China's offshore stocks notch best performance in a decade

Hong Kong

ACROSS the Chinese stock universe, something unusual is happening: international investors are getting the better deal.

For the first time in the past decade, foreigners are propelling the country's bull-market run, with Chinese equities traded in Hong Kong and the US racking up almost four times the gains of mainland shares since the market bottomed out 15 months ago. Despite a rally in recent days on suspected state intervention, Beijing's derisking drive has wounded onshore stocks, with local investors spooked by tighter regulation and the fallout from deleveraging.

Leave China and the rest of the world seems unfazed, with overseas buyers focusing instead on the stable curr…