Shares of Contemporary Amperex Technology Co. briefly hit a record Hong Kong
premium over China's mainland listings after strong earnings and energy supply
shocks. HK shares rose ~35% versus 16% for Shenzhen shares, pushing the gap to
46%, exceeding levels last July. Morgan Stanley notes a 10% premium is typical
versus peers like Taiwan Semiconductor Manufacturing Co. and BYD Co., implying
current highs may be unsustainable.