Let's talk about why this node penalizes foreign-funded brokerages.

As everyone knows, recently, two stocks with a market value of over 1 trillion yuan are set to list on the A-shares market.
One is Changxin Technology, and the other is Yangtze Memory.
Changxin Technology's net profit for Q1 2026 has reached 33.01B yuan, with an estimated net profit of 66-75 billion yuan in the first half of the year.
Based on annualized profit and semiconductor valuation, market discussions have shifted from the 1 trillion yuan level to the 2 trillion yuan level.
Then there's Yangtze Memory.
Hurun's 2025 Global Unicorn List values Yangtze Memory at about 160 billion yuan.
We can backtrack to see which companies have gone public during each A-share bull market.
2005-2007 Bull Market: Bank of China, Industrial and Commercial Bank of China, China Life Insurance, Ping An Insurance, Bank of Communications, China Construction Bank, China Shenhua, China National Petroleum, China Pacific Insurance, China Railway.
2009 Rebound Bull: China State Construction Engineering, Agricultural Bank of China, China Metallurgical Group, China Shipbuilding Industry Corporation, China Merchants Securities.
2014-2015 Leverage Bull: Orient Securities, China Nuclear Power, Guotai Junan Securities, Guoxin Securities, among others, with three IPOs exceeding 10k yuan: Orient Securities, China Nuclear Power, Guotai Junan Securities.
2019-2021 Structural Bull: Postal Savings Bank, China Communications Construction, Beijing-Shanghai High-Speed Railway, Semiconductor Manufacturing International Corporation, Jinlongyu, China International Capital Corporation, China Telecom, Three Gorges Energy, BeiGene, China Mobile.
What can be seen is that each A-share bull market has seen a large number of high-valued listings from state-owned and central enterprises.
This time, two companies are approaching a market value of 3.6 trillion yuan at listing.
If you guys in Hong Kong stocks aren’t willing to take the plunge, are you relying on us crypto degenerates to gamble? 🤣🤣🤣