This is the biggest IPO in the history of China’s Sci-Tech Innovation Board. If you understand the broader backdrop of competition between China and the U.S., you don’t actually need to worry about whether Changxin has HBM. Just look at the flood of headlines and the policy positioning. If someone is still willing to carry the financing cost to short it, then they’re essentially betting against the entire ideological framework. Anyone who can actually bring themselves to make that move may be revered as General Pan Feng.