Stephen Carroll

Well, can you tell us about the arranging of that Panda bond, the size and timing and the likes?

So onshore versus Hong Kong or greater China, what's going to be the emphasis onshore as far as hiring?

I mean, you're very strong in wealth management, obviously, asset management.

What's going to be the priority?

So obviously you still have some personnel issues on the cost reductions from the integration with credit suites.

Is that separate from what you're going to plan to hire across Asia and in China?

How would you assess how your businesses in Asia are doing versus other regions, whether it's Europe or the United States?

Well, speaking of that IPO pipeline in Hong Kong, it's been quite strong.

A lot of the new economy companies, but there are also concerns of the new economy companies, whether it's Minimax or others, that profitability, just like the AI companies in the United States and Western markets, that sustainability is not necessarily, it doesn't have a lot of visibility.

What's your views on whether we're in a bubble and how long that potentially could still last?

You also have to, you can't discount the fact that most of the deal flows right now are in China.

The interest is in these new economy companies.

So could you kind of quantify the type of deal flows, whether it's underwriting or other types of businesses or services from your bank that are tied directly to what has been a priority of central government policymakers here?

You've mentioned Japan twice already in the last six or seven minutes.

What do you like about the Japanese story right now?

Obviously, the market's doing really well.

There are some pro-growth policies from Takeichi-san, the new prime minister.

What in particular do you like about Japan?

Where specifically would you like to grow in Japan and what kind of hiring?

You were talking about maybe a hundred new positions here in China.