The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · available

~CN¥598B (~$83B) group cash & equivalents (Mar 2026) — but state-steered (NFRA) and split across the insurance/bank/tech legs; NOT free dry powder. FX: reported in CNY (~7.24/USD).

high confidence · as of 2026-07-26 · about Ping An

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the working

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