In order to short a share in Singapore, one has to borrow from SGX CDP or their brokers first, before selling the shares. This is called 'covered' short. He will then have to pay a borrowing fee ranging from a low of about 1% pa to as high as 10% pa on the average daily market value of the share. This borrowing fee is split between the owner of the share and the broker or CDP.(Due to the lack of transparency on the percentage split of the fees, i really do think i have been short changed by my broker but im digressing. Will complain another day.)
Another way is to do a 'naked' short. What this means is you do not borrow a share, but just sell the shares in the open market. This is stupid as you MUST buy the shares back within the same day or be slapped with a fine of at least $1000 or 5% of the trade, whichever is higher.
Super Group went ex-bonus on 26 may 2014. Let us look at the volume of shares shorted (vertical) VS dates (horizontal). Do note that volumes on 26 May and 27 May has been adjusted to take into account the XB. As can be seen from the trend, volume of shares shorted is on the decline.
So how much more can these "Shortists" continue to sell the shares? I do not know for certain.
However, if i were to take into account the available public information, it seems they have not much fire power left. Looking at the available lending pool of CDP for Super, there is 0 Super Group shares left to be borrowed.
Looking at the available lending pool of shares from POEMs below, there are only 9000 shares available for borrowing. There are many other brokers out there who can lend shares and i do not know their available pool. So if CDP and POEMS is any indication, the fervent short selling could come to an end and the buy back process to return back the borrowed shares could be underway now. This is probably reflected by the increase in share price (albeit small) and a noticeable large buy queue at the bid price.