[sgbuffett]

https://www.scmp.com/comment/opinion/art...-investors

[Until this week, it seemed like it was the best-kept secret in financial markets. Eclipsed by the dramatic fallout from the aggressive tightening in monetary policy in advanced economies, a two-month-long rally in China’s beaten-down stocks has been gathering steam. Despite a brutal sell-off across all major asset classes, with the benchmark S&P 500 index experiencing its worst first half of the year since 1970, Chinese equities have continued their ascent. On Tuesday, the marked improvement in sentiment towards China suddenly took centre stage. David Ingles, a Bloomberg TV anchor in Hong Kong, said in a flurry of tweets, “it’s like a switch just flipped on in Chinese markets”. The scale of the rally is remarkable. The CSI 300 index of Shenzhen- and Shanghai-listed shares has surged more than 15 per cent since its low on April 26, approaching a bull market that is usually defined as a rise of at least 20 per cent from a previous low. The technology-heavy ChiNext is already in bull market territory, as is the Hang Seng China Enterprises Index.