Read and be inquisitive, page-9

Where did it say that? A Canadian Pension fund is an investor (a big one) in HK.

There was mention of Pension Funds not being able to investment in non-investment grade debt...

And of course there is no attempt (by me at least) to compare mgmt - it is a cautionary note to all the "re-rate" because of debt, blah blah.

Things that matter most - 1P Reserves - that was the gist followed by the debt to get that.

BTW - AKK is due for further 1P Reserve upgrade in the EFS IMO - its why I think it remains undervalued at present given its rate of production growth.