Hong Kong remains attractive to mainland equity investors looking for cheaper alternatives to home-grown stocks, even after a world-beating rally. While the valuation gap between shares listed both in the city and Shanghai has narrowed to the least since December 2014, mainland stocks are still 19 percent more expensive. With the Shanghai Composite Index treading water, gains by the Hang Seng China Enterprises Index are proving hard to resist: net buying by traders across the border has swelled in recent days.
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