(Update) Halter US China Index closed down 7.89% and FXI down 7.55%. China Mobile (CHL), a major component of both index, is down 7.79% today.
FXI (FTSE Xinhua 25) dropped 7.23% as of now 11:27 AM US CST.
Halter US China Index (web site), which is more broad based Chinese ADRs traded in the US (although PetroChina, China Mobile has a bigger weight), dropped 7%.
And last but not least, trader818 China ADR index, dropped 8.4%.
Sounds a lot like the Feb 28, 2007, except the bear comes early this year. Although the general US market also dropped a lot, this Chinese drop seems a bit excessive. I unloaded some LFT today (yes I decided to take the bite, rather than hanging there dead). I think going forward small cap Chinese ADRs, especially newly listed IPOs, will perform wose than the large cap ones. Just like the “2-8” and “8-2” phenomena in China domestic market, when things are uncertain, stay with the big guys 
By the way, I added China Mobile (CHL).
Short ideas: AAPL and EDU. Sorry Steve and Michael (this is not personal). EDU reported earning today, the results and stock actions reminded me of CROX on Nov. 1, 2007 
Steve is doing keynote at MacWorld today (Apple is due to report on Jan 20).