(Bloomberg) -- In late January, Zhou Wang feared he’d made an expensive mistake. A month earlier, his hedge fund QQQ Capital had added to bets against airlines and hotels and shorted the S&P 500 Index, betting the coronavirus outbreak would worsen. Then he arrived in China’s tropical island of Hainan for his annual New Year holiday. Confronted by empty shops and shuttered restaurants usually teeming with tourists, he messaged his team and told them to hold the positions.