Historical hypothesis, now retired from live research: Chinese offshore equities may reflect overlapping VIE/governance, regulatory and domestic macro discounts distinct from earnings growth.

Why now

Retire descriptive geography coverage without a current rerating mechanism; retain its governance, earnings and wrapper questions for future research.

In scope

Chinese offshore equities may reflect overlapping VIE/governance, regulatory and domestic macro discounts distinct from earnings growth.

Out of scope

No current campaign-level investment recommendation · No reconstruction of past returns or reassignment of original calls

Expected horizon

No live horizon; a successor must define its own rerating window.

What supports it

Require credible governance de-risking or sustained multiple expansion through an earnings cycle, with a volume-confirmed KWEB turn. KWEB versus ASHR isolates different wrappers; new regulatory action or property/RMB deterioration challenges a rerating.

What would break it

The closure is a research-priority decision, not a new market falsification verdict. Original evidence gaps and outcomes remain as recorded.

Next review On condition · A specific governance or regulatory change with an earnings-versus-multiple study and a dated decision window would justify a successor.

Closed 2026-09-06 · Retire descriptive geography coverage without a current rerating mechanism; retain its governance, earnings and wrapper questions for future research.