Taipei
IT looked like a no-brainer for buyers of Chinese shares in Hong Kong. Valuations in April were 25 per cent cheaper than in the mainland, monetary stimulus was just getting started and money was pouring in through Hong Kong's new exchange link with Shanghai.
Bulls snapped up funds tracking so-called H shares at a record pace, while analysts at some of the world's biggest banks predicted big gains to come.
The only problem, though, is that the trade hasn't worked. Dragged down by weak Chinese economic data, a crash in mainland markets and signs of an imminent lift-off in US interest rates, the MSCI China Index has tumbled 21 per cent since the end of April - the biggest drop among global benchmark...
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