China’s Unwanted Lead Rebound From Bear-Market Rout

China’s most beaten-down stocks have turned into the biggest winners from government efforts to bolster confidence in the slumping economy.

Shares in the MSCI China Index with the most depressed valuations, steepest five-year losses and highest short interest have all outpaced the gauge’s 6 percent rally from an eight-month low on March 20 through yesterday, data compiled by Bloomberg show. Shui On Land Ltd., the Shanghai-based real estate company whose price-to-book ratio of 0.3 was the lowest in the MSCI index, jumped 13 percent while Anhui Conch Cement Co., the stock most shorted by investors, rebounded 14 percent.