Being first in China hasn't always paid off. While it gets easier to buy China's stocks, some of the earliest foreign investors in the mainland's B-share market are saddled with an illiquid investment.
Proving that while the early bird may get the worm, good things also come to those who wait, Deutsche Bank last week launched its db X-trackers Harvest CSI 300 China A-Shares Fund. It is the first U.S. exchange traded fund to directly hold A-shares, rather than derivatives and is seen as another sign of the mainland opening up its markets to foreign investment.
"The B-share is kind of a relic from the past," said Andy Xie, an independent economist.
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The markets in B-shares were founded in the early 1990s in Shenzhen and Shanghai and offered hard-currency shares in Chinese companies at a time when capital controls prevented foreigners from buying into the yuan-denominated A-shares.