Concerns over China's economy are driving the nation's US-listed stocks to trade near their biggest discount to the Nasdaq 100 Index. Chinese stocks are now trading at just 40% of US stock valuations, a ratio that is two standard deviations below the historical average. The HSCEI valuations are three times cheaper than the S&P 500, with both trailing and forward PEs below 9x, compared to mid-20s for US PEs. China is trading at an 8x forward PE versus 24x for the US. Despite these low valuations, global EPS estimates, including those for China, are ticking higher, with China at 9.0x earnings.