Sticking with our long-term positive view. We’ve been overweight Hong Kong but  over the near term it’s been more challenging than we had expected. We were  caught out by the extent of regulations, geopolitics, and Omicron. But we aren’t giving  up. We see deep value as the long-term growth drivers are intact for stocks focussed  on the local economy. The city remains an international financial hub – it’s now the  second-largest global listing venue for biotech firms – and mainland China’s offshore  financial centre as shown by a stark inflow of RMB deposits. It is integrating with the  Greater Bay Area, is explicitly part of Beijing’s Five-year Plan, and the local  government authorities are rolling out stimulus measures. While there are concerns  over emigration – the population fell 1.6% (over 110k) to 7.4m over the past two  years – there are offsetting factors such as there are now more Chinese firms with  regional headquarters in the city than western firms.