China ETFs rocked and UBS shocked by Stock Connect

The launch of a market access scheme between Hong Kong and Shanghai last November had some odd consequences, sending the market for some China ETFs into a tailspin, and leaving UBS and others with paper losses

Access routes: but new scheme had odd consequences

It was supposed to herald the next phase in the expansion of China's onshore equities markets, but the November launch of Stock Connect – an initiative between the exchanges of Shanghai and Hong Kong, designed to provide mutual access to one another's markets - has led to widespread, persistent price dislocations and sizeable paper losses for dealers in some cases.

Market participants say a sudden influx of foreign capital into Shanghai-listed A-shares following the scheme's launch led to a

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