00:00How does Xiaohongshu fit into the China tech landscape at the moment?
00:04That, again, is a very interesting question. For those who look at the China market,
00:08well, you know, tech is all the rage these days, and particularly AI. If you look within an Asia
00:14context, the strongest performing markets here today, well, has to be Korea and Taiwan,
00:19particularly stocks like Samsung Electronics, SK Hynix, you know, on that memory trade,
00:24and also TSMC in Taiwan. Now, China, in complete contrast, has been the big underperformer,
00:33particularly China tech, for all sorts of reasons. But if you look at the broader China tech sector,
00:38it's a sector that's really been plagued by issues of oversupply, particularly in the EV sector,
00:44for example. Even though Chinese companies are making good progress, you know, there's oversupply
00:49in the industry, and that's impacting profitability. There's also been a number of vicious price wars,
00:55particularly in the e-commerce sector. So that has really, and without exaggerating, decimated the
01:01profitability companies, like you've already mentioned, Pinduoduo, or Alibaba and JD.com.
01:08It's put enormous pressure on them. So I think, again, we don't have the numbers on Xiaohongshu at the
01:15moment, but it's not exposed to any of those negatives. And I think this is an IPO, famous last
01:23words, which could actually go down really well. It will be a breath of fresh air.
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