Sell out your FXI puts. They track major Chinese companies listed in the HK exchange. Those companies have been slowly bleeding over the last 2 weeks.
Buy ASHR puts. ASHR tracks Shanghai listed companies. The drops in the SSE and A50 Chinese indexes are better captured by ASHR than FXI. These are the companies that have not bleed yet because the market they were listed under was closed. These are the companies with volatility build up.
Tldr; close out FXI and open ASHR.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.