(Bloomberg) -- What China giveth, China taketh away.

After riding a market boom to return almost six times the global industry average in the first five months of this year, Greater China-focused hedge funds crashed to earth with the stock rout in July, their worst month since September 2011. Funds run by Pine River Capital Management, EJF Capital, Top Ace Asset Management, Zeal Asset Management and Springs Capital (Hong Kong) were among those that lost money.

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