Premium for mainland China shares erodes or flips as Hong Kong draws capital
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In the case of ‘hard’ technology firms like CATL and GigaDevice Semiconductor, the A-H premium becomes an H-A premium.

A long-standing pricing gap between the mainland China-listed and Hong Kong shares of dual-listed companies has narrowed – and in some cases reversed – as global investors re-rate China’s technology companies. The Hang Seng AH Premium Index, a widely watched gauge of the valuation gap between dual-listed companies’ A shares trading on mainland exchanges and their H shares in Hong Kong, has remained below 120 in recent sessions, down sharply from a high of 157.89 in February 2024. The shift has…

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