One definition of a bubble: “a surge in equity prices unwarranted by fundamentals”. As Hong Kong’s China Enterprise (HSCEI) and Hang Seng Indices have jumped one-tenth this month on a wave of mainland buying, many people have suggested that the definition fits. Yet the rally in Hong Kong, a product of China’s financial revolution, is overdue: the HSCEI still trades on single-digit multiples of 2016 earnings. Hong Kong “H” shares still trade at big discounts to mainland China listings. The buying could go on.
泡沫的定义之一是：“股价飙升至脱离基本面的水平”。在一波内地买盘的推动下，香港的恒生manbetx3.0 企业指数(HSCEI)和恒生指数本月飙升10%，许多人认为这符合上述泡沫定义。然而香港股市的此轮涨势作为manbetx3.0 金融革命的产物，早就应该出现：按2016年的盈利计算，HSCEI的市盈率仍为个位数。香港H股与A股股价之间仍存在巨大的折扣。买盘可能还会持续。
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