Hedge funds that recently flocked into Chinese stocks on stimulus hopes just did a 180. Professional traders posted the largest single-day net selling of Chinese securities, both onshore and offshore, on Tuesday, according to Goldman Sachs’ prime brokerage data. The net selling was 1.4 times larger than the previous record, Goldman said. The record exodus came after the National Development and Reform Commission earlier this week provided few details on further stimulus measures to boost the world’s second-largest economy. Local officials said China will speed up special purpose bond issuance to local governments to support regional economic growth, but stopped short of announcing any new major spending plans. “As NDRC underwhelmed, hedge funds rapidly sold off Chinese equities,” Goldman strategists said in a note to clients on Wednesday. “Hedge funds not only unwound their long positions but added shorts to their books as well, with long sells being double the amount of short sells.” Hedge funds had only just piled into the developing market at a record pace one week before , as Beijing’s rare stimulus blitz unleashed newfound optimism. The excitement was underscored by hedge fund manager David Tepper of Appaloosa Management, who told CNBC he was buying “everything” related to China because of the latest government support. Mainland China’s CSI 300 stock market index has seen a rollercoaster week after traders returned from the Golden Week holiday — widely blamed on the disappointing update from officials. The benchmark index soared more than 10% at the open Tuesday but later pared those gains to 6%. After a sell-off Wednesday, the benchmark was down 0.5% week to date. “When you grab the dragon’s tail, expect a wild ride,” Mehran Nakhjavani, partner at MRB Partners, said in a note. “Some investors who bought into the notion of massive policy stimulus at the end of September were nonplussed by the subsequent lack of fiscal support.” For now, investors are eagerly awaiting the Chinese finance minister’s press briefing on Saturday for further clarity on steps the government plans to boost the economy.