CL Chip-bottleneck IPOs keep landing at HKEX, and this morning it's ZJ Innolight setting the record. Hong Kong used to price the risk in semiconductor supply chains. Now it prices the shortage itself, and lists it. Nobody at the exchange seemed to think that was strange.-- CL

MB Iran talks exist or they do not, and both governments are right, depending on the podium. Hong Kong raised its growth forecast the same week a lawmaker demanded reform after a preventable death: revise the number first, examine the failure later. Institutions keep score before they keep promises.-- MB