Fast Retailing Co., Ltd.

Two more things I wanna ask you.

One is that I recently went to an event held by Fast Retailing, which is the parent company of Uniqlo, uh, and the executives there were talking about one of the advantages they feel they have is these long relationships with their suppliers.

They've been working with the same factories or manufacturers for years and years or decades, and I was thinking about that when you were saying you work very closely with the LA Dodgers now.

It sounds like you're doing multiple things over time with them.

And a lot of its competition in the time since it wanted to list in twenty twenty-three and the time that it has list have kind of copied a lot of its innovations or kind of, uh, kept up with them.

So if you think about, uh, Zara and Inditex or Uniqlo and Fast Retailing, these shares are up triple digits in that time period.

So that makes the fact that Shein's, uh, IPO performance is at down five percent print, uh, really quite, uh, sobering.

Uh, and that is including the performance that comes from the fact that Hong Kong has a IPO stabilization mechanism, right? So in the first month of trading in Hong Kong, you're not really getting a free, uh, kind of performance as this green shoe in Hong Kong is used to stabilize the stock.

Uh, by comparison, you have Fast Retailing, even today, is only down one point six percent.

Yeah, I mean, what does this mean for the Hong Kong market? Because, uh, much was made of the fact that Shein looked at London and looked at Hong Kong, or looked, looked at New York as well before settling, uh, on Hong Kong, partly due to the regulatory pushback that they were getting in other parts of the world as well.

But does having Shein list in Hong Kong, is that a big boost for the market?