Despite what some described as a "miraculousy timed" good economic data last night, the selling in Chinese stocks continues unabated as anxiety over a resurgent COVID, blowback concerns over Russia-ties, domestic regulatory fears, and recently weak credit data all piled up to drag the market to its lowest relative valuation versus the world on record...

Source: Bloomberg

"When faith is gone, people are ready to see a dark shadow in everything, some are even suspicious of the solid economic figures today," said Yu Yingbo, an investment director at Shenzhen Qianhai United Fortune Fund Management Co Ltd.

"It's just a planned, persistent and synchronized selling."