As BYD's results are about to be released, bears are reducing their bearish bets on the Chinese electric vehicle giant. Driven by accelerated growth in overseas sales and domestic market recovery, BYD's profits are expected to rebound. According to S3 Partners, short positions in BYD Hong Kong stocks accounted for 6.3% of freely tradable shares, falling to a seven-month low, down from close to 8% in June. Despite this, BYD's stock price will continue to fall for the 3rd month in a row, and the decline has extended to about 26% since this year. According to general market expectations, BYD's net profit for the third quarter, which will be announced on Thursday, may reach RMB 12.1 billion, or an increase of nearly 55% from the low base of the same period last year.

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