So i manually looked up the following: Total shares volume for -
Then when you take BR's sale of 11,086,195, that means 59% of all sold shares last quarter were BRs? That seems absurd. They account for almost all of July and Aug's volume. With all of this lack of "liquidity", how did BR sell all of those shares in one quarter? Also, to connor.jin's question - who bought? No new institution came forward with a 5% stake. Hedge funds must have a way of spreading the ownership to avoid disclosure. Are we dealing with ghosts now?
Interesting numbers. It does seem absurd that BR's sales could represent such a huge proportion of the total shares sold. Adding to the problem is that if we take out BR's 11 million, there's only a daily average of 133k shares sold over that three month period, a number so small as to be a virtual impossibility.
There's at least one alternative: BR may not have sold on the open market. They had the option (and depending Shareholders Agreement, possibly the obligation) to offer their shares to other vested interests in XIN. Even without such an obligation, they might've done private transactions to other non Institutional buyers.
Remember, only Institutions have to file all their changes in all their positions. Individuals wouldn't have to file anything until they hit the 5% ownership threshhold, just south of 4 million shares.