Glenn (@GlennLuk)

In terms of “narrative-pushing with suspect data/sources” this piece of journalism isn’t as bad as the one on the “Death of Chinese entrepreneurialism” from a year ago, but major holes/inconsistencies are emerging. <span class="quote-card" data-quote-index="0"></span>...

Kai Fu Lee estimates annualized run-rate operating cost for DeepSeek of ~$140M per year (he compares this to being 2% of OpenAI’s opex/spending run rate $7B) <span class="quote-card" data-quote-index="0"></span>...

This reflects both (i) an incomplete understanding of how debt is serviced in China and (ii) general financial illiteracy. It is not about liquidity via asset sales. Asset sales are rare. It is about how asset-backed means there is an attached revenue stream that is used to service debt … … in sh...

Others have now raised this topic a few times, so allow me to share some thoughts on the BYD (and broader) supply chain financing story: 1⃣ BYD's high payables number actually reflects the strength of its underlying business model and market dominance for two key reasons (ability to extract favorab...

People still don’t seem to appreciate that official trade figures don’t include the U.S.’ largest “exports” to the world, which is intangible brand/IP/tech that flows via MNCs and aren’t captured in cross-border trade data because the physical products are often produced abroad....