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Best-performing stocks are those with worst earnings

Chinese stocks are having a long-awaited bull run, with more than 97 per cent of stocks in the A-share market trading higher than the start of the year.  The benchmark Shanghai Composite Index has climbed 22.5 per cent during the period.

You may wonder who are the best performers in the rally. Don't be surprised. The best performers so far are those companies that slashed earnings forecasts and posted huge losses for 2018.

Some say the bounce in these shares was driven by a broad market rally, some believe it's a reflection of the speculative environment in the A-share market, while other believe that it's driven by contrarians who believe the round of bad news for the type of stocks is ending.

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