The A shares of companies traded in Shanghai or Shenzhen were yesterday on average 16.1 per cent higher than the H shares of the same 56 companies listed in Hong Kong, compared with 44 per cent in early December and a peak of 108.1 per cent on 16 January 2008, according to the Hang Seng China AH Premium Index.
Mainland markets have different dynamics to those in Hong Kong. Shanghai was the world's best-performing market in 2007 thanks to huge demand by domestic investors who could not buy shares overseas.
But mainland retail investors have turned cautious after the Chinese market halved in 2008. The internationally oriented Hong Kong market has recovered from 2008's lows more quickly, narrowing the price gap.
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