China's most risky short goes from first to worst
This is a relief for hedge funds that have been stuck with Yirendai
Hong Kong
STOCK traders who have been stuck with China's most painful short sale are finally getting some relief.
After suffering through a 953 per cent rally in shares of Yirendai Ltd since mid-February, hedge funds and other bearish speculators were rewarded over the past four days as the Chinese peer-to-peer lender sank 35 per cent in US trading. Holding on to the trade has been especially costly after annualised borrowing rates for Yirendai shares jumped to about 40 per cent, the highest level among big Chinese companies tracked by IHS Markit Ltd.
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