Let’s talk about why foreign securities firms are being penalized on this node. It’s well known that two trillion-yuan-market-cap stocks are about to list on the A-share market: ChangXin Memory Technologies and Yangtze Memory Technologies. ChangXin’s net profit for Q1 2026 has already reached RMB 33.012 billion, with an estimated full-year net profit of RMB 66–75 billion for the first half. Based on annualized profits and semiconductor valuations, market discussions have escalated from a RMB 1 trillion valuation to a RMB 2 trillion valuation. Then there’s Yangtze Memory Technologies. The Hurun Global Unicorn Index 2025 values Yangtze Memory at approximately RMB 160 billion. Let’s look back at which companies listed 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, PetroChina, China Pacific Insurance, China Railway Group. 2009 Recovery Bull: China State Construction Engineering, Agricultural Bank of China, China MCC Group, China COSCO Shipping, China Merchants Securities. 2014–2015 Leverage Bull: Orient Securities, China Nuclear Power, Guotai Junan, Guoxin Securities — among them, three were billion-dollar IPOs: Orient Securities, China Nuclear Power, and Guotai Junan. 2019–2021 Structural Bull: Postal Savings Bank of China, China Signal & Communication, Beijing-Shanghai High-Speed Railway, SMIC, Yihai Kerry, CICC, China Telecom, Three Gorges Renewables, BeiGene, China Mobile. What’s clear is that every A-share bull market has seen a wave of high-valuation state-owned and centrally managed enterprises listing. Now, these two companies together are approaching a combined market cap of RMB 3.6 trillion. You guys trading in Hong Kong aren’t stepping in to take the other side — so now you’re expecting crypto gamblers to pick up the slack? 🤣🤣🤣