China Construction Bank is working with digital securities exchange Fusang to raise up to $3 billion through a publicly listed debt security on a blockchain. Photo: AFP

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:

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