Traders are swiftly unwinding bearish positions against Contemporary Amperex Technology Co. Ltd.’s Hong Kong-listed shares as the focus shifts to the battery giant’s growth outlook following a $5 billion share sale.

Short interest has dropped to 15.4% of free float as of Monday, the lowest since December and compared with about 26% a week earlier, S3 Partners data show. The blockbuster offering last week boosted the availability of shares for shorting, easing borrowing costs, while the number of shorted shares dropped to a five-week low.