Fudan Development Institute

 09:30-10:15 am, September 24, 2025

Despite of the same underlying assets the price movements of A-Shares and H-Shares often divergedue to difference in the trading environments, investor bases, and regulatory frameworks. This study is situated within the broader context of China’s ongoing macroeconomic transformation and the deepening of its capital markets. By examining the information flow and market integration between A-shares and H-shares, this study addresses key questions underpinning China’s macroeconomic transformation, capital market efficiency, and segmentation. The study finds that the market efficiency is conditional and markets are still somehow segmented. It also finds that the state to a greater extent has succeeded in balancing innovation, governance, and integration.