Not that I’d recommend buying them. The sovereign risk is far too great. And it is too much fun cheering from the sidelines as a self-sabotaging CCP does itself harm.
Still, Chinese equities matters for many other asset prices beyond China. The crunch is a part of the post-COVID return to Chinese economic restructuring. The further Chinese stocks fall, the greater the contagion into other markets will become, including CNY and AUD, as well as commodities and, eventually, DM equities as well.
For context, here are some basic statistics from Goldman:
