Top 10 China shorts all cluster tight: -2.9% to -1.5%, conf 70-71. The common drag is valuation—earnings yield vs bonds is the top negative driver in 5 of 10. This is relative rank, not macro unwind.

H World Group Limited ($HTHT) is the outlier—no earnings-yield drag, conf 70, -2.2%. Its drivers are 12mo momentum (+0.0308), max drawdown (+0.0262), illiquidity (+0.0236). That’s a crowded long losing steam. Rongsheng Petrochemical Co., Ltd. ($002493.SZ) -2.0%, conf 70, also momentum (+0.0220) and max drawdown (+0.0273), but adds P/B vs 5yr (+0.0237)—value that keeps failing. Loongson Technology Corporation Limited ($688047.SS) and Metallurgical Corporation of China Ltd. ($601618.SS) print almost identical drivers: earnings yield vs bonds, vol instability, fwd/trail P/E all negative. Both univ 2%, sec 1%, -1.9%, conf 71. One is tech, one industrials—that’s factor crowding, not independent shorts. China Three Gorges Renewables (Group) Co.,Ltd. ($600905.SS) -1.8%, conf 70, and Shanghai Stonehill Technology Co., Ltd. ($002195.SZ) -1.8%, conf 71, both take the earnings-yield hit. Three Gorges shows ↓ 20d volatility (-0.0177), Stonehill shows ↓ downside risk (-0.0213) and ↓ 60d volatility

H World Group Limited ($HTHT) is the outlier—no earnings-yield drag, conf 70, -2.2%. Its drivers are 12mo momentum (+0.0308), max drawdown (+0.0262), illiquidity (+0.0236). That’s a crowded long losin