What's in this episode:

• TOP BIT: LVMH Boss Shops for Chinese Brands
  • Bernard Arnault purchased items from local Chinese brands during his latest Shanghai trip, a symbolic shift.
  • The Chinese luxury market is slowing (down 20%), prompting consumers to turn to homegrown labels with sharper pricing and stronger local aesthetics.
  • Domestic brands like Songmont, Laopu Gold (1,000%+ online sales surge), and Mao Geping are growing at double and triple-digit rates, challenging Western houses.
• NUMBER OF THE DAY: 313.3 Billion RMB (~$42 Billion USD)
  • The size of China's coffee market in 2024.
  • Consumption has jumped from 6 to 22.24 cups per person in seven years (+15% avg. growth).
  • The market is driven by cheap, convenient brews from Luckin and Cotti, pressuring high-end specialty coffee.
• MARKET BIT: Manner Coffee Starts Billion IPO Run in Hong Kong
  • Shanghai's Manner Coffee, backed by ByteDance and Temasek, is planning a Hong Kong IPO at up to $3 billion USD valuation.
  • Manner serves as ByteDance's "offline behavior lab," using digital tracking for optimization.
  • The IPO reflects Hong Kong's revitalized consumer-focused listing market.
• HEAD OF THE DAY: Kwon Young-soo (권영수)
  • Former LG veteran who guided four affiliates as CEO, known for his "Attitude over intelligence" management style.
  • He emphasizes that CEOs must take risks and execute the vision set by owners, and that investment in AI cannot be delayed.
• Partner Highlights:
  • China pivots its foreign lending to US tech (semiconductors, AI) with over $200 billion USD flowing into US projects.
  • Apple hit 25% smartphone market share in China in October, a temporary high before the Huawei Mate 80 launch.
  • Singapore's transport authority confirmed its Chinese Yutong e-buses lack remote control functions, addressing cybersecurity concerns.
• Country Reads: Strong reforms boost M&A activity; Singapore leads Southeast Asian IPOs; Nvidia's HBM demand hikes chip prices.

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What's in this episode:

• TOP BIT: US Sanctions Turn China’s AI Chip Star into a Billionaire
  • Cambricon's founder Chen Tianshi has seen his fortune surge to $23 billion USD.
  • Stock Surge: Share price up over 765% in 24 months after being pushed onto the US Entity List in 2022.
  • Revenue Boom: Q3 revenue hit $240 million USD and net profit reached $78 million USD (a 500%+ increase year-over-year).
  • The US chip ban and Beijing’s "buy local" policy redirect orders to domestic suppliers like Cambricon, despite a technology gap with Nvidia's ecosystem.
• NUMBER OF THE DAY: 491.000
  • The percentage of China-Japan flight bookings canceled since the start of the diplomatic dispute.
  • This cancellation wave risks shaving up to 0.5 percentage points off Japan’s GDP and is pushing tourism back to Covid-era levels.
• MARKET BIT: L’Oréal Buys into China’s Skincare Boom
  • L’Oréal takes a minority stake in "clean-beauty" label LAN (following an earlier $62 million USD stake in Chando).
  • This shortcut strategy counters the $75 billion USD "C-Beauty Boom," where local brands are rapidly gaining market share against foreign competitors.
  • The goal is to stabilize L’Oréal China's business, which grew 3% in Q3, by tapping into local speed and mass-market access without cannibalizing core brands.
• HEAD OF THE DAY: Chen Tianshi
  • The Cambricon founder whose net worth is now $23 billion USD, a visible leader of the new generation of Chinese chipmakers.
  • His early AI chip vision was once rejected for funding and called "fantasy."
• Highlights:
  • Goldman Sachs is in exclusive talks to buy Burger King Japan for about $452 million USD.
  • European PE firm EQT plans to triple its Asia investments to $110 billion USD over five years, challenging KKR and Blackstone.
  • Luckin Coffee reports Q3 revenue growth of 50% to €1.8 billion and record 110 million monthly active customers, but downplays US relisting plans.
• Country Reads: AirAsia X uses Istanbul to reach Europe; Samsung hikes memory chip prices by up to 60%; Vietnam and Germany deepen high-tech alliance.

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What's in this episode:

• TOP BIT: Travel Warnings, Warships, and Sharp Words
  • Japan's PM Sanae Takaichi states a Chinese attack on Taiwan poses an "existential threat" to Japan, sparking a diplomatic storm.
  • Beijing responds with harsh rhetoric (a diplomat suggesting Japan's "dirty neck" be "severed") and summons ambassadors.
  • China issues travel warnings for Japan, leading to free rebookings/refunds for flights.
  • Increased military presence: China's Coast Guard patrols near disputed islands; Taiwan reports more military aircraft/vessels.
  • Beijing advises Chinese students to "carefully reconsider" studying in Japan, while simultaneously courting Taiwanese travelers with visa-on-arrival.
  • Historical context: Tensions fueled by past disputes (2012 Senkaku crisis), China's military buildup, and Japan's strategic shift in defense policy.
• NUMBER OF THE DAY: $11.2 Billion
  • The amount Chinese tourists spent in Japan in 2024, making them Japan’s strongest spending group (one-fifth of all foreign tourist spending).
  • Early slowdown signs: Hotel cancellations and paused marketing activities in China due to political tensions.
• MARKET BIT: Samsung’s $310 Billion Mega Plan
  • Samsung plans a $310 billion investment in South Korea over five years to lead the global AI race.
  • Key projects include Pyeongtaek Plant 5 (chip fab, 2028 launch) and new AI data centers by Samsung SDS for proprietary AI models and GPU capacity.
  • Part of a national re-industrialization push, with Hyundai also investing $86.5 billion in AI, autonomous tech, and EVs.
  • Samsung creates its first dedicated M&A team for AI, semiconductors, and automotive tech.
• WORD OF THE WEEK: Nunchi (눈치)
  • A crucial Korean soft skill meaning "eye measure"—the ability to read the room and unspoken cues.
  • Essential for navigating strict hierarchies in Korean companies, influencing behavior and feedback.
• Partner Highlights:
  • China approves foreign in-car AI (Tesla, Volvo, Mercedes-Benz) for the first time.
  • Alibaba adopts digital bank tokens (JPMorgan partnership) for faster global payments.
  • Marathon madness in Seoul disrupts daily life, with events jumping from 19 to 254 in four years.
• Country Reads: Japan split on collective self-defense if China attacks Taiwan; Thailand's king visits China; Malaysia's 2025 growth forecast.

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What's in this episode:

• TOP BIT: The End of One-Euro Parcels from China
  • The EU plans to scrap duty exemptions for low-value imports (under €150) by 2026, two years earlier than planned, due to surging volumes from China.
  • An additional 2-euro admin fee per parcel is planned.
  • 4.6 billion low-value parcels entered the EU in 2024, 91% from China (Temu, Shein), shipped on 35 daily cargo flights.
  • China’s tax office is also cracking down, with retroactive 13% tax claims on previously under-declared sales.
• NUMBER OF THE DAY: $80 Million
  • The amount Vietnamese app developers earned abroad in 2024.
  • Vietnam is an "app powerhouse" with over 6 billion downloads (5.7B from overseas); 12,000 apps installed per minute globally.
  • AI is a key growth engine, cutting development time by up to 40%.
• MARKET BIT: Grab + GoTo Mega-Monopoly Merger
  • Grab and GoTo are negotiating a $29 billion merger in Indonesia, ending costly market-share battles.
  • The Indonesian government is backing the deal, potentially with a "golden share" for its sovereign wealth fund.
  • Monopoly concerns are high, as the merged entity would control over 90% of Indonesia's ride-hailing and delivery market.
  • Regulatory scrutiny focuses on pricing, data dominance, and impact on drivers and smaller rivals.
• STARTUP OF THE WEEK: Foodie Media
  • Founded by Nicholas Lim from a chicken rice blog in 2016, it's now a major Southeast Asian food media company going public.
  • 46 million followers across platforms, $64.5 million USD valuation, with an IPO planned for Nov 28 aiming to raise $18 million USD.
  • Investing in AI tools for video translation and lip-syncing for global reach.
• Partner Highlights:
  • Germany excludes Huawei from future 6G networks, replacing existing components for digital sovereignty.
  • Thailand scraps afternoon alcohol ban (2-5 p.m.) in a pilot scheme to boost tourism.
  • LG & Mercedes-Benz plan deep collaboration on EV batteries, SDV software, and displays.
• Country Reads: Updates from New Delhi (terrorist attack), Malaysia (smart-factory initiative), and Hong Kong (phone scam).

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What's in this episode:

• TOP BIT: China Cracks Down on Deepfakes
  • Starting 2026, China will enforce stricter rules against fake images and AI-generated content.
  • Mandatory labels for AI content will be required from platforms, app providers, and creators to combat manipulation.
  • The revised Cybersecurity Law includes multi-million dollar fines for violations and requires immediate deletion of misinformation.
  • Real-world cases include arrests for faking child abduction and earthquake damage using AI.
  • 515 million Chinese now use generative AI, driving demand for detection and labeling tools.
• NUMBER OF THE DAY: 3000 Yen
  • Japan's departure tax per person for international travelers is set to triple, adding about 2,000 yen to return tickets.
  • The revenue aims to combat overtourism at popular sites, which is leading to overcrowding and congestion.
• MARKET BIT: Succession Crisis: Wealth Without a Plan
  • Asia’s private wealth is projected to hit $99 trillion by 2029, much of it in founder-led companies.
  • Nearly half of first-generation families have no clear succession roadmap, often waiting until health scares or business pressure.
  • "Dynasty drift": Heirs often lack motivation or prefer to build their own ventures, leading to conflicts between "Pro over Patriarch" approaches.
  • Weak succession planning risks frozen assets and family disputes, impacting key growth markets.
• HEAD OF THE DAY: Hiroshi Mikitani 三木谷浩史
  • The architect of Japanese e-commerce, who founded Rakuten after the 1995 Kobe earthquake.
  • Rakuten is a global ecosystem (e-commerce, fintech, telecom) generating $10 billion USD in annual revenue.
  • Famous for making English the company's official language in 2010, symbolizing Japan's global ambition.
• Partner Highlights:
  • Luckin Coffee eyes a return to US markets after its accounting scandal, betting on rapid expansion.
  • VinFast expands EV production in Vietnam, shifting focus to stronger Asian growth prospects.
  • Singapore pushes for an EU-ASEAN Digital Economic Agreement to boost regional trade and data flows.
• Country Reads: Updates from New Delhi (terrorist attack), Malaysia (smart-factory initiative), and Hong Kong (phone scam).

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What's in this episode:

• The Chinese influencer who spent an estimated $500,000 on 10,000 hyaluronic acid injections for artificial eight-pack abs, seeking a Guinness World Record.
• TOP BIT: Asia’s Data Boom — The New Power Race
  • Asia is set to account for 40% of global data center capacity by 2030, requiring over $800 billion in investments, turning the region into a geopolitical battleground for data dominance.
  • Focus areas include: Singapore's "green" facilities, Thailand's fast-track billion-dollar projects, South Korea's $35B AI-driven 3 GW complex, and India's rise to a projected 4.5 GW market by 2030.
  • Global giants (AWS, Google, Meta) are investing over $360 billion in new infrastructure worldwide.
• NUMBER OF THE DAY: $300 Billion
  • The projected revenue scale of Southeast Asia’s digital economy in 2025 (with GMV expected to surpass $300 billion).
  • E-commerce remains king; social commerce is a major growth driver, projected to account for 25% of online sales.
  • Investor capital is stabilizing, focusing on late-stage startups and growth in AI, fintech, and cross-border QR payments.
• MARKET BIT: SoftBank Goes All-In on OpenAI
  • SoftBank sold its entire Nvidia stake for $5.83 billion to fund a strategic shift toward AI applications and infrastructure.
  • $30.5 billion in Q4 allocations, primarily for OpenAI and Ampere, to fuel the Stargate project.
  • The pivot drove a massive Vision Fund gain, but also caused investor concerns about high valuations and the thin financing cushion for the mega-project.
• HEAD OF THE DAY: Carl Pei
  • The visionary behind Nothing and OnePlus, known for building global fan communities and focusing on design, emotion, and curiosity in tech.
  • Nothing generates around $600 million in annual revenue.
• Highlights: Sentiment lifted across Asia amid hopes for an end to the US government shutdown. Tokyo saw strong gains, and China's gold stocks rose.
• China’s Singles Day is losing its shine due to consumer fatigue and a weak economy.
• India and South Korea deepen defense ties with a joint shipbuilding alliance.
• Apple removes popular gay dating apps from its Chinese App Store under government order.
• Country Reads: Updates from Japan, South Korea, and Thailand.

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What's in this episode:

• Spain’s King Felipe visits China, focusing on Spanish ham exports (up 8% to $700M this year).
• TOP BIT: Burger King’s XXL China Expansion
  • JV: Burger King forms a joint venture with Chinese investor CPE.
  • Investment: CPE is injecting $350 million USD into “Burger King China.”
  • Goal: Expand from 1,250 to over 4,000 stores by 2035 (McDonald's aims for 10,000 by 2028).
  • Strategy: Local adaptation with healthier, regional menus to align with "Healthy China 2030."
  • Highlights: Asia starts the week strong on hopes for an end to the U.S. government shutdown.
• NUMBER OF THE DAY: $3.1 Billion USD
  • Total investment for four newly approved data center projects in Thailand.
  • Includes an 84-MW facility by DAMAC Digital ($731M) and a 200-MW hyperscale facility ($1.5B).
  • Thailand seeks to become a new regional data hub, reviving $9.2 billion in frozen projects.
• MARKET BIT: Japan’s M&A Momentum
  • Record Year 2025: $33 billion USD in closed deals in nine months (up 80% YoY).
  • Drivers: Corporate governance reforms by the Tokyo Stock Exchange push for capital returns, fueling carve-outs and spin-offs.
  • Private Credit: Japan’s private credit market is projected to grow 34% within three years.
• HEAD OF THE DAY: Maggie Kang
  • Mastermind behind KPop Demon Hunters, Netflix’s most successful English-language film and the first Western animated franchise to center Korean culture.
  • The film has 250M+ streams and a $19.2M USD opening weekend, demonstrating cultural bridge-building as a profitable model.
• Short News:
  • EU plans network ban on Huawei and ZTE technology in critical infrastructure over espionage concerns.
  • Japan and China clash over Taiwan after Japanese PM calls attack an "existential threat."
  • FBI Director Kash Patel made a secret visit to Beijing to discuss fentanyl and law enforcement cooperation.
  • South Korea: Exports hit a record $185 billion USD in Q3.

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What's in this episode:

• Opener: Chinese fashion retailers fight ~80% return rates during Double 11 by using conspicuous A4-sized tags on clothing.
• Highlights: Goldman Sachs notes a surge of U.S. investment into Japanese tech/AI stocks (Nikkei up 30%). Pop Mart shares drop 5.5% after a controversial livestream.
• TOP BIT: China Lifts Nexperia Export Ban
  • Action: China resumes exports of "discrete chips" from its Nexperia plant (70% of Nexperia's output).
  • Impact: Averted production stoppages for major automakers like VW, Honda, Volvo, and Jaguar Land Rover.
  • Context: The ban was Beijing’s retaliation after the Dutch government cited "national security risks" and stripped Nexperia of control.
• NUMBER OF THE DAY: 10,000 Baht
  • Maximum fine for tourists in Thailand caught drinking or being served alcohol between 2 p.m. and 5 p.m.
  • The 1972 law is now being strictly enforced, shifting liability to the consumer, impacting tourism.
• MARKET BIT: Pop Mart Livestream Fail
  • Pop Mart employee called a 79 CNY blind box “a bit expensive” on a viral livestream.
  • Controversy: Fueled "IQ tax" criticism after reports of a low production cost (under 8 CNY per figure).
  • Result: Pop Mart stock fell, and resale prices for popular figures like Labubu are dropping below retail.
• WORD OF THE WEEK: KOL (Key Opinion Leader)—Asia's term for a high-trust, high-influence social media personality or expert, commonly used in Chinese commerce.
• Short News:
  • China loosens export brakes on strategic metals like gallium and germanium to the US, part of a one-year Xi-Trump trade truce.
  • Taiwan VP Hsiao Bi-khim addressed the European Parliament.
  • Ant Group pivots to AI-powered healthcare for China's aging population.

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