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In focus
For this edition, we cover:
- China’s niche shopping apps and their moment in the US
- The case for seeing term sheets in full context
- What’s in, what’s out in Southeast Asia’s VC scene
Hello reader,
The US has spent years getting China wrong, especially when it comes to innovation. But from AI and EVs to social media, coffee, and even bubble tea, Chinese companies are out to prove a point: underestimate us at your peril.
It’s not just the tech but the relentless grind and ruthless efficiency powering it.
I first covered Temu’s rise in 2023, back when it was still flying under the radar and few believed its rock-bottom pricing could last. Fast forward two years, it’s now in nearly 80 countries, including several in Southeast Asia.
For sure, Temu has had its fair share of issues and regulatory pushback. The US tariffs are turning up the heat on Chinese firms, but American consumers seem to be sending their own message: they still want made-in-China stuff.
Shein and Temu may be the headline acts in the US-China trade war, but under the radar, Taobao and DHgate are riding a different kind of wave. Thanks to a handful of viral TikToks, American shoppers are discovering that buying direct from China isn’t as sketchy as they thought.
In the Big Story, we unpack why Taobao and DHgate’s US moment may be short-lived, but its effect on Western consumer habits could prove more enduring.
Meanwhile, the term sheet topic is back in the Spotlight. This time, Joseph Chua, managing partner at Turn Capital, weighs in, arguing that calling some VC terms “predatory” or “unfair” may be missing the full picture.
The Big Story
Loopholes, logistics, luck: Taobao and DHgate’s US moment
Image credit: Timmy Loen
Spotlight
Asia’s top leaders converge to chart the future of growth, innovation, and resilience.
One visual story you shouldn’t miss
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