It reads to me as pretty much entirely an end-run around Chinese capital controls. Chinese investors can't just go and buy US assets, but they can buy Chinese c

It reads to me as pretty much entirely an end-run around Chinese capital controls. Chinese investors can't just go and buy US assets, but they can buy Chinese companies that have engineered a purchase of US assets. This is the fundamental driving force for the price difference. Expect a lot of these companies to take a bath if/when capital controls get eased.