https://github.com/CHNCoin/CHNCoin is the official ChinaCoin github and I can confirm it works fine. I compiled it myself and a brief look through the source reveals no apparent concerns for security.
https://github.com/cncoin/CNCoin however is a totally different github tree and a totally different coin. If you are using it, you may wish to switch to CHNCoin from its official github tree ASAP. CNCoin is totally different.
In light of this I think we should all standardise on referring to ChinaCoin as CHNCoin to help avoid these troubles in future.
Many thanks for this topic as one of who jumped in the coin market I didn't know which one I'm selling on bter.