Chow Tai Fook Jewellery Group Ltd’s first major fundraising since its 2011 listing has turned the Hong Kong jeweler into one of the city’s most-shorted stocks.

The company’s bearish wagers have more than doubled to 39 percent of shares available, up from around 14 percent before it issued its larger-than-planned sale of convertible bonds in June, according to S&P Global data. The securities, which give a 0.375 percent annual coupon, can be converted into shares, and investors typically hedge the equity risk by shorting the stock.

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Supported by better-than-expected earnings, the stock has more than doubled this year, posting one of the best performances among Hang Seng Index members. The gains are likely to spark more shorting by note holders who need to keep their portfolios neutral, according to Mizuho Securities Asia Ltd analyst Willer Chen.

The stock is already the second-most shorted on the Hang Seng Index, even after Chow Tai Fook bought back $200 million of shares to offset the impact of the convertible-bonds issuance.