It's déjà vu for China A-shares as a key moment for China's capital markets draws near. On Monday the 5th of December the Shenzhen-Hong Kong Stock Connect is due to go live, following in the steps of the Shanghai-Hong Kong Stock Connect which was launched in late 2014. The chart below, which appeared in the latest edition of the Weekly Macro Themes (VIEW LINK) , shows when the Shanghai connect was launched - overlayed on the Shanghai Composite. The reason it's déjà vu is that when the Shanghai connect was launched China A-shares were up just over 20% ("technically a bull market"), and now, when I last checked, China A-shares were up over 20% off the lows earlier this year... What makes it interesting is that following the launch of the Shanghai connect the first major euphoric stage of the Chinese stock bubble kicked off - you could say it was a catalyst or a trigger. So will the Shenzhen connect usher in a new euphoric bull market for China A-shares?