While fears of a Chinese slowdown have punished equity prices, it is very difficult for U.S. investors to participate in the Shanghai markets. Accounting problems have also been a huge issue, particularly for Chinese companies that have listed themselves on U.S. exchanges. Also due to the controlled nature of Chinese businesses, it is very difficult to forecast how government intervention will affect individual companies. For these reasons we at TTCM aren't too active in China, despite the fact that the stocks have come down a great deal in price.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.