EquiLend Borrow Quantity in Wanguo Gold Group surged 128% between late June and August 24th, climbing from 27 million shares on loan to 222 million. More strikingly, EquiLend Cost to Borrow accelerated from about 285 bps on August 17th to more than 1,700 bps in just five sessions, a sixfold rate spike that pushed EquiLend Utilization to 91.5% and EquiLend Short Squeeze Score to 50 as lendable supply was rapidly absorbed.

Wanguo reported blowout H1 2026 results on August 17th, with revenue up 50% and net profit up 51%, driven by its Gold Ridge Mine expansion. However, the company simultaneously announced a HK$5.5 billion convertible bond, a dilution signal that validated the short thesis. EquiLend data had been capturing the borrow build for weeks ahead of either event, despite Wanguo Gold’s stock rising steadily in that time.

With Wanguo Gold glittering but a short narrative growing, subscribe to EquiLend’s real-time data to track whether the bears are proven right or 3939 HK continues to shine.