Shuli Ren, Columnist

Hong Kong's Real Bull-Market Killer

Allowing more Chinese shares to become fully convertible may trigger a selloff.

November 9, 2017 at 4:38 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

1510200916_GettyImages-94945720 — Photographer: Jerome Favre/Bloomberg

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Chinese investors are piling into Hong Kong stocks again, but they're being choosy, treating two peas from the same pod in different ways.

Mainland investors have snapped up some $2.5 billion of shares in Industrial & Commercial Bank of China Ltd. over the past two weeks, Shanghai-Hong Kong connect data show, helping to push the lender's stock in the city up 35 percent since January. China Construction Bank Corp. doesn't even make the top 10 most-popular shares. It's gained 15 percent this year and trades at a 10 percent discount to ICBC on a forward-earnings basis.