US-based investors are dumping Chinese equities: US-listed China ETFs recorded -$3.4 billion in combined outflows across May, June, and July. This includes the China Large-Cap ETF, FXI, the MSCI China ETF, MCHI, the CSI 300 China ETF, ASHR, the China Internet ETF, KWEB, the China Technology ETF, CQQQ, and the China Technology and Semiconductor ETF, KSTR. As a result, the 12-month cumulative outflow fell to -$1.0 billion through July, the largest withdrawal in at least a year. Year-to-date, the China Large-Cap ETF, FXI, has seen the largest outflow at -$1.6 billion. This is followed by the MSCI China ETF, MCHI, at -$868 million, and the China Internet ETF, KWEB, at -$833 million. Investor demand for Chinese equities is weak.(The Kobeissi Letter)