The Hong Kong stock market has been packed with IPOs this year. A lot of long-term funds are only participating as cornerstone investors, while southbound funds are flowing out, leading to tight liquidity. Companies that are solely listed in Hong Kong are trading at an emotional discount—what a stark contrast compared to last year. Didn’t see this coming at the start of the year. Tech is doing alright—just buy with your eyes closed, hold with conviction, and you could more than double your money in six months. But the pharma sector? The first half of the year has been a tough road. Tech is pretty straightforward. The signal for a peak isn’t coming from us. The key is to track overseas capex or just watch the performance of U.S. tech stocks. What we’re doing is essentially mirroring the U.S. or South Korea. Right now, it’s too early to say if the big cycle has peaked. For the second half of the year, I’m extremely bullish on the robotics sector—and I’m going all in to make it happen.