We report on femtosecond pump-probe absorption measurements in CdTe/Cd
1-xZnxTe quantum wells with an unusual distribution of band offset: al
most all the band-gap difference between the two constituent materials
is found as a conduction-band offset. We have observed a blueshift of
the exciton energy due to hard-core repulsion between excitons and an
intriguing redshift in the presence of free electron-hole pairs. We e
valuate the redshift due to different mechanisms and conclude that the
redshift observed is due to hole delocalization throughout the struct
ure resulting from the very shallow valence-band potential wells.