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The recently unveiled Shenzhen-Hong Kong connect could be another catalyst for Hong Kong stocks as more mainland investors will have access to offshore equities. Mainlanders will have access to 417 Hong Kong-listed stocks, a third more than the through the Shanghai link, with the addition of small-caps.

Even after the recent rally, the Hang Seng Index has reached only a nine-month high, while the Hang Seng China Enterprises Index, or H-shares index, has broken even just this year, and trades at only 7.6 times earnings,” according to Barron’s.

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iShares MSCI Hong Kong ETF