Lots feeling the pain of shorting Chinahttps://www.bloomberg.com/news/articles/2015-04-09/china-bears-on-wrong-end-of-4-trillion-rally-refuse-to-go-away
If you look at some of the companies in the index, the valuations at a cursory look aren't that bad. A lot of the banks have P/E ratios in single digits and pay a decent dividend.
The pain you are feeling is starting to decelerate (-18 %, -11 %,...) so it may be ready to blow. One caution is when I bought some YANG, the China FED announced stimulation program and there is no reason it might not happen again.