Correct. And here’s the cherry on top. This dynamic was also at play when Alibaba went to go public with Ant Financial and when Didi went public.

Both were majority owned by foreign PE/VC investors and a new data protection law was on the precipice of being released. That law would have cratered the valuation of both companies.

The foreign investors need exit liquidity and fast. Short cuts were made and while exit liquidity was achieved for Didi the Chinese regulators finally saw what was happening and put a stop to the Ant listing.

I would add …. It was this - a rush to provide exit liquidity for investors - that led to the fall of Jack Ma. I continue to laugh every time I see a story about Jack Ma being kneecapped because he posed some sort of threat to the Communist Party and Xi Jinping. Seriously?? Zero threat. The man just believed to greatly in his own ego and was crushed under its weight in the end.