Credit Suisse:中国资本市场深度分析

CAPITAL MARKETS OF CHINA AND HONG KONG - A-H PRICE.pdf

July 2007，20 pages

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The underlying reasons for the A-H price gap. It is widely perceived that capital controls in China and the diverging cost of capital between domestic and overseas investors are the key reasons for the A-H share price gap. We
believe that this is true, to a certain extent. The simple average premium of A shares versus H shares reveals that as both markets grew and became more mature, an inherent force has brought the prices of the two classes closer.
Therefore, even if the A-H share premium widens in the near term, due to the boom in A-share prices, it would not reach the previous 2000-01 peak.

[此贴子已经被作者于2007-7-13 14:09:12编辑过]