As of July 16, the latest bull-bear warrant ratio for the Hang Seng Index has reached 69:31. Data from CITIC Securities' warrant distribution map shows bear warrants are heavily concentrated and saw the most new additions in the 25,000-25,099 range, with the current count at 685—a jump of 177 from the prior session. Bull warrants, meanwhile, are densely packed and recorded peak new issuances in the 24,000-24,099 zone, totaling 1,278 warrants after a substantial surge of 917.