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Bears should probably cut their losses and run.

$NIO Inc (NIO.US)$ $Alibaba (BABA.US)$ $Li Auto (LI.US)$ I’m not sure why recently Chinese stocks have been surging without any pullback. Originally, there were substantial unrealized losses. At this rate, bears must be suffering significant short-term losses. For now, I maintain a bearish view but avoid shorting since shorting is indeed very challenging.
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