Having made money in 2011 betting against Chinese companies listed in the US, shortsellers are no longer finding it as easy to identify suitable targets.
Part of the trouble is that many Chinese companies have already seen their shares beaten lower, often because of accusations of fraud. Dozens have been delisted and the Bloomberg China Reverse Merger index, which tracks 82 Chinese companies listed in New York, has tumbled 68 per cent from its peak at the start of 2010.
“The shortselling game is getting more technical,” says a trader at an Asian hedge fund. “Last year, everything was going down. Now a lot of stocks are going up so you have to do a lot of fundamental work on each company.”
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