Are there expropriating connected transactions in China affiliated companies? What are the characteristics of probable expropriating, propping and non-expropriating firms in transaction and Corporate Governance (CG) perspective? Applying event study on all connected transactions (related party transactions), we classify connected transactions of China-listed shares in Hong Kong into eight types of transactions. Results indicate that four types of connected transactions are probable expropriating – continuing, contractual agreement, acquisition of assets, and disposal of assets. We have also identified two probable beneficial types of transactions – acquisition of interest and disposal of interest. Tobin’s q is 25% lower for probable expropriating companies. For companies engaged in beneficial transactions, Market-to-book ratio has a 28.8% premium.