no HK/CHINA rally is not over but everyone's taking profit whenever there's a flush up. that's because everyone waited so long and losing patience with China/HK. I couldn't wait and sold BABA at almost break even. re invested in higher growth US stocks. 
Another way to get income is to sell covered calls on your ChinaHK stocks when there's a flush up. 
# China Equities Back! Do You Catch Up Rally?

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