Why now: campaign-01: capital deployment window 2026-09-08

What was noticed?

Offshore underperformance remains visible, but price weakness alone cannot separate earnings deterioration from governance, regulatory or macro discounts.

Why might it matter?

The campaign verdict is INTACT, descriptive. The unresolved branch cannot be promoted from a price move or a historical model alone.

What evidence is real, and what is still only a pointer?

Receipt selector: U:KWEB,ASHR in the campaign thesis review and its accompanying receipts.

Still required: Current governance, regulation and macro attribution against mainland equities.

Which existing research does it update or duplicate?

The registered china-structural-discount perspective. This question tracks the unresolved branch of the campaign review, not a duplicate completed finding.

What should be written if the evidence clears?

A sourced perspective update adjudicating this exact test: Credible governance de-risking or sustained earnings-supported multiple expansion with a volume-confirmed KWEB turn.

Reviewed September 6 using September 4 settled prices. September 7 is the U.S. Labor Day holiday; the decision window is September 8.