Last year, I was really hopeful about Hong Kong stocks. First, because they’re all companies we’re familiar with; second, the PE ratios were super low, making them very cost-effective; and third, looking at it alongside A-shares, it seemed like China’s overall financial market was heading into a bull run. But even though I was right, Hong Kong stocks did perform well last year, just not as well as I thought they should have. I think a big reason for this is the crazy IPO drain. Before, I just had a gut feeling that there were a lot of IPOs, but after checking, it turns out there were even more than I imagined. Over 100 companies went public last year, sucking up nearly 300 billion—highest in the world. And this year, the fundraising target is even higher. That’s great, I guess. But after thinking about it, I’ll just stick to buying U.S. stocks and A-shares instead.