H-shares with high valuations saw profit taking today.

There's not much happening, China shares are outperforming the market but there's less buying than on Monday.

It was better than expected, considering it was just more than 10 times over-subscribed.

These H shares are attractive because their profit outlook has turned around in the past year. Next I think we'll see investors move to red chips.

We are seeing some cheap buying after yesterday's decline which was a bit overdone. Some good U.S. earnings results has also encouraged some people.

The Dow fell last night so there's not much buying and there's no news.