Mangrove Research · Short Book

China ADRs — shortability screen

Every US exchange-listed Chinese ADR: 3–4 fiscal years and up to 8 quarters of headline financials, cash flow and cash-flow margins, valuation multiples, short interest, float and liquidity. Two scores are shown separately — Shortable (can you actually put the trade on?) and Thesis (is there a reason to?) — plus Conviction, their geometric mean. Click any row for full statements and charts.

Screen Short theses

Cash burners Negative FCF

Name	Conviction	Shortable	Thesis	Mkt cap $mn	ADT $mn	SI %	P/S	EV/EBITDA	Rev YoY	Op mgn	OCF mgn	FCF mgn	Net cash/MC	6m ret

Click a column header to sort. "Cash burners" filters to negative trailing free cash flow. Margins marked as derived from the latest fiscal year where quarterly cash flow is not reported — the basis is shown in each company sheet.

How the two scores are built

Shortable 0–100

Liquidity and size 30% (ADT, market cap, float), fundamental weakness 30%, borrow/crowding 15%, valuation 15%, momentum 10%. Then a tradability gate scales the result down for names under USD 300mn market cap or USD 3mn ADT, so micro-cap shells cannot lead the table.

Thesis 0–100

The same weakness, valuation, momentum and borrow blocks with liquidity deliberately excluded. This is the "is there a reason to be short" number, independent of whether you can trade it.

Conviction = √(Shortable × Thesis)

A geometric mean, so a name has to be both tradable and weak to rank. A liquid compounder scores high on Shortable and low on Thesis; a burning micro-cap is the reverse. Both are penalised.

Borrow & crowding 15%

Short interest as a percentage of float. Too little means borrow is available and cheap; too much means the trade is crowded, expensive and squeeze-prone. Godel floors this field at 1.00, so a 1.00 print with no float data is treated as unknown rather than as a real reading.

This is a screen, not a recommendation. The score blends measurable inputs and deliberately prices borrow availability, not short-thesis conviction. ADR shorting carries risks no score captures: borrow can be withdrawn without notice, depositary banks can cancel unsponsored programmes, ADR ratios can change your per-share economics, and China policy or VIE structures can re-rate a name overnight in either direction. Verify borrow and the current ratio before sizing.

Data coverage in this build

Godel reports quarterly cash flow for roughly 40% of these ADRs and quarterly capex for almost none, so trailing cash-flow margins fall back to the latest full fiscal year where a 4-quarter roll-up is not possible. Each company sheet states which basis was used. Quarterly revenue, net income and balance-sheet data are well covered. Cells with no source data show "n/r" and are never estimated.

OTC unsponsored ADRs — Chinese companies, not shortable

Chinese companies whose ADRs trade only over the counter. Listed here for completeness; there is no meaningful borrow or liquidity so they are excluded from the screen. Most are the OTC line of a Hong Kong- or mainland-listed company.

Ticker	Name	Mkt cap $mn	SI %	HQ