China’s STAR Board Defies Financial Gravity in a Hot Market

After Alibaba's sister company Ant goes public, it could have two wildly different stock prices

Shares listed on a Nasdaq-style technology board in China are trading at huge premiums to near-identical stocks in Hong Kong, as mainland investors pour money into a hot market.

The gap means investors are sometimes paying more than five times as much as buyers offshore for similar financial assets. That reflects heightened bullishness inside China and how onshore stocks remain somewhat insulated from global markets.

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