But now the tide has been turning and the company has been shorting Yanzhou Coal H-shares(HKG:1171). According to a statement on the website of the Hong Kong Stock Exchange (HKEx), AllianceBernstein L.P. has sold 6,440,000 H-shares in Yanzhou Coal for HK$117.97 million ($14.769 million). The average price of the share transaction was HK$17.854 apiece.
Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner, announced that the board had a mandate to retire up to ten percent of registered capital, sending her shares in a tailspin. The Chinese government asked coal producers not to increase the price of coal, punishing China Shenhua (HKG:1088) and other major coal miners in China.