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China H-Shares Trade Like They’re in Zambia as Bulls Get Crushed: Qunar Cayman Islands (NASDAQ:QUNR), Qihoo 360 Technology Co Ltd (NYSE:QIHU), SouFun Holdings Ltd (NYSE:SFUN)

It was all going so well for Chinese stocks in Hong Kong. Just seven months ago, the Hang Seng China Enterprises Index was surging to the highest levels since 2008 and strategists couldn’t raise their targets quick enough. Now, the gauge of so-called H shares is tumbling at the fastest pace among global peers, analysts are downgrading their forecasts and valuations have dropped to levels approaching those of Zambia.

Even by the volatile standards of emerging markets, it’s a dramatic fall from grace for stocks that bulls had expected to surge as China cut interest rates, opened up cross-border capital flows and revamped state-owned companies. Investors have instead been driven away by weak economic growth and an anti-graft campaign that led to the disappearance or arrest of some of China’s most high-profile corporate executives.

“I was fooled,” said Hao Hong, the chief China strategist at Bocom International Holdings Co. in Hong Kong. “Cheap is not enough.”

While Hong was one of the few analysts to call both the start and peak of this year’s boom in domestic Chinese shares, his forecast for gains in Hong Kong-listed equities proved too optimistic. Hong now says the Hang Seng China index will be stuck in a trading range.

Shares of Qihoo 360 Technology Co Ltd (NYSE:QIHU), traded down -0.32% during last trading session on a U.S. exchange, closing at $71.10. The company now has a market value of $ 9.17B. The stock, after recent close, is 16.83% above their SMA 50 and -2.13% below the 52-week high. The worst hit in its 52 week range is $41.64 per share, with $72.65 as its 52 week best price. Its latest closing price has a distance of -0.32%.

SouFun Holdings Ltd (NYSE:SFUN) closed U.S. trading at $6.74, up 0.30% from previous close. The year-to-date (YTD) performance reflected a -5.59% below last year. During the past month the stock loses -3.44% bringing three-month performance to 21.66% and six-month performance to -24.61%.

Qunar Cayman Islands Ltd (NASDAQ:QUNR) settled at $49.58 during New York trading, down -0.36% from previous close and at a distance of 13.17% from 20-day simple moving average. In the last trading session, the stock’s price moved 22.34% above its 200 day moving average,. The stock is currently trading 20.39% above its SMA 50.