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06

The Irresistible China Trade That Keeps Burning Investors

By Tony Seruga

The Hong Kong Exchanges & Clearing Ltd. (HKEx) flag flies outside Exchange Square in Hong Kong, China.

The Hong Kong Exchanges & Clearing Ltd. (HKEx) flag flies outside Exchange Square in Hong Kong, China.

Photographer: Lam Yik Fei Bloomberg

It looked like a no-brainer for buyers of Chinese shares in Hong Kong.

Valuations in April were 25 percent cheaper than in the mainland, monetary stimulus was just getting started and money was pouring in through Hong Kong’s new exchange link with Shanghai. Bulls snapped up funds tracking so-called H shares at a record pace, while analysts at some of the world’s biggest banks predicted big gains to come…

The Irresistible China Trade That Keeps Burning Investors

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