美国证券交易委员会的调查以及软银抛售阿里巴巴集团股票，使交易员们前所未有地对这家快速发展的中国电子商务巨头看跌。

The total number of outstanding shares borrowed for short selling peaked at more than 124 million last week. That's the most since its 2014 initial public offering and is up from about 60 million in December, according to data compiled by Bloomberg and Markit Ltd.

上周，空头借入进行卖空的阿里巴巴流通股总量达到了超过1.24亿股的历史峰值。彭博社和Markit Ltd汇总的数据显示，这一做空数量达到2014年阿里巴巴首次公开募股以来的最高水平，远高于去年12月时的约6000万股。

Prominent short sellers including Jim Chanos and John Hempton have been red-flagging Alibaba for months, suggesting that its growth figures might be too good to be true.

著名空头人士吉姆·查诺斯和约翰·汉普顿等人已经连续几个月对阿里巴巴“举红旗”，认为该公司的增长数据好到令人怀疑其真实性。

遭SEC调查和大股东减持 阿里巴巴股票做空头寸创新高

Bearish bets spiked in the past two weeks after the company disclosed a regulatory probe of its Chinese delivery unit and SoftBank Group Corp disclosed plans to sell a $10 billion stake.

随着该公司披露其中国物流业务受到监管调查、软银披露其计划减持100亿美元股份，投资者对阿里巴巴的做空在过去两周迅速增加。

"There's been an accumulation of factors making it more and more attractive for short sellers to target Alibaba, while the SEC investigation and SoftBank share sale added a lot of pressure," said Gil Luria, an analyst at Wedbush Securities Inc in Los Angeles, who has a neutral rating on the stock.

韦德布什证券公司的分析师吉尔·鲁里亚表示，“各种因素的累计让做空阿里巴巴变得更具吸引力，而SEC的调查和软银的减持更是雪上加霜。”

"If the SEC was to find Alibaba's accounting isn't proper and Alibaba has to restate its results, that'll be very detrimental. Because Alibaba's so high profile, it will cast an even greater shadow of Chinese companies listed in the US."

“如果SEC发现阿里巴巴会计账目不准确、阿里巴巴被迫重估业绩，那会非常糟糕。阿里巴巴如此知名，这事可能给在美上市中资企业投下更大的阴影。”

Alibaba, which claimed more than 75 percent of the e-commerce market share in the Chinese mainland last year, made history with a record $25 billion initial public offering in September 2014. Traders in New York clamored for the stock, which was priced at $68 a share, as a way to tap into the potential profits available from the country's growing middle class.

阿里巴巴2014年9月IPO融资250亿美元，创下全球IPO新纪录。该公司宣称，2015年在中国电商市场占有率超过75%。纽约的交易员们争抢该公司股票，希望以此抓住中国不断壮大的中产阶级带来的赚钱机会。

The shares have dropped 6.4 percent to $75.92 since May 25 when the company said that the SEC is looking at data reported from the company's Singles Day (Nov 11) promotion, Alibaba's biggest shopping day, and how the company consolidates results from affiliates, including logistics partner Cainiao Network.

自5月25日阿里巴巴宣布SEC进行调查以来，其股价累计下跌了6.4%，至每股75.92美元。调查集中在该公司如何完成附属企业，包括物流合作伙伴菜鸟网的并表操作，以及光棍节（“双11”）促销活动数据上。

While SoftBank's divestment comes as part of a broader strategy to find new investments in startups and strengthen its debt-heavy balance sheet, the move can be unsettling to investors as the Japanese technology giant first bought into the company 16 years ago, said Henry Guo, a New York-based analyst at M Science.

M Science驻纽约的分析师郭琪表示，“虽然软银的减持是其大战略的一部分，为的是增加在初创企业的投资、改善其负债沉重的资产负债表，但这一举措让投资者不安，因为软银16年前就入股阿里巴巴了。”

But most analysts covering Alibaba remain bullish. 37 of them advise buying the stock, while six rate it hold, according to data compiled by Bloomberg. It has no sell ratings.

不过多数研究阿里巴巴集团的分析师依然看涨。根据彭博社汇编的数据，37位分析师建议“买入”该股，6位分析师给予该股“持有”评级，没有分析师给出“卖出”评级。