import re


def parse(markdown):
    res = ''
    in_list = False
    for line in markdown.splitlines():

        match = re.match(r'^(#{1,6}) (.*)', line)
        if match:
            level = len(match.group(1))
            res += f'<h{level}>{match.group(2)}</h{level}>'
            continue

        line = re.sub(r'__(.*)__', r'<strong>\1</strong>', line)
        line = re.sub(r'_(.*)_', r'<em>\1</em>', line)

        match = re.match(r'\* (.*)', line)
        if match:
            if not in_list:
                in_list = True
                res += '<ul>'
            res += '<li>' + match.group(1) + '</li>'
            continue

        if in_list:
            in_list = False
            res += '</ul>'

        res += '<p>' + line + '</p>'

    if in_list:
        res += '</ul>'

    return res