They are shorting China in general, don't take CCME personally. Look at the annual high short interest in big names like CTRP. This is not just about CGS names.
Buy quality China growth, high cash, no debt names like CCME and UTA and the squeeze will come to you. CCME has a lot of room to grow in institutional ownership lagging UTA for example by half (22% to 11%). That is a good thing!