It appears the reality that we exposed in all its unbelievable ponzi-ness [5]has filtered into the psyche of Chinese investors.. though ever so gently for now. Hanergy's self-dealing self-referential loans collateralized by stock and Goldin financial's farcical flop, along with 500% return year-to-date stocks by the dozen, has sparked some selling with CHINEXT down around 4%, Shenzhen down 1-2% (both heavily dominated by these high-flying idiot-maker stocks) while Shanghai Composite and CSI-300 (China A-Share proxy) is bid...
[6]
because why wouldn't you greatly rotate to the index that is only up 47% YTD and not 92%?
[7]
Charts: Bloomberg
