Banks continued to dominate gains in the Hang Seng China Enterprises Index on Tuesday:
That brings YTD total return of HSCEI to 15% vs 6% for the S&P 500, with 62% of the rise in market cap coming from the top six financial names:
China Construction Bank (the best-managed of the large state banks) is up 22%.
It is still trading at a p/e of 7:
