One definition of a bubble: “a surge in equity prices unwarranted by fundamentals”. As Hong Kong’s China Enterprise (HSCEI) and Hang Seng Indices have jumped one-tenth this month on a wave of mainland buying, many people have suggested that the definition fits. Yet the rally in Hong Kong, a product of China’s financial revolution, is overdue: the HSCEI still trades on single-digit multiples of 2016 earnings. Hong Kong “H” shares still trade at big discounts to mainland China listings. The buying could go on.
泡沫的定義之一是：“股價飆升至脫離基本面的水平”。在一波內地買盤的推動下，香港的恒生中國企業指數(HSCEI)和恒生指數本月飆升10%，許多人認為這符合上述泡沫定義。然而香港股市的此輪漲勢作為中國金融革命的產物，早就應該出現：按2016年的盈利計算，HSCEI的市盈率仍為個位數。香港H股與A股股價之間仍存在巨大的折扣。買盤可能還會持續。
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