It is its youth that sets China’s stock market apart from the US and UK markets, says Cheah Cheng Hye, chairman and chief investment officer of Hong Kong-based Value Partners.
And Mr Cheah relishes the market’s immaturity, having reaped profits by exploiting its inefficiencies. Remember, he says, that the first mainland company to debut on the re-opened Shanghai stock exchange did so only in 1990.
Over a cup of English tea in the Millennium Hotel off Grosvenor Square, Mr Cheah, who is in London for a few days, shares tips on manoeuvring around the mainland as a value investor. “In a market where many people call themselves value investors but don’t actually practice it too much, we are religious value investors,” he says.
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