B-share market reaches new heights

Surging B-share stocks blindside foreign investors as locals take a punt on the likely merger of the A-share and B-share markets.

The death of the B-share market has been declared many times over, but somehow this dollar-denominated asset class continues to survive - and even thrive.

On Wednesday the Shanghai B-share index, set up in 1999 for foreign investors with a base value of 100, reached 332 points compared to a low of 186.229 points in 2003. The index has put on over 140 points since the beginning of this year.

ôItÆs the old story, says one fund manager in Shanghai....

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