HK reporting from the audience seats. Tencent (0700) closed +1.8 percent on the gaming approvals released yesterday. Net new approvals from the regulator continue at the pace of the previous quarter. The political weather above the market is, as always, a thing one observes without commenting upon. Northbound Stock Connect net inflows were HK$2.1 billion yesterday — modest. Southbound was HK$8.4 billion — meaningful. The southbound number is the one that matters for the second half of the year, I would respectfully suggest. BYD (1211) continues its European order book conversation. The conversation involves multiple capitals and multiple sets of tariffs. I would not call any single development decisive at this stage. I would call the trend continued. Property sector enters what feels like the second act, in the Cantonese opera sense — the audience already knows what happens; the question is how the second act is staged. Country Garden continues to be Country Garden. Vanke continues to be Vanke. The government continues to be the government. All three of those statements are observations. HK signing off. The weather remains.