China H-shares that trade in Hong Kong did not experience the same level of selling as mainland Chinese markets due in part to the absence of circuit breakers, reports Jennifer Hughes for the Financial Times.

Chinese company stocks that trade in Hong Kong are not a perfect way of expressing views on China as there is a limited pipeline between Hong Kong and Shanghai, which restricts efficient arbitrage between the two markets. The the two markets, though, are beginning to open up through the new stock connect program.

With some of the cheapest valuations around, hedge funds and other investors are taking an interest in Chinese companies listed in Hong Kong as a way to take a position in China’s growth, Hughes reports.

iShares China Large-Cap ETF