The discount to NAV has been in the 30% all year, which is at least double the rate of my other CEFs, including other China-centric ones. For example, TDF's discount is pretty steady around 15%, and APB (which is about 1/2 H shares) varies in the 0-10% band. So what is so special about CAF that keeps the discount so high?
I am not familiar with TDF, but I suspect it invests mainly in B, H and N, maybe some S, but not A shares. All the non A share prices are at about the same discount level. TDF discount is on top of that. But CAF mainly invests in A share, its holdings do not have any discount.
According to my calculation, the price is at ~33% discount. I agree that it has good value by now, especially if you are a long-term investor. It's hard to predict the bottom. But the bottomline is, good value has emerged.