Chinese shares traded in Hong Kong are now at their most expensive compared to those in Shanghai since 2006, as shown in the so-called A/H premium index, which dropped to 91.6 on Tuesday, writes the FT's Josh Noble in Hong Kong.
A figure of 100 shows parity between the two markets, while a number above 100 indicates mainland Chinese shares are priced at a premium to Hong Kong.
The steep discount in mainland shares is a bit of a surprise. Many analysts had expected the gap between the two markets to narrow as China moves to improve international access to domestic shares, reducing arbitrage opportunities.
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