Mm.

One, the cost of healthcare is rising pretty fast in the West, so they need more affordable healthcare.

Second, the world in general is aging, right? Once you cross 40, the number of treatments you need or the regular health checkups that you, uh, want to undergo, they increase in quantity.

And thirdly, over time, the Asian hospitals have built a credible reputation for themselves, and now people feel much more comfortable getting the surgeries or the procedures done in Asia at probably 10th, uh, at one tenth of the price.

Yeah.

But these treatments can be very expensive.

Last year, around three million people came to Korea for cosmetic and derma treatments, and that, that is two times bigger than the number we saw in 2024.

So the number has tripled in two years, and that's probably because of the K culture, the growing fascination towards Korean glass skin, but also the advancement Korea has made in this particular sector.

Mm.

One, the cost of healthcare is rising pretty fast in the West, so they need more affordable healthcare.

Second, the world in general is aging, right? Once you cross 40, the number of treatments you need or the regular health checkups that you, uh, want to undergo, they increase in quantity.

And thirdly, over time, the Asian hospitals have built a credible reputation for themselves, and now people feel much more comfortable getting the surgeries or the procedures done in Asia at probably 10th, uh, at one tenth of the price.

Yeah.

But these treatments can be very expensive.

Last year, around three million people came to Korea for cosmetic and derma treatments, and that, that is two times bigger than the number we saw in 2024.

So the number has tripled in two years, and that's probably because of the K culture, the growing fascination towards Korean glass skin, but also the advancement Korea has made in this particular sector.

But still

...

Harald, we're talking about some really massive players in the world, like, you know, the whole world consumes the softwares that come from Microsoft or iPhones, or now the memory chips that are being built-

Mm.

So we're talking about new equity supply via the IPO lock-ups, but we're also t- talking about 10 billion US dollar of house- household saving that will mature from time deposits, and households will have it in form of cash.

Correct.

As I said, like, you know, Shanghai and Shenzhen, and the companies listed there are called A share companies, but there are quite a few big companies also listed in Hong Kong.

Think about Alibaba, think about Tencent.

These are actually the biggest companies listed in Hong Kong that actually originate from Mainland China.

... because that's the, the size of the Hong Kong market.

But, Harald, most of these companies got listed in last 10, 15 years, so I assume the structure of Hong Kong Exchange back in 2004 must have been very different.

I have no idea, how did a stock exchange, Hong Kong Stock Exchange, look back in 2004?

Correct.

As I said, like, you know, Shanghai and Shenzhen, and the companies listed there are called A share companies.

But there are quite a few big companies also listed in Hong Kong.

Think about Alibaba, think about Tencent.

These are actually the biggest companies listed in Hong Kong that actually originate from Mainland China.

... because that's the, the size of the Hong Kong market.

But, Harald, most of these companies got listed in last 10, 15 years, so I assume the structure of Hong Kong Exchange back in 2004 must have been very different.

I have no idea, how did a stock exchange, Hong Kong Stock Exchange, look back in 2004?

Movements in bond markets are much more negative now than they were, say, 10 years ago as well.

Right.

But there are these pockets and there are these markets in Asia where the growth is not so exciting.

And there are markets that are clearly exposed to elevated high energy prices or potential increase in inflation.

Think about India, Indonesia, parts of mainland China.

There, the growth is not that exciting.

So you think there the balance is more tilted towards the downside risks from higher yields than towards a positive scenario coming from higher growth rate?

So the dynamics were very, very different.