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Speaker 1: This podcast is brought to you by HKX, Asia's ETF marketplace.

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Speaker 1: Well you'll find a gateway to liquidity and a diverse

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Speaker 1: selection of opportunities across asset classes, sectors and themes in

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Speaker 1: Asia and beyond. Search HKX to learn more.

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Speaker 2: Welcome to Tiger Money, a Bloomberg podcast about investing, money, funds,

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Speaker 2: and all things in between. From Crypto China maybe to

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Speaker 2: even Tigers. I'm David Inglass, non Pulitzer Price Award winning journalist,

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Speaker 2: hosted a China show and chief Markets editor from Bloomberg TV.

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Speaker 2: With me here is Rebecca Send, Bloomberg Intelligence Senior ETF analyst.

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Speaker 2: Will be unpacking all the current trends, the key mysteries

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Speaker 2: and major themes in this current market environment. If you

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Speaker 2: like what you hear, please do not forget to subscribe

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Speaker 2: to like and also to share.

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Speaker 3: Thank you David. Today, we are so thrilled to have

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Speaker 3: Miss Email Lee, CEO of China AMC, the largest and

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Speaker 3: first ETF issuer in China. Miss Lee joined China AMC

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Speaker 3: in two thousand and one and has held numerous roles

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Speaker 3: including Head of Sales and Marketing and Senior Vice President

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Speaker 3: of International Business with over two hundred and sixty six

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Speaker 3: million in assets under management, over two hundred and fifty

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Speaker 3: three thousand institutional clients, and almost two hundred and twenty

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Speaker 3: million retail investors, who are so thrilled that you could

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Speaker 3: join us on our podcast today. What you may not

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Speaker 3: know is that miss Lee likes singing and calligraphy in

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Speaker 3: her spare time. So with that, welcome is Lee, and

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Speaker 3: thank you for joining Tiger Bunny.

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Speaker 4: Well, thank you and so glad to be here today.

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Speaker 2: It's quite a timely conversation to have given the market

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Speaker 2: environment we're in. It's been a challenging past several years

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Speaker 2: for investors in Chinese markets offshore and on shore. And

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Speaker 2: you know what, you're the perfect person to maybe give

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Speaker 2: us the sort of bird's eye view of what's really

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Speaker 2: going on. How would you describe market sentiment and market

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Speaker 2: conditions right now following what we just mentioned has been

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Speaker 2: a challenging period.

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Speaker 4: Yeah, you're right, David. I think definitely in the past

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Speaker 4: several years, Chinese market has been quite painful to watch

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Speaker 4: and even to invest, And in my past twenty three

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Speaker 4: years of being in this industry, I think, well, we

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Speaker 4: also can feel the pain and we are also the

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Speaker 4: investors ourselves, right, so we definitely think the market has

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Speaker 4: not performing as it should be with a value driven

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Speaker 4: sentiment or principle. Well, this year, I think certainly it's

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Speaker 4: also a roller coaster for all the investors, and especially

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Speaker 4: in the beginning of the year, I think we all

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Speaker 4: have seen the market plummet into a very low point.

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Speaker 4: But I'm happy to say that we definitely see investors

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Speaker 4: sentiment coming back and now, I think, especially given all

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Speaker 4: the regulatory guidelines our the government have newly issued, and

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Speaker 4: also given the economies turning around in the first quarter,

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Speaker 4: So we definitely I think it's more confident going.

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Speaker 2: That takes us then to what the next few months

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Speaker 2: likely looks like for this market, And obviously there are

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Speaker 2: many unknown still, but you mentioned one of the most

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Speaker 2: important pillars and foundations of this market is really what

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Speaker 2: happens with the economy. So against that backdrop of where

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Speaker 2: we think the economy might be over the next few months,

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Speaker 2: what's your outlook for both onshore and offshore market.

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Speaker 4: Well, the economy side, I think people do have different

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Speaker 4: views and different theories because it lies on different expectations

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Speaker 4: of where you come from, where do you expect the

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Speaker 4: economy to be and how fast you want it to grow.

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Speaker 4: So from our point of view, definitely China accountry is

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Speaker 4: in the process of establishing a new line of development.

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Speaker 4: And I always tell this to our investors. Is never

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Speaker 4: easy for any company, business, state, country actually to find

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Speaker 4: a new development in business, a new curve. Certainly it's

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Speaker 4: going to be not easy, so we need to be patient.

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Speaker 4: And any sign that we have been seeing, especially in

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Speaker 4: high end manufacture, in our IV industry and in our semiconductors,

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Speaker 4: these are very positive signs that we are looking at

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Speaker 4: and could lead to the success of a new development

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Speaker 4: phase in China. So for us, we definitely think the

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Speaker 4: economy is going to be much better in the next

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Speaker 4: half year. In this year, so we are looking forward

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Speaker 4: to all the signals to be picked up bed market

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Speaker 4: and so that we really can see the promising in

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Speaker 4: several business lines in China.

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Speaker 3: I think in terms of fun flows, we've definitely seen

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Speaker 3: that sentiment. So this year we've seen huge inflows into

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Speaker 3: ETFs in mainland China. China currently has roughly three hundred

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Speaker 3: and fifty million of assets under management, your rank second

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Speaker 3: after Japan. But our estimate is because of the phenomenal

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Speaker 3: growth we've seen across mainland China, we expect that you

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Speaker 3: may surpass Japan in terms of assets under management for ETFs.

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Speaker 3: In terms of fun inflow, we've seen roughly one hundred

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Speaker 3: and thirty billion in the past year, which is highest

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Speaker 3: amongst Asia Pacific. So as the largest etf issuer in

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Speaker 3: mainland China, having launched the first ETF in two thousand

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Speaker 3: and four, what do you think you did right and

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Speaker 3: anything you would have done differently? Are there any benefits

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Speaker 3: of being the largest etf issuer and what can you

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Speaker 3: do that your competitors can't.

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Speaker 4: Well, that's a lot of really tough questions. I definitely

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Speaker 4: think being the largest one is not accidental because we

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Speaker 4: launched our first ETF in two thousand and four, and

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Speaker 4: I was very lucky and very proud to be part

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Speaker 4: of that process. It took us like three years actually

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Speaker 4: just to prepare for this launch, and it was also

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Speaker 4: very very hard time at the time. The market was

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Speaker 4: very very verrish at the time as well. So I

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Speaker 4: think this process we hit one trailing in ETF with

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Speaker 4: seventeen years of the element in China and the next

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Speaker 4: trilling we use three years so this is a long

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Speaker 4: waiting process. I think it really took perseverance, and you

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Speaker 4: need to believe in this kind of product and instruments.

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Speaker 4: What kind of valuing you create for institution investors, for

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Speaker 4: individual investors, for asset allocators. So I think China MC

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Speaker 4: we were maybe one or one of those very few

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Speaker 4: who really hang in there during the market, was you know,

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Speaker 4: incubated or educated the process. We put so much into

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Speaker 4: that strategy. So what we did rite is we had

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Speaker 4: this strong belief and we invest hugely into this process.

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Speaker 4: I think that's what we have been doing and we

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Speaker 4: will do in the future. As being one of the largest,

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Speaker 4: I wouldn't say we are dominant in this market right

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Speaker 4: now because we are still quite new, so it's kind

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Speaker 4: of early to say who will be the dominator in

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Speaker 4: this area. But I think ETF is very different in

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Speaker 4: the sense that it has its own ecological system. So

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Speaker 4: it's like grow a plant. To some point, this plant

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Speaker 4: becomes a tree and it has its own growth. It's

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Speaker 4: very beautiful and very magical. So in that sense, being

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Speaker 4: the longest and largest, we nurtured a lot of these

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Speaker 4: kind of trees in the forest so that it constructs

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Speaker 4: a very very healthy ecological system for every participants in

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Speaker 4: this market and in the products, and I think that's

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Speaker 4: something that we have, or we at least at this

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Speaker 4: point have a better edge.

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Speaker 2: Yeah, I was going to ask something just cross my

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Speaker 2: mind as you were answering that how important is brand

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Speaker 2: value your name in Mainland China, most particularly within the

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Speaker 2: ETF market, because you've been around for years, and I'm

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Speaker 2: wondering whether that helps attract or do retail and institutional

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Speaker 2: investors gravitate towards the big names in mainland China.

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Speaker 4: Well, I think it's more more that in the brand

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Speaker 4: rather than in the product. But in the beginning, everything

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Speaker 4: starts with the product, right, So our first one is

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Speaker 4: s SE fifty. We also have other companies Hassis three hundred,

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Speaker 4: which is the biggest, So I think in the beginning

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Speaker 4: everything is linked to the product. But with you grow

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Speaker 4: in a number of products, the ecosystem and the liquidity management,

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Speaker 4: and people start to understand this is not just about

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Speaker 4: one single product that's accidentally being successful. This is about

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Speaker 4: how you manage the whole process. And we have a

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Speaker 4: saying that we have to try our best put all

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Speaker 4: the efforts into the process. So that you think this

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Speaker 4: looks effortless, It's not really effortless. It's how you manage

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Speaker 4: to establish your systematic advantage and procedures in this area.

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Speaker 4: So I think the brand come in more and more

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Speaker 4: in this past several years than in the past, and

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Speaker 4: hoping going forward brand will play better role rather than

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Speaker 4: the product is dominant factor.

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Speaker 2: So you talked about the brand and the hard work

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Speaker 2: that you and your management team put in place, and

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Speaker 2: I'm wondering how important is the brand and what other

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Speaker 2: things would you say are important in you being able

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Speaker 2: to defend your market position as one of the dominant players.

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Speaker 4: I think for ETFs, everyone certainly have a sense of

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Speaker 4: whoever launched the first one in certain kind will have

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Speaker 4: a dominant player position. But we have been in the

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Speaker 4: past several years proved that even though we could be

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Speaker 4: second comer, we still can manage to succeed the first runner.

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Speaker 4: So that's how you leverage your experience, leverage your market position,

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Speaker 4: your brand, and you are trust with your investors actually

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Speaker 4: and service and your investors more than anything else to

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Speaker 4: become better etf issuer or service provider. So going forward,

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Speaker 4: I think one I always stress this point because ETF

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Speaker 4: is investing with index, so the quality of index and

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Speaker 4: what we are investing is the core and fundamental factor.

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Speaker 4: So as China m see, we are not just the

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Speaker 4: ETF issuer. We are actually a multi asset very comprehensive platform.

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Speaker 4: So we need to engage our active fundamental analysts to

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Speaker 4: create better index, to optimize the index along the way,

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Speaker 4: so people investing in this index can serve its purpose.

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Speaker 4: That's why I think it's always the most important to

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Speaker 4: look at the quality of the index and what you're

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Speaker 4: investing in. And secondly, I think servicing the investors are

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Speaker 4: key because there are so many ETFs right now, and

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Speaker 4: like legos, I always compare our ETFs as legos because

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Speaker 4: we build all the building blocks and also we need

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Speaker 4: to build out the shapes for our investors as well.

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Speaker 4: So if investors lack superheroes and you can create ironment,

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Speaker 4: if they like high reportter, you can create something different.

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Speaker 4: So how to customize our product and servicing process for

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Speaker 4: the neees of different investors also will be the key

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Speaker 4: in the future computation.

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Speaker 3: I think that is a very good analogy of ETFs

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Speaker 3: and legos, and ultimately ETF is just a rapper that

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Speaker 3: can build anything. But as the largest ETF issuer in China,

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Speaker 3: where you serve over two hundred and fifty three thousand

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Speaker 3: institutional clients across central banks, sovereign wealth funds, not just

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Speaker 3: across Asia Pacific, but in Europe, North America and Latin

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Speaker 3: and almost two hundred and twenty million retail investors. One

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Speaker 3: thing that's interesting about China is that it has two

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Speaker 3: hundred million stock investors, seven hundred million mutual fund investors,

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Speaker 3: but only less than ten million ETF investors. And so

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Speaker 3: ETFs are still a very new concept in mainland China,

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Speaker 3: and a large portion of the assets are retail driven,

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Speaker 3: so seventy five percent of the markets attributed to retail.

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Speaker 3: As you guys grow, how do you bridge the get

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Speaker 3: to attract more foreign institutional money into China ETFs, whether

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Speaker 3: that's from mutual funds or ETFs.

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Speaker 4: Yeah, that's I think very good question in China. Definitely,

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Speaker 4: I think the investors education is a long way to go.

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Speaker 4: And definitely it's not easy to really talk to people

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Speaker 4: about e t F, which is all in foreign letters. Right,

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Speaker 4: So we in China, because I have been in this

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Speaker 4: business for so long, and I said the hardest way

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Speaker 4: to sell products is the products with numbers and with

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Speaker 4: letters in it. So it's very different to get across

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Speaker 4: the ideas and what is really index investing and what

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Speaker 4: is really behind all these index But I think we

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Speaker 4: have gained tremendous growth in our investors in the past

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Speaker 4: two years, so retail wise, I think that will pick

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Speaker 4: up really fast. At the same time for QF investors

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Speaker 4: or international investors to invest in the ETFs. We also

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Speaker 4: have ce momentums in the past two years. Actually our

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Speaker 4: major investor from international side I think tripled, so the

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Speaker 4: investor really start also using ETF as a tool to

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Speaker 4: invest in China. And I think the way we want

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Speaker 4: to get message crossed is not just about the core index,

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Speaker 4: So what about the thematics, what about the industry ETFs

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Speaker 4: that are having so much attention from the retail and

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Speaker 4: other investors in China. So these are the market education

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Speaker 4: we need to do for our international investors. And now

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Speaker 4: we have seen very positive feedback because I think the

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Speaker 4: international investors structure has really broadening in the past just

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Speaker 4: QFEE and now I think because we have ETF connects

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Speaker 4: and a lot of investors can invest in Minian China's

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Speaker 4: ETF through Hong Kong, which will be much convenient for

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Speaker 4: them to get invested in. So that's part. I think

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Speaker 4: we'll also be very optimistic about the international investors participation

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Speaker 4: in future.

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Speaker 2: Yeah, and I would imagine, you know, these multiple doors

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Speaker 2: that have opened in recent years for investors to come

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Speaker 2: in and come out, domestic investors to bring their money out,

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Speaker 2: and of course foreign money to bring their money in.

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Speaker 2: A lot of that has to do with what regulators

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Speaker 2: have done to open the market. And I'm curious from

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Speaker 2: someone who's in the industry, what have been the most

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Speaker 2: important regulatory milestones that you've seen in recent years? That's

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Speaker 2: number one and number two? What do you think the

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Speaker 2: priorities are for regulators right now to develop the industry further?

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Speaker 4: Well, there are so many things I can say, but

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Speaker 4: if we narrow it to the ETF area, which we

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Speaker 4: are talking about today, I think in the past one

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Speaker 4: of the most important one I think is still the

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Speaker 4: ETF connect because it really opens doors for us, especially

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Speaker 4: with the limited quota in QDII. I think the connect

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Speaker 4: really gave us a great chance in diversification for our

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Speaker 4: asset and lying right. Certainly in the past the regulatory

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Speaker 4: agencies and the CSRC, they have been trying to really

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Speaker 4: foster the ETF growth. So I think the ETF we

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Speaker 4: have a fast pass almost in approval for products, which

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Speaker 4: really opened great possibilities for us to being the creator

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Speaker 4: of EDF, the creator of all the lego parts, so

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Speaker 4: that we have more things to play with going forward. Definitely,

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Speaker 4: we still hope that ETF could be the ultimate building blocks,

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Speaker 4: and now we really hope that we can introduce more

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Speaker 4: asset classes into ETFs. For example, we are looking forward

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Speaker 4: to the ETF of reds, the reeds products, and we

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Speaker 4: are looking forward to more possibilities of Hong Kong's products

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Speaker 4: through connect to get into million China so that people

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Speaker 4: really have access to internationalized asset allocation.

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Speaker 1: This podcast is brought to you by HKU Asia's ETF Marketplace,

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Speaker 1: where you can get exposure to themes ranging from AI

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Speaker 1: to virtual assets, small cap to large cap Greater China

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Speaker 1: to global search HKX to learn more.

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Speaker 3: So a fun fact for our audience is if you

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Speaker 3: get the translation of ETFs in Chinese, the exact translation

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Speaker 3: is exchange traded open end index security investment funds. So

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Speaker 3: it's very long as.

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Speaker 2: That really rolls off the town, doesn't it.

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Speaker 3: So to miss Lee's point, you know, index is a

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Speaker 3: very crucial part of the element. But let's shift gear

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Speaker 3: and talk about the Bitcoin in Ether ETF that you

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Speaker 3: guys launched in Hong Kong. Largest assets under management, very successful, large,

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Speaker 3: we've seen huge interests not just from clients in Asia

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Speaker 3: Pacific but also Europe in US. What do you anticipate

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Speaker 3: to be the take up for this product this year?

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Speaker 4: Well, we are so excited about this opportunity and so

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Speaker 4: proud to be part of this process. And well, we

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Speaker 4: think that Hong Kong being able to launch the first

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Speaker 4: especially in kind creation of the Bitcoin ETF and the

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Speaker 4: Ether ETF really is a great milestone for Hong Kong

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Speaker 4: as the hub of international financial center going forward. Well,

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Speaker 4: I personally believe that diversification is the key for any

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Speaker 4: asset allocation and also wealth management, and there's so many

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Speaker 4: demands that right now to diversify to actually lower volatility

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Speaker 4: for both domestic and also international investors. So we have

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Speaker 4: great anticipation and also we think there will be really

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Speaker 4: high tide coming from asset allocations point going into the

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Speaker 4: Bitcoin and Ether ETFs. I have been getting so many

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Speaker 4: messages and text messages from my friend in midn in

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Speaker 4: China to say if they can invest personally and if

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Speaker 4: their companies, you know, asset allocation can go into Hong

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Speaker 4: Kong and actually to invest in the products. So we

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Speaker 4: are all very excited.

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Speaker 2: That was actually I'm glad you brought that up, because

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Speaker 2: that was one of the first things that came to

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Speaker 2: mind when regulators here in Hong Kong started talking about

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Speaker 2: wanting to do this, and I was wondering to what

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Speaker 2: extent accessibility will become an issue or opportunity really for

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Speaker 2: mainined investors. But that's why I want to ask you too,

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Speaker 2: when you heard that regulators were looking to do this,

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Speaker 2: how quickly did you tell your team this is something

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Speaker 2: we need to do, this is a priority for us.

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Speaker 4: I think in the heartbit, well, this is something I

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Speaker 4: have been trying to do for a long time. This

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Speaker 4: is not just about SFC in Hong Kong, and we

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Speaker 4: have been talking about building blocks like legos, right so,

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Speaker 4: I think at least five years ago we were talking

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Speaker 4: about in Menan, China's headquarters, if we can create some

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Speaker 4: kind of future piece because we cannot have in kind

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Speaker 4: in mill In China. So we were talking about if

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Speaker 4: there is a possibility of like our goal daf right.

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Speaker 4: So this has always been in our mind and when

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Speaker 4: we heard there could be a breakthrough in Hong Kong,

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Speaker 4: we could not be happier and more excited about this.

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Speaker 4: So I just tell our Hong Kong team, whatever you

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Speaker 4: need to do, we need to be on the first list.

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Speaker 2: So what exactly is possible now? So can on shore

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Speaker 2: investors buy cryptos as you mentioned in kind for example?

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Speaker 2: And how does the listing here in Hong Kong, How

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Speaker 2: does that somewhat alleviate restrictions to buy crypto for example?

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Speaker 2: How does that work for international audience that wants to

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Speaker 2: understand what the dynamics are.

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Speaker 4: Well, I think right now it's still in a very

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Speaker 4: early stage in this progress, and I don't think currently

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Speaker 4: instantly like million China investors can directly invest in the

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Speaker 4: Hong Kong issued ETFs in bitcoin, but definitely I do

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Speaker 4: think that opens doors for great accessibility and investability in

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Speaker 4: this kind of alternative products. Right and also because we

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Speaker 4: have this qdis game, so because in China MC we

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Speaker 4: also have our multi assets solution kind of products using

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Speaker 4: QDII as a tool. So I think in the beginning

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Speaker 4: there will be such attempts to actually to see if

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Speaker 4: that product will mix very well in our asset allocated poll. Right.

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Speaker 4: But going forward, I definitely see a chand in the

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Speaker 4: future because now we hear so many wealth managers saying

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Speaker 4: to the high networks that at least five percent of

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Speaker 4: your assets should go into bitcoin. Right. So I think

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Speaker 4: this is such a good differentiator in terms of volatility,

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Speaker 4: But I think it will take time because currently the

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Speaker 4: ETF connect is still only within the range of stock connect,

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Speaker 4: that's right, So it's gonna take several steps in the

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Speaker 4: regulatory progress to lead us to the end that if

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Speaker 4: we can invest in alternative assets, well not just limited

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Speaker 4: to bitcoins, but alternative assets as a whole.

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Speaker 2: So that takes me then into what other things are

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Speaker 2: cooking in your kitchen? You have over one hundred products.

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Speaker 2: What are your priorities this year? What do you want

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Speaker 2: to see? What cool sematics you think are going to

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Speaker 2: be well received this in this market.

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Speaker 4: Yeah, it's always fun to look at our product spectrum

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Speaker 4: because it's not just a product line, it's a whole

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Speaker 4: thing that it's like a spectrum. So it's always fun

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Speaker 4: to look at, like if we do enough in certain areas,

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Speaker 4: if we are more pinpoint in certain asset classes. But

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Speaker 4: now I think one of the priority we are looking

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Speaker 4: at is how to create an index that really can

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Speaker 4: reflect the new China, especially China's advantage in economy. So

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Speaker 4: that being said, I think we are currently not just

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Speaker 4: on our own, we also cooperate with the index company

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Speaker 4: in China to see if we can create something like

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Speaker 4: China version of SP five hundred, which not only have

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Speaker 4: the element of capitalization in seleucting different stocks, but also

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Speaker 4: have the fundamentals going into our process so that we

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Speaker 4: can pick the best in kind.

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Speaker 2: That's a very good point you bring up. I mean

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Speaker 2: even every day in what we do. You know, we

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Speaker 2: do the China Show, we have our producers, we have

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Speaker 2: our whole news gathering team, and every day there's a

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Speaker 2: different index that does something else. Do you look at

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Speaker 2: the Shangan composite, you look at the Hanksing China Index.

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Speaker 2: Do you look at a fifty futures CSI two thousand? Sometimes?

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Speaker 2: Is it the chinaxt? Is it hang Saying Tech Index?

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Speaker 2: So I'm wondering, and I know you guys are still

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Speaker 2: contemplating and experimenting what an index might actually look like.

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Speaker 2: Just give us a sense what you suspect that eventually

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Speaker 2: looks like. Is that purely onshore stocks? Is that an

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Speaker 2: index of five hundred names for example? What do you

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Speaker 2: think that might look like in the future.

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Speaker 4: For me personally, And this is really not the official version,

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Speaker 4: but for me definitely, I think it should at least

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Speaker 4: combine in words, in the Hong Kong's stock market. And

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Speaker 4: it really goes back to the fundamental question why people

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Speaker 4: invest in a broad index, right, so you invest in

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Speaker 4: SP five hundred to really reflect the whole us in

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Speaker 4: the same thing that you are. If you want to

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Speaker 4: buy us economy, you go to SP five hundred. So

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Speaker 4: that's your ultimate solution. Right when we look at China

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Speaker 4: and what represents China's economy. Frankly speaking, in the past

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Speaker 4: ten years, the best companies in China, most of them

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Speaker 4: are not listed in Asia. So I do think we

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Speaker 4: really need to incorporate what is the best in China.

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Speaker 4: When you invest in China, you want to invest the

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Speaker 4: best companies in China. And then what's the criteria to

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Speaker 4: combine value and growth because it's not going to be

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Speaker 4: just value or just growth. I think this is hard

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Speaker 4: and it's not probably going to be successful for the

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Speaker 4: first attempt, but we will keep digging and keep using

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Speaker 4: our active funda mental analysis to try to picture what

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Speaker 4: we think would be the best way to show China

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Speaker 4: to the whole world.

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Speaker 2: Yeah, I was just having a look. The S and

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Speaker 2: P five hundred took several decades. Really, right, it's been

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Speaker 2: a nineteen twenty eight I could I'm likely a mistaken there,

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Speaker 2: but it's been a long time. Well, we have a

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Speaker 2: little bit of time left, so we put together some

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Speaker 2: fun questions for you. I think Rebecca is itching to

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Speaker 2: ask some of these things. Rebecca, what did you take things?

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Speaker 3: Okay? Best advice someone gave you.

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Speaker 4: Best advice someone gave me. I'm a very open person,

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Speaker 4: so I pick up advices all the time. But well,

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Speaker 4: being a leader, it's sometimes you tend to get complacent

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Speaker 4: or people saying nice things about you all the time, right,

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Speaker 4: because you're you a CEO of the company. So the

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Speaker 4: advice I get from a husband actually is always to

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Speaker 4: be humble and to know that you don't know, so

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Speaker 4: that you don't become this know it all boss instead

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Speaker 4: of just being part of the whole team's great wisdom.

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Speaker 2: I want to follow up on that as well, because

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Speaker 2: your CEO, the people you mostly interact with, I would

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Speaker 2: imagine or in your company as well, And I'm wondering,

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Speaker 2: can you tell that sometimes people are putting on an

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Speaker 2: act showing, you know, putting their best foot forward to

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Speaker 2: show you, you know, are you having to read between

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Speaker 2: the lines and what they're saying and what they're actually

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Speaker 2: trying to tell you?

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Speaker 4: Well, this is the good thing about being in the

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Speaker 4: same company forever, right, so you know everyone from when

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Speaker 4: they are really young, and then it's like classmates growing

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Speaker 4: up and you really know the person. And also in

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Speaker 4: China MC, we really have the luxury of having people

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Speaker 4: working together for more than ten or twenty years. So

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Speaker 4: I think the trust we have among each other, I

439
00:25:51,320 --> 00:25:54,439
Speaker 4: think is more than anything. We always think about what

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00:25:54,600 --> 00:25:57,480
Speaker 4: time can leave a company. You have a longer time

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00:25:57,600 --> 00:26:02,000
Speaker 4: of a company, is it necessarily better? Not necessarily, but

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00:26:02,119 --> 00:26:06,840
Speaker 4: the trust in your group, in your colleagues, that's something

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00:26:06,960 --> 00:26:09,600
Speaker 4: takes really a long time to build, and that is

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00:26:09,640 --> 00:26:13,320
Speaker 4: something time leaves us with a lot of treasures. So

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00:26:13,880 --> 00:26:18,000
Speaker 4: I think maybe there will be But knowing your business

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00:26:18,040 --> 00:26:21,439
Speaker 4: and knowing everyone in the company for so long, I

447
00:26:21,480 --> 00:26:26,280
Speaker 4: think we cut to the shortest traits instead of really

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00:26:26,400 --> 00:26:29,320
Speaker 4: everyone putting up the show every day. So politics for

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00:26:29,880 --> 00:26:34,320
Speaker 4: everyone saying about office politics really is very minimum in China. AMC.

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00:26:34,440 --> 00:26:36,280
Speaker 2: Yeah, I think the Mandarin phrase for those route trends

451
00:26:37,560 --> 00:26:41,080
Speaker 2: around or around the bushes. What's the hardest part of

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00:26:41,119 --> 00:26:41,520
Speaker 2: your job?

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00:26:42,440 --> 00:26:47,480
Speaker 4: The hardest part is always the anxiety of not sure

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00:26:47,640 --> 00:26:51,480
Speaker 4: if we have seen the right path down the road.

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00:26:52,280 --> 00:26:55,760
Speaker 4: Every day. I think I'm engaged in this anxiety to

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00:26:56,000 --> 00:27:00,000
Speaker 4: look forward and to know if we have positioned ourselves

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00:27:00,080 --> 00:27:02,800
Speaker 4: of the best serve of clients, especially with this AI

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00:27:03,200 --> 00:27:07,680
Speaker 4: generation and also this new development in technology, and are

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00:27:07,680 --> 00:27:12,960
Speaker 4: we best equipped to go into another very different and

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00:27:13,320 --> 00:27:17,880
Speaker 4: revolutionary time era. So this is I think the hardest

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00:27:18,040 --> 00:27:21,040
Speaker 4: job of being the CEO, because you are the ultimate

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00:27:21,240 --> 00:27:23,000
Speaker 4: decision maker in this process.

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00:27:23,440 --> 00:27:25,960
Speaker 2: I guess a silver lining, there's no one really does,

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00:27:26,640 --> 00:27:28,920
Speaker 2: so no one is better off with the information. Final

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00:27:29,000 --> 00:27:32,080
Speaker 2: question for you, what's the best investment that you've ever

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00:27:32,160 --> 00:27:35,080
Speaker 2: made in your life, whether that involves money or not.

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00:27:36,119 --> 00:27:41,560
Speaker 4: Well, the best investments is in myself. I think the

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00:27:41,600 --> 00:27:45,440
Speaker 4: investment is the hard work, and I don't believe anything

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00:27:45,560 --> 00:27:50,679
Speaker 4: other than hardworking. You cannot choose to be smarter or prettier.

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00:27:51,080 --> 00:27:53,760
Speaker 4: But the one thing you can control is how much

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00:27:54,200 --> 00:27:58,520
Speaker 4: you try and how much you can persevere in the

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00:27:58,560 --> 00:28:02,000
Speaker 4: long run. I think that is the best investment I have.

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Speaker 2: Fantastic there we go to start it off as an

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Speaker 2: ETF podcast. I think we just bordered on the philosophical there.

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Speaker 3: Thank you so much for joining us today.

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Speaker 4: Emi, Thank you so much.

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Speaker 3: If you like what you hear, don't forget to subscribe

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00:28:15,960 --> 00:28:20,520
Speaker 3: and share Tiger Money, your podcast about investing financial markets

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00:28:20,560 --> 00:28:25,119
Speaker 3: and ETF. This podcast was produced by Clara Chan. Until

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00:28:25,119 --> 00:28:27,600
Speaker 3: next time. You can find David and myself inside the

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00:28:27,600 --> 00:28:29,400
Speaker 3: Bloomberg terminal or on LinkedIn.