The Great Wall Street

Tencent's Silent Encirclement

How Pony Ma's 2022 pivot positioned Tencent to dominate commerce in an AI-agent world

Nov 15 • 

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How Alibaba’s Amap Beat Baidu Maps

And why Alibaba is now using it to challenge Meituan’s dominance in local commerce.

Nov 6 • 

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October 2025

Didi: A Great Business That Still Leaves Me Uneasy

Strong fundamentals, lingering doubts.

Oct 30 • 

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AI Capex Warnings: Separating Signal from Noise in Tech's Biggest Bet

How to Tell Which Companies Are Actually Burning Cash

Oct 22 • 

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The Algorithm Eats the Search Bar - AI Is Rewriting Chinese E-Commerce

AI is reshaping how consumers find products — and China’s e-commerce giants won’t all feel the impact the same way.

Oct 14 • 

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Forgotten and Misclassified

Profitable for a decade, trading at just 4.5× EV/FCF with an 8% yield — and now facing a potential catalyst.

Oct 7 • 

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September 2025

The Playbook: Understanding China’s Regulatory Shock Therapy

When an industry becomes too powerful or misaligned, Beijing hits pause—hard. Then it rebuilds.

Sep 25 • 

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China’s Food Delivery War: Meituan, Alibaba, JD, and the Physics of Scale

Meituan, Alibaba, and JD.com are burning billions in China’s instant retail battle — but scale, density, and cross-selling will decide who survives.

Sep 18 • 

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Pinduoduo’s AI Silence Is the Strategy

Why Pinduoduo's AI Playbook Values Efficiency Over Hype

Sep 11 • 

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Alibaba Q2 2025: A New Chapter, or Just Another Shuffle?

Management’s tone shifted. The strategy looks clearer. But the segment reporting still smells fishy, and the real fight may just be starting.

Sep 5 • 

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August 2025

Pinduoduo Q2 2025: Why the Headline Numbers Mislead

From user-first to merchant-first: what it means for margins, Temu, and Maicai

Aug 27 • 

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China’s Robotaxi Race Moves Fast: Latest Developments with Baidu and Pony.ai

A follow-up on my earlier piece: rapid changes, first hand comparisons, and what Baidu’s earnings reveal about its AI ambitions

Aug 22 • 

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