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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What's in this episode:

• Opener: American singer Brittany Porter claims she accidentally married Malaysian Sultan Muhammad V.
• Highlights: Asia attempts a comeback; strong US job data lifts sentiment.
• Top Bit: XPENG’s Humanoid Robot IRON:
  • Specs: 1.7m tall, 70kg, 82 joints (22 in each hand), bionic spine.
  • Brain: In-house system of three AI models powered by three Turing chips delivering 3,000 TOPS.
  • Innovation: First humanoid robot with a solid-state battery; highly customizable.
  • Future: Robotaxi rollouts and first public flying car (eVTOL) flights planned for 2026.
• Number of the Day: -14%—The slide in Pony.ai’s shares on its first trading day in Hong Kong. WeRide was down 12%.
• Market Bit: Singtel’s $3.9B Data Center Deal:
  • Singtel (with KKR) is in talks to acquire >80% of ST Telemedia Global Data Centres for approx. $3.9 billion USD.
  • STT GDC operates >100 data centers across 20+ markets.
  • The deal aims to shape Asia’s data center champion, riding the AI boom.
• Startup of the Day: Inflync: Shanghai-based eVTOL developer with 1,000+ preorders for its L600 air taxi, aiming for commercial flights by 2028.
• Short News of the Day:
  • India: Finance Minister eyes mergers to create more “large, world-class banks.”
  • Nissan sells its Yokohama HQ for ~$630 million USD in a sale-and-leaseback to fund its EV transition.
  • LVMH executive reaffirms long-term commitment to China, praising market resilience.
  • Hyundai is teaming up with Nvidia to build an AI factory in South Korea.

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• Top Bit: Volkswagen’s In-House AI Chip:
  
  • VW is investing ~$200 million USD to develop its own AI chip in China via the Carizon JV with Horizon Robotics.
• The chip will power Level 3 driver assistance and provide 500–700 TOPS of computing power.
• The move is a strategic bid to localize core technology and compete with Chinese EV makers.
• Number of the Day: $15 Million—Value of dinosaur skeletons and artifacts seized from a Chinese money-laundering suspect by British authorities.
• Highlights: Japan and Korea stocks drop biggest since April; investor fears of an “AI bubble” grow; SoftBank plunges 14%.
• Market Bit: Cathay Pacific Buys Out Qatar Airways:
  
  • Cathay buys back Qatar's 9.57% stake for $896 million USD (HKD 6.97bn).
• The buyback is a sign of “strong confidence” in Hong Kong’s aviation future and a desire for more control.

Head of the Day: David Ha (Sakana AI): Former Google researcher and founder of Japan’s first AI unicorn, named after the collective intelligence of a school of fish. His company's system, AI Scientist, authored the first AI-written peer-reviewed paper.

• Short News of the Day:
  
  • China bans all foreign AI chips (Nvidia, AMD, Intel) in new state-funded data centers—a major step toward tech decoupling.
  • Chinese EV maker Seres raised $1.84 billion USD in one of the year's largest Hong Kong IPOs.
  • Norway found that Chinese Yutong electric buses could be remotely shut down, leading to new cybersecurity rules.
  • Toyota raised its annual profit forecast to 3.4 trillion yen.

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What's in this episode:

• Shocking news from Germany: A major sausage producer is reportedly being sold to a Hong Kong–based company.
• Top Story: Shein vs. Paris:
  • Shein opens store in BHV Marais; Paris officials call it a “slap in the face.”
  • Over 20 brands pulled products; Disneyland canceled an exhibition.
  • French minister threatened a ban after a sex doll scandal on the platform.
  • Shein's revenue in 2024: approx. $45 billion USD.
• Highlights: Asian markets pause after the Wall Street tech rally; AI boom or bubble?
• Top Story: Shein vs. Paris:
  • Shein opens store in BHV Marais; Paris officials call it a “slap in the face.”
  • Over 20 brands pulled products; Disneyland canceled an exhibition.
  • French minister threatened a ban after a sex doll scandal on the platform.
  • Shein's revenue in 2024: approx. $45 billion USD.
• Number of the Day: $191.4 Million—The amount a U.S. jury ordered Samsung to pay Pictiva Displays for OLED patent infringement.
• Market Bit: Hong Kong Fintech 2030:
  • Five-year plan (40+ measures) focusing on AI, tokenization (government bonds, money market funds), and e-HKD.
  • Aims to position Hong Kong as a regulatory laboratory for the future of money.
• Head of the Day: Liang Jun: Former CTO of Cambricon (AI chips) who now leads Fangqing Technology in developing distributed AI computing systems.
• Short News of the Day:
  • PE Cashflow: KKR reports 50% of its PE distributions this year came from Asia (>$7.3B USD).
  • SK Hynix: Korea Exchange issued a one-day “Investment Caution” (yellow card) after the stock's 240% gain this year.
  • Europe sees Kazakhstan as a digital bridge for data infrastructure.
  • China: Alibaba's Amap launches an international competitor to Google Maps.

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