1 00:00:02,720 --> 00:00:08,960 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,880 --> 00:00:13,720 Speaker 2: Hello, Hi there, Will, it's Juan. How are you pretty good? 3 00:00:13,760 --> 00:00:14,240 Speaker 1: Pretty good? 4 00:00:14,560 --> 00:00:17,440 Speaker 2: It's great to check. Will. Si is a partner at Kooley, 5 00:00:17,720 --> 00:00:20,800 Speaker 2: one of the biggest law firms helping private companies looking 6 00:00:20,800 --> 00:00:23,880 Speaker 2: to go public. He's been advising firms on their public 7 00:00:23,920 --> 00:00:26,400 Speaker 2: listings in Hong Kong for almost twenty years. 8 00:00:26,800 --> 00:00:31,000 Speaker 3: In the past, I welcome CDI dot Cong grab those 9 00:00:31,040 --> 00:00:31,840 Speaker 3: Asia companies. 10 00:00:32,640 --> 00:00:35,840 Speaker 2: Si was involved in some of Hong Kong's biggest IPOs 11 00:00:35,920 --> 00:00:39,879 Speaker 2: during the financial hubs wild Heydays. But until recently, the 12 00:00:39,880 --> 00:00:44,040 Speaker 2: city's IPO market was in the doldrums. You had COVID 13 00:00:44,040 --> 00:00:48,680 Speaker 2: lockdown's geopolitical tensions and China's economic slowdown. All of that 14 00:00:48,920 --> 00:00:52,559 Speaker 2: stalled company listings on the Hong Kong Stock Exchange two. 15 00:00:52,640 --> 00:00:56,520 Speaker 3: Yes, Hong Kong was quiet, nobody buying anything. You could 16 00:00:56,560 --> 00:00:59,200 Speaker 3: go home and it's six pm and in travel maybe 17 00:00:59,360 --> 00:01:00,720 Speaker 3: once twice a month. 18 00:01:01,400 --> 00:01:05,520 Speaker 2: But since last fall things started to shift. Hong Kong's 19 00:01:05,520 --> 00:01:09,199 Speaker 2: IPO market has raised nearly seventeen billion dollars this year, 20 00:01:09,520 --> 00:01:12,520 Speaker 2: about seven times more than the same period last year. 21 00:01:13,160 --> 00:01:15,399 Speaker 2: The city is expected to end the year as the 22 00:01:15,400 --> 00:01:17,760 Speaker 2: world's top venue for listings. 23 00:01:18,200 --> 00:01:22,880 Speaker 3: Right now, you'll travel every week. The six dollars a 24 00:01:22,959 --> 00:01:25,880 Speaker 3: walking day became eighteen dollars a walking day now. 25 00:01:26,360 --> 00:01:29,720 Speaker 2: And that's been an upbeat note for Hong Kong's finance industry. 26 00:01:30,319 --> 00:01:33,400 Speaker 1: The busier these people are certainly the busier the markets are, 27 00:01:33,800 --> 00:01:36,160 Speaker 1: and that's also been reflected into my own workload, to 28 00:01:36,200 --> 00:01:36,640 Speaker 1: be honest. 29 00:01:38,000 --> 00:01:41,920 Speaker 2: Dave Sebastian covers Asia's equity capital markets for Bloomberg from 30 00:01:42,000 --> 00:01:42,480 Speaker 2: Hong Kong. 31 00:01:43,000 --> 00:01:47,040 Speaker 1: We're definitely seeing a rebound in the markets in Hong Kong. 32 00:01:47,520 --> 00:01:51,080 Speaker 1: The most prominent deal so far this year is the 33 00:01:51,160 --> 00:01:55,920 Speaker 1: five point two billion dollar listing of CTL the Evy 34 00:01:55,960 --> 00:01:58,960 Speaker 1: battery Gient, which is the biggest listing in the world 35 00:01:59,000 --> 00:02:02,360 Speaker 1: this year. That happened in May, and that was such 36 00:02:02,360 --> 00:02:05,880 Speaker 1: a watershed moment for Hong Kong's cable markets this year. 37 00:02:06,400 --> 00:02:09,880 Speaker 1: So we're currently at sixteen point five billion dollars and 38 00:02:10,400 --> 00:02:14,720 Speaker 1: IPO proceeds in Hong Kong. That's shaping up to be 39 00:02:15,160 --> 00:02:18,880 Speaker 1: the highest in four years. And what we're seeing right 40 00:02:18,919 --> 00:02:22,639 Speaker 1: now is a rebound in Hong Kong's kind of markets 41 00:02:23,320 --> 00:02:27,200 Speaker 1: with Chinese companies raising funds and with the support of 42 00:02:27,560 --> 00:02:28,360 Speaker 1: Beijing itself. 43 00:02:35,320 --> 00:02:38,880 Speaker 2: This is the Big Take Asia from Bloomberg News. I'm Wanha. 44 00:02:39,200 --> 00:02:41,600 Speaker 2: Every week we take you inside some of the world's 45 00:02:41,600 --> 00:02:45,600 Speaker 2: biggest and most powerful economies and the markets, tycoons, and 46 00:02:45,760 --> 00:02:49,720 Speaker 2: businesses that drive this ever shifting region. Today in the 47 00:02:49,720 --> 00:02:53,880 Speaker 2: show the Rebound of Hong Kong's IPO market, how China 48 00:02:54,000 --> 00:02:56,880 Speaker 2: is turning the city into a funding engine for mainland 49 00:02:57,040 --> 00:03:00,720 Speaker 2: Chinese firms, and what I'm Made in China recovery could 50 00:03:00,840 --> 00:03:08,560 Speaker 2: mean for Wall Street banks and beyond. The City of 51 00:03:08,600 --> 00:03:11,840 Speaker 2: Hong Kong, our home base, is known for its great food, 52 00:03:12,320 --> 00:03:16,440 Speaker 2: towering skyscrapers, and a mix of cultures. Hong Kong was 53 00:03:16,480 --> 00:03:19,280 Speaker 2: a British colony for more than one hundred and fifty years, 54 00:03:19,520 --> 00:03:23,440 Speaker 2: and it became a bustling financial center. Banks and foreign 55 00:03:23,440 --> 00:03:27,680 Speaker 2: investors flock here, eager to capitalize on its strategic location 56 00:03:28,080 --> 00:03:31,480 Speaker 2: as a bridge between China and the rest of the world. 57 00:03:31,760 --> 00:03:35,160 Speaker 1: Hong Kong has always been a prominent capitol hub, even 58 00:03:35,600 --> 00:03:38,880 Speaker 1: before China took back control of it back in nineteen 59 00:03:38,960 --> 00:03:43,160 Speaker 1: ninety seven. Global companies would come to Hong Kong to 60 00:03:43,200 --> 00:03:47,160 Speaker 1: access China from here, like the likes of Prada and Samsoni. 61 00:03:47,680 --> 00:03:50,560 Speaker 1: They would list here because much of their revenues, or 62 00:03:50,600 --> 00:03:54,160 Speaker 1: a chunk of their revenues at least came from Chinese customers. 63 00:03:54,080 --> 00:03:57,640 Speaker 2: Bloomberg's Dave Sebastian says. After the handover of Hong Kong 64 00:03:57,680 --> 00:04:01,880 Speaker 2: to China in nineteen ninety seven, the city faced daunting challenges. 65 00:04:02,280 --> 00:04:05,080 Speaker 2: There was the Asian financial crisis in the late nineties 66 00:04:05,280 --> 00:04:07,920 Speaker 2: and the global financial meltdown in two thousand and eight, 67 00:04:08,640 --> 00:04:11,040 Speaker 2: but for the most part, Hong Kong continued to be 68 00:04:11,080 --> 00:04:13,880 Speaker 2: a gateway for global firms wanting to get in on 69 00:04:13,920 --> 00:04:15,880 Speaker 2: the action in mainland China. 70 00:04:19,080 --> 00:04:22,560 Speaker 1: Over time, that dynamic has changed, like Chinese companies are 71 00:04:22,600 --> 00:04:25,440 Speaker 1: now trying to tap into the global cup of markets 72 00:04:25,520 --> 00:04:26,280 Speaker 1: through Hong Kong. 73 00:04:27,080 --> 00:04:30,880 Speaker 2: And how is Hong Kong different from the stock markets 74 00:04:30,920 --> 00:04:31,480 Speaker 2: in China. 75 00:04:32,040 --> 00:04:34,520 Speaker 1: It's a free market in Hong Kong compared to mainland 76 00:04:34,600 --> 00:04:38,080 Speaker 1: Chinese exchanges where there are capital controls and mailand China 77 00:04:38,080 --> 00:04:41,719 Speaker 1: companies could only raise the C and y, whereas in 78 00:04:41,760 --> 00:04:44,920 Speaker 1: Hong Kong, these companies can raise Hong Kong dollars, which 79 00:04:45,000 --> 00:04:47,880 Speaker 1: is paged to the US dollar, and that allows them 80 00:04:47,920 --> 00:04:52,240 Speaker 1: to convert them into various our currencies and raise funds 81 00:04:52,279 --> 00:04:53,640 Speaker 1: to expand globally. 82 00:04:54,200 --> 00:04:57,839 Speaker 2: So to recap. While Hong Kong is a Chinese territory, 83 00:04:58,080 --> 00:05:01,240 Speaker 2: it has its own financial and mind monetary systems and 84 00:05:01,360 --> 00:05:06,120 Speaker 2: generally looser controls. It's dollar pegged currency and access to 85 00:05:06,200 --> 00:05:09,839 Speaker 2: global markets like the US attracted Chinese banks and tech 86 00:05:09,920 --> 00:05:13,560 Speaker 2: giants like Ali Baba ANDJD dot Com. But in twenty 87 00:05:13,640 --> 00:05:17,320 Speaker 2: twenty investors got a warning that the party might not 88 00:05:17,480 --> 00:05:18,200 Speaker 2: last forever. 89 00:05:18,480 --> 00:05:21,800 Speaker 1: China putting the brakes on the world's biggest IPR and 90 00:05:21,880 --> 00:05:25,200 Speaker 1: groups listing in both Shanghai and Hong Kong have been 91 00:05:25,240 --> 00:05:28,680 Speaker 1: suspended the Shanghai Exchange. Back in twenty twenty, and group 92 00:05:29,240 --> 00:05:31,200 Speaker 1: tried to list here in Hong Kong and what would 93 00:05:31,240 --> 00:05:36,000 Speaker 1: have been the biggest IPO ever in the world. People 94 00:05:36,040 --> 00:05:39,080 Speaker 1: were really really looking forward to it. When the IPO 95 00:05:39,200 --> 00:05:42,440 Speaker 1: was scrapped last minute, people were wondering, you know what happened. 96 00:05:42,839 --> 00:05:46,599 Speaker 1: It eventually turned out that it was because of Beijing's 97 00:05:46,640 --> 00:05:51,159 Speaker 1: orders that the company was not allowed essentially to list 98 00:05:51,600 --> 00:05:53,240 Speaker 1: here in Hong Kong and Echau High. 99 00:05:53,800 --> 00:05:56,120 Speaker 2: And about a year and a half later, in June 100 00:05:56,200 --> 00:06:00,160 Speaker 2: twenty twenty two, d D, the Chinese ride share company, 101 00:06:00,200 --> 00:06:03,560 Speaker 2: listed from the New York stock exchange under pressure from Beijing. 102 00:06:04,880 --> 00:06:08,320 Speaker 1: Ever since, people sort of took those two instances as 103 00:06:08,320 --> 00:06:11,839 Speaker 1: a signal that China was cracking down on private enterprise, 104 00:06:12,080 --> 00:06:16,160 Speaker 1: and that was evident through the slump that followed after that. 105 00:06:16,440 --> 00:06:20,240 Speaker 1: So twenty twenty two, twenty thirty three especially, those were 106 00:06:20,440 --> 00:06:24,000 Speaker 1: bad years were bankers and cap of markets because suddenly 107 00:06:24,279 --> 00:06:28,080 Speaker 1: after this deal bonanza, twenty and twenty twenty one especially, 108 00:06:28,760 --> 00:06:31,240 Speaker 1: deals were very hard to come by. 109 00:06:32,120 --> 00:06:36,120 Speaker 2: On top of that, COVID lockdowns and escalating tensions between 110 00:06:36,120 --> 00:06:40,560 Speaker 2: Beijing and Washington added to Hong Kong's IPO winter. But 111 00:06:40,640 --> 00:06:44,680 Speaker 2: late last year, bankers and investors saw a glimmer of hope. 112 00:06:46,560 --> 00:06:50,560 Speaker 1: It started with the listing of this appliance maker called 113 00:06:50,600 --> 00:06:54,480 Speaker 1: my Da Group. It raised about four point six billion 114 00:06:54,560 --> 00:06:57,960 Speaker 1: dollars and that was the biggest first time share sale 115 00:06:58,279 --> 00:07:01,640 Speaker 1: in years really in Hong Kong. That really was the 116 00:07:01,640 --> 00:07:04,840 Speaker 1: first true test of having a deal of this size 117 00:07:05,120 --> 00:07:09,080 Speaker 1: come to market, and that injected confidence. And then shortly 118 00:07:09,120 --> 00:07:13,280 Speaker 1: after China came out with stimulus measures to encourage consumption, 119 00:07:13,920 --> 00:07:17,400 Speaker 1: and that further boosted confidence into the market. 120 00:07:17,720 --> 00:07:21,000 Speaker 2: But most importantly, this IPO boom in Hong Kong comes 121 00:07:21,000 --> 00:07:23,120 Speaker 2: with Beijing's stamp of approval. 122 00:07:24,600 --> 00:07:28,080 Speaker 1: They're actually encouraging listings in Hong Kong. So that's actually 123 00:07:28,120 --> 00:07:31,880 Speaker 1: a big part as to why this share sale boom 124 00:07:31,960 --> 00:07:36,240 Speaker 1: is happening. It's happening because Beijing is on board. And 125 00:07:36,440 --> 00:07:39,440 Speaker 1: that was also the reason why share sales didn't go 126 00:07:39,480 --> 00:07:42,720 Speaker 1: through in the past two years. That was because Beijing 127 00:07:42,800 --> 00:07:46,400 Speaker 1: actually was still trying to assess us to how they 128 00:07:46,440 --> 00:07:49,760 Speaker 1: were to proceed after and DD and So, just to 129 00:07:49,800 --> 00:07:52,520 Speaker 1: take a step back here, back in twenty twenty three, 130 00:07:53,080 --> 00:07:56,440 Speaker 1: a new set of rules came out from China Securities 131 00:07:56,440 --> 00:08:00,600 Speaker 1: regulator basically asking Chinese companies that are trying to raise 132 00:08:00,640 --> 00:08:04,400 Speaker 1: funds overseas to get its green light first, so they 133 00:08:04,440 --> 00:08:08,600 Speaker 1: formalize this process, whereas back when DD and and tried 134 00:08:08,640 --> 00:08:11,640 Speaker 1: to list there was no such formal process. 135 00:08:11,160 --> 00:08:12,720 Speaker 2: For the need to get a green light. 136 00:08:12,760 --> 00:08:16,480 Speaker 1: Then no. Yeah, so that's probably why these deals, after 137 00:08:17,040 --> 00:08:20,480 Speaker 1: so much preparation, pulled last minute. Fast forward to now 138 00:08:20,600 --> 00:08:25,320 Speaker 1: we're starting to see companies get approvals and bankers are 139 00:08:25,320 --> 00:08:29,480 Speaker 1: telling us that some of these companies are getting approvals fast. However, 140 00:08:29,720 --> 00:08:33,439 Speaker 1: it's not really across a board. Beijing certainly, you know, 141 00:08:33,520 --> 00:08:37,120 Speaker 1: favors certain types of companies more than others, and what 142 00:08:37,160 --> 00:08:40,080 Speaker 1: we've seen so far this year is that they're proving 143 00:08:40,160 --> 00:08:43,600 Speaker 1: more listings of companies that have already been listed in 144 00:08:43,679 --> 00:08:48,280 Speaker 1: mainland China to raise funds here through first time shared sales. 145 00:08:49,160 --> 00:08:52,679 Speaker 2: Listings in Hong Kong have raised about seventeen billion dollars 146 00:08:52,720 --> 00:08:57,040 Speaker 2: this year, the most since twenty twenty one. That's created 147 00:08:57,080 --> 00:08:59,600 Speaker 2: a boom for banks in the city, which have more 148 00:08:59,600 --> 00:09:02,840 Speaker 2: than two one hundred IPOs waiting in the pipeline, but 149 00:09:02,920 --> 00:09:06,000 Speaker 2: it's also raised the risk of a pushback from Washington, 150 00:09:06,280 --> 00:09:10,640 Speaker 2: where lawmakers are increasingly questioning where Hong Kong ends and 151 00:09:10,760 --> 00:09:25,160 Speaker 2: China begins. That's after the break Hong Kong has been 152 00:09:25,160 --> 00:09:28,520 Speaker 2: an international launch pad for some of China's biggest and 153 00:09:28,600 --> 00:09:33,360 Speaker 2: brightest companies this year. Take ctl the Battery Giant listed 154 00:09:33,400 --> 00:09:37,079 Speaker 2: here in May, raising more than five billion dollars. Show Me, 155 00:09:37,320 --> 00:09:41,400 Speaker 2: which makes everything from smartphones to electric vehicles, raised about 156 00:09:41,400 --> 00:09:43,760 Speaker 2: five and a half billion dollars from a share sale 157 00:09:43,760 --> 00:09:47,320 Speaker 2: in March. Bloomberg's Dave Sebastian says the bulk of these 158 00:09:47,360 --> 00:09:50,840 Speaker 2: blockbuster IPOs all have one thing in common. 159 00:09:52,080 --> 00:09:55,560 Speaker 1: These companies are companies that I've already listed in mail 160 00:09:55,600 --> 00:09:59,520 Speaker 1: in China, and they're pursuing an underlisting here in Hong Kong. 161 00:10:00,120 --> 00:10:02,800 Speaker 1: And these are what the bankers and investors and the 162 00:10:02,840 --> 00:10:06,480 Speaker 1: companies call A to H listings. They're called A to 163 00:10:06,640 --> 00:10:10,360 Speaker 1: H because stock listed in mainland China are called A shares, 164 00:10:10,400 --> 00:10:13,800 Speaker 1: whereas the ones listed in Hong Kong are called H shares. 165 00:10:14,559 --> 00:10:17,480 Speaker 1: More than two thirds of the listing volumes in Hong 166 00:10:17,559 --> 00:10:21,800 Speaker 1: Kong have come from these types of companies. It's definitely 167 00:10:21,840 --> 00:10:25,280 Speaker 1: the highest it's been in a while. And this is 168 00:10:25,360 --> 00:10:28,360 Speaker 1: much more compared to the past few years. For example, 169 00:10:28,520 --> 00:10:31,360 Speaker 1: last year, these types of listings like these A to 170 00:10:31,480 --> 00:10:35,520 Speaker 1: H listings accounted for just about half of the proceeds. 171 00:10:35,800 --> 00:10:39,640 Speaker 1: In twenty twenty three, these listings just accounted for barely 172 00:10:39,880 --> 00:10:42,679 Speaker 1: two percent of the total volumes. 173 00:10:43,400 --> 00:10:46,360 Speaker 2: These A to H listings are turning Hong Kong into 174 00:10:46,400 --> 00:10:50,079 Speaker 2: a funding engine from mainland firms, and some analysts are 175 00:10:50,120 --> 00:10:54,199 Speaker 2: worried that this rebound driven by Chinese companies could spark 176 00:10:54,320 --> 00:10:56,120 Speaker 2: interference from Washington. 177 00:10:57,080 --> 00:11:00,000 Speaker 1: Take SATL, which is the biggest listing in the world 178 00:11:00,080 --> 00:11:04,199 Speaker 1: this year, that deal has been screw denized so closely 179 00:11:04,280 --> 00:11:09,840 Speaker 1: by US politicians leading up to catl's listing. One House 180 00:11:09,840 --> 00:11:13,760 Speaker 1: committee in the US basically wrote letters to JP Morgan 181 00:11:13,840 --> 00:11:18,319 Speaker 1: and Meg of America to withdraw from their roles in 182 00:11:18,360 --> 00:11:23,520 Speaker 1: these listings because of the alleged military links that CTL 183 00:11:24,320 --> 00:11:28,280 Speaker 1: has in China, which the company has denied. Despite that, 184 00:11:28,679 --> 00:11:31,480 Speaker 1: JP Morgan and Meg of America still went on with 185 00:11:31,640 --> 00:11:35,480 Speaker 1: their roles in this listing, and that just shows that 186 00:11:35,960 --> 00:11:40,080 Speaker 1: global banks are still keen to pounds on this growth 187 00:11:40,440 --> 00:11:42,760 Speaker 1: in share sales and the Chinese market. 188 00:11:43,160 --> 00:11:47,240 Speaker 2: JP Morgan CEO Jamie Diamond defended the bank's decision to 189 00:11:47,320 --> 00:11:50,480 Speaker 2: work on the CATL listing. He spoke to Bloomberg on 190 00:11:50,520 --> 00:11:52,600 Speaker 2: the sidelines of a company summit back. 191 00:11:52,480 --> 00:11:55,440 Speaker 4: In the man No, the government did not sanction CATL. 192 00:11:56,120 --> 00:11:59,240 Speaker 4: There are legitimate issues around national security. We and other 193 00:11:59,280 --> 00:12:02,480 Speaker 4: investment banks a lot of due diligence are around all 194 00:12:02,520 --> 00:12:05,440 Speaker 4: the issues that people raised, and I'm sure I'll be 195 00:12:05,520 --> 00:12:09,640 Speaker 4: criticized about that too, But if we thought it was wrong, we. 196 00:12:09,559 --> 00:12:10,199 Speaker 1: Wouldn't do it. 197 00:12:10,880 --> 00:12:14,360 Speaker 2: Now following the c ATL scrutiny, do you think there 198 00:12:14,400 --> 00:12:17,720 Speaker 2: would be more hurdles for banks, especially Wall Street firms 199 00:12:18,080 --> 00:12:21,000 Speaker 2: working on upcoming IPO listings here in Hong Kong? 200 00:12:21,600 --> 00:12:26,160 Speaker 1: Certainly and there's scrutiny that they're getting from the US 201 00:12:26,640 --> 00:12:30,400 Speaker 1: is increasing. So after the listing of c ATL, Bank 202 00:12:30,440 --> 00:12:33,520 Speaker 1: of America and JB. Morgan got some peanuts from the 203 00:12:33,559 --> 00:12:37,200 Speaker 1: same committee that wrote them letters because these banks still 204 00:12:37,240 --> 00:12:37,720 Speaker 1: went ahead. 205 00:12:38,720 --> 00:12:42,360 Speaker 2: Now, Dave, what's the market saying about whether this rebound 206 00:12:42,440 --> 00:12:43,080 Speaker 2: will last? 207 00:12:43,280 --> 00:12:46,400 Speaker 1: So certainly the bankers are telling us that they're as 208 00:12:46,400 --> 00:12:50,480 Speaker 1: optimistic as they could be for the path forward. We're 209 00:12:50,520 --> 00:12:54,600 Speaker 1: still seeing a list of billion dollar deals that haven't 210 00:12:54,640 --> 00:12:58,160 Speaker 1: gone through yet. But even though we're seeing arise in 211 00:12:58,200 --> 00:13:02,160 Speaker 1: the share sales, they quesson I'm getting from our sources 212 00:13:02,320 --> 00:13:07,320 Speaker 1: is somewhat more measured compared to the bull market back then. 213 00:13:07,720 --> 00:13:12,319 Speaker 1: And this has also partly been driven by China's own 214 00:13:12,440 --> 00:13:15,599 Speaker 1: approvals in these companies. Again, like none of these listings 215 00:13:15,679 --> 00:13:19,560 Speaker 1: could have happened without China's own approvals. So in a way, 216 00:13:19,600 --> 00:13:23,360 Speaker 1: they're also filtering it from their end, letting which companies 217 00:13:23,440 --> 00:13:24,839 Speaker 1: they'd like to go through. 218 00:13:25,440 --> 00:13:26,560 Speaker 2: Where does that leave Hong Kong? 219 00:13:27,320 --> 00:13:31,000 Speaker 1: Where does leave Hong Kong? If anything, this rebound in 220 00:13:31,160 --> 00:13:35,800 Speaker 1: share sales cements Hong Kong's role as China's global cover markets. 221 00:13:36,200 --> 00:13:38,400 Speaker 1: Hong Kong used to be a bridge into China for 222 00:13:38,480 --> 00:13:42,360 Speaker 1: these mult national companies to tap into the Chinese market. 223 00:13:42,720 --> 00:13:46,160 Speaker 1: And now Chinese firms are setting their sites on the 224 00:13:46,480 --> 00:13:49,840 Speaker 1: markets globally, and so they need Hong Kong as that 225 00:13:50,360 --> 00:13:54,760 Speaker 1: bridge to get Ford investor money to raise funds, and 226 00:13:54,840 --> 00:13:57,640 Speaker 1: that's increasingly how Beijing sees it as well. 227 00:14:08,080 --> 00:14:11,320 Speaker 2: This is The Big Take Asia from Bloomberg News. I'm wanha. 228 00:14:12,000 --> 00:14:14,840 Speaker 2: To get more from The Big Take and unlimited access 229 00:14:14,880 --> 00:14:18,040 Speaker 2: to all of Bloomberg dot Com, subscribe today at Bloomberg 230 00:14:18,080 --> 00:14:21,720 Speaker 2: dot com slash podcast Offer. If you like the episode, 231 00:14:21,800 --> 00:14:24,440 Speaker 2: make sure to subscribe and review The Big Take Asia 232 00:14:24,480 --> 00:14:27,600 Speaker 2: wherever you listen to podcasts. It really helps people find 233 00:14:27,640 --> 00:14:30,040 Speaker 2: the show. Thanks for listening, See you next time.