review this investment idea pitch and write me some investment suggestion that can echo his ideas: 1.	Corporate Perpetual Holdings in HK Booking Center
	HK Booking Center has over $2bn of Corporate Perpetuals 
	Over 60% of these Perpetuals have call date in 2023 and 2024
	Opportunities with these Perpetuals:
	Extending Duration
	Removing Perpetual Risks
Removing Perpetual Risks
	Corporate Perpetuals that are trading in low to mid 90s 
	Economic risks leading to deteriorating business and risks in refinancing these perpetuals
	Some of these bonds have Call Frequency as Semi-Annual
	SOEs and Bank AT1s would warrant a look as well despite the high chance of being called
	Some of the lower cash price indicates that the market is not pricing in a 100% call probability
	Their high cash price would also mean there are more dated bonds to switch into

FWD to PCGI
Rationale for Switching Out of FWD Perpetuals into PCGI
	Under current high interest rate environment, it will be challenging for FWD to refinance these perpetuals through new issuance
	PCGI is 100% owned by Mr. Richard Li, and it owns over 75% stake of insurer FWD Group
	Similar yield with defined maturity which would eliminate perpetual risk, coupon deferral risk 

2.	Investing in China
a.	Firms such as Goldman Sachs and Morgan Stanley have stated their preference for A-shares 
b.	While there are still hurdles ahead to a sustainable equity market recovery, areas for higher productivity and great self-sufficiency are gaining importance
c.	These opportunities are widely present in the onshore market
d.	Technically the China market has traded slightly better after hitting multi-year low in Oct

Equity
	Flow continued to be weak despite SPX embarked on the longest rally YTD
	An UHNW client bought $100m of 9988.HK/BABA ahead of Double 11
	FO Clients bought 1211.HK, 27.HK, PEP, MC FP for $20m
Structured Products
	More equity profit taking and decumulator ticket printed with market rally
	Printed APS across GSK, AMD, META, FL, HKEX, NKE, DIS, MGM, NVDA, TSLA, 9983, etc.
	FCNs linked to US stocks still client favorite with underlyings such as QCOM, ASML, MSFT, NVDA, GOOGL, LULU
	Continue to see TLT Sharkfin gaining traction total 6 tickets printed with notional $5mm
	There were China and HK Clients unwound AIGO, one switched into a fixed date bond to lock in some return
Fixed Income
	UST continues to appeal to clients due to lower transaction cost and tighter spread.
	Continuously seeing rollover UST for <1 year T Bills, and CNH Fixed Rate Bond
	An UNHW continue to accumulate specific HY names, LNGFOR 4.5% 2028/GRNCH 5.65% 2025
	Participate in New Issue, UBS PNC 10 and DAHSIN 7 ⅜ 11/15/33 
Funds
	One UHNW starts deploying cash into Ultrashort duration fund (Total $105m across these two week), and considers investing onto CMS gradually
FX
	Rollover of Ko’ed Gold pivot position aiming to sell Gold at or above $2100 level
	Sell XAU call at $2000
	One Japanese clients targeted to convert JPY to USD20m at higher level and placed a 3 year fader limit order with strike at 129.50
	UHNW client did USD 26m Sell CNH Buy USD TEKO
Alternatives
	Focus on closing the Lone star pipeline