The gap between the share prices of Chinese companies that are listed in both Shanghai and Hong Kong has fallen to its narrowest level in three-and-a-half years, reflecting rising pessimism among mainland investors.
So-called A shares traded in Shanghai have traditionally sold at a wide premium to their H share counterparts traded in Hong Kong – averaging 40 per cent during the past three years.
But in recent days, the gap has shrunk to about 6 per cent. “It tells you that sentiment in the A share market is absolutely dreadful these days,” Fraser Howie, author of Privatizing China: Inside China's Stock Markets, said.
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