Panic in Chinese equities?

Basically what happens this morning is that investors sell everything and shortsellers laugh themselves to the bank with short selling Chinese equities. Hang Seng tech index tanks over 5 percent to almost 2900 plus points, reflecting the fear of unknowns.
Markets don't like uncertainties and given what has happened over the last 2 years for Chinese tech and Hong Kong equities, the reaction is run by global Investors. With this, maybe usdrmb will breach 7.3 no matter how much usd Chinese state banks sell.
If this is the case, global Investors will also not buy Chinese assets in China.