It feels like there are many more smart people in the A-share market than in the crypto space. Most good companies in the A-share market have been bought up by fund managers and smart money at very high PEs. Moreover, there is a major issue domestically: capital cannot flow out. International investments are not possible. As a result, good assets are particularly expensive, such as core real estate in first-tier cities and good stocks. In contrast, there are too many international assets available in Hong Kong, with 90% of H-shares trading at a discount compared to A-shares.