As of July 18, the latest bull-to-bear certificate inventory ratio for the Hang Seng Index stands at 51:49. Data from the CITIC Securities bull and bear warrant inventory distribution chart shows the heavy concentration zone and the area with the most new additions for bear certificates is the 25200-25299 point range. The latest count of bear certificates in this range is 784 contracts, an increase of 452 contracts from the previous trading day. The heavy concentration zone for bull certificates is the 23600-23699 point range, where the latest count is 581 contracts, up by 105 contracts from the prior session. The area with the most new additions for bull certificates is the 24000-24099 point range, with the latest count there being 485 contracts, representing an increase of 375 contracts compared to the previous trading day.