(Bloomberg) -- Shares of Chinese companies listed in Hong Kong are trading at a growing discount to their mainland peers, according to the AH Premium Index, which tracks the price difference between the largest shares listed in both markets. 

The gauge has reached its highest since November, when the government’s revamp of its Covid policy helped extend a massive reopening rally. A-shares now trade at a 50% premium over its Hong Kong peers, compared to a five-year average of 35%, suggesting they have displayed more resilience amid the selloff. A gauge of Hong Kong-listed China stocks is down more than over 20% from its high, double the size of the slump in the mainland’s CSI 300 Index from its peak this year. 

©2023 Bloomberg L.P.