$XTALPI(02228.HK) Let's first assume there are major players, that is, the so-called presence of the operators.
I have extracted the changes in holdings of the Hong Kong Stock Connect over the past period, as shown in the figure below:
<img src="https://pub.pbkrs.com/social/2025/123/8VrK5Ca74WnGFmMa7TEe3A5CQo5d5pMR.jpg?x-oss-process=style/lg" alt="" original-src="https://pub.pbkrs.com/social/2025/123/8VrK5Ca74WnGFmMa7TEe3A5CQo5d5pMR.jpg"/>
I had some &#34;intense discussions&#34; with data analysts:
The final dialogue and preliminary conclusions are as follows:
Me: &#34;Okay. Not much difference. I think roughly. I believe it will be between 4.5 and 5. This might be the cost for the major players.&#34;
He: &#34;Correct.&#34;

$XTALPI(02228.HK) Let's first assume there are major players, that is, the so-called market makers. I have extracted the changes in holdings of the Hong Kong Stock Connect over the past period, as shown in the figure below: I had some &#34;intense discussions&#34; with a data analyst: the final dialogue and preliminary conclusion are as follows: I: &#34;Okay. Pretty much. I think generally. I think it will be between 4.5 and 5. That might be the cost for the major players.&#34; He: &#34;Yes.&#34;

Regarding the main cost of 2228: