Went to Hong Kong yesterday, and today I met an old friend of mine who’s a banker. I found that recently both Shenzhen and Hong Kong have been talking about the IPOs of JIQI and Changxin. I heard the premium is extremely high, and there are especially many off-market transfers. Changxin is definitely solid—if someone’s taking it, and if there’s room for arbitrage, then just hold on to it. In the domestic market too, they’re speeding up the IPO process. Today, a banker friend of mine got a DeepSeek allocation of 200 million. The window for making money in China is wide open—sure enough, my guess was right. Now it’s time to actively apply for new listings—this is such an opportunity.