China was among the casualties of the recent relatively indiscriminate selloff in emerging markets, leaving its shares cheaper than laggards Turkey and Argentina and potentially opening a bargain buying opportunity.
"With an estimated 2014 P/E (price-to-earnings ratio) of 8.1, China is cheaper than Turkey, whose economy is in a tailspin. With China's industrial profits growing at a robust 12.2 percent year-on-year, this makes no sense to us," David Goldman, managing director at global financial services group Reorient, said in a note.
"That makes China the cheapest major market in the world on a forward-looking P/E basis (and the cheapest it's ever been)," he said.
(Read more: Rout overdone, emerging markets to 'turn' this year)
China shares have been trading like an emerging market index, he noted. "That can't be right. A great deal of the emerging market index reflects commodity exporters who have suffered in the deflationary headwinds, while China benefits from lower raw materials prices."
Indeed, some are predicting a big jump in China equities. JPMorgan expects a 15-20 percent rebound, to an implied 10 times earnings, in coming weeks as focus shifts to two key political meetings which should kickstart the country's reform agenda.
Others have also noted a disconnect between China shares' performance and its relatively stable economy.