concentration change is not significant.

Possible Implications

Institutional turnover: CICC significantly sold off while Citi and settlement accounts took over, possibly corresponding to passive index funds/ETF adjustments.

Northbound/Southbound capital differences: A-share investors increased holdings through Shanghai-Shenzhen-Hong Kong Stock Connect (A00003/4 increased holdings), possibly related to mainland investors increasing allocations.

Short-term supply and demand: The huge CICC unloading, if by specific fund reduction, potential selling pressure has been absorbed by other institutions, acting as turnover in the short term; need to pay attention to subsequent trading volume and announcement verification.

Note: CCASS only reflects the position at the custodian account level and cannot be directly equated to the final beneficial owner; further confirmation is needed with trading records and public announcements.

Oh, after reading it, it feels quite interesting...