How China’s US$12.3 trillion stock market is insulated from Russia-Ukraine conflict while Hang Seng hits two-year low

• Only two companies among 4,400 – Great Wall Motor and Dezhou United Petroleum – have sizeable revenue linked to the conflict region
• Shares of Great Wall have fallen 6.4 per cent in Shanghai since the invasion, while Dezhou advanced 33 per cent on the back of oil rally