According to on-chain analyst Yu Jin, ChangXin Memory Technologies’ largest short seller, address 0xf292...1244, shorted 2.9 million shares at $6.5 each on the day before the company’s listing in late July. According to Odaily, the position remained underwater for two months after trading opened, and the address paid $5.24 million in funding fees.

The address is now planning to close 2 million shares through TWAP orders. According to Odaily, the shares are valued at $17.04 million, and the move is expected to result in a loss of $10.84 million.