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Shanghai Fund Manager Dumps All Holdings in ‘Insane’ Market

  • Shanghai Heqi Tongyi forced to liquidate holdings amid plunge
  • CSI 300 declines more than 7%, triggering circuit-breaker
Bloomberg business news

Global Market Turmoil From China's Yuan Devaluation

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A Shanghai fund dumped all its holdings as Chinese shares tumbled and triggered a circuit-breaker that halted trading in the world’s second-biggest stock market.

“This is insane,” Chen Gang, chief investment officer at Shanghai Heqi Tongyi Asset Management Co., said in an interview on Thursday. “We were forced to liquidate all our holdings this morning,” said Chen, whose firm manages about 300 million yuan ($45.5 million).