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Lillian Li Profile picture
@lillianmli
Jan 10, 2021 • 25 tweets • 6 min read • Read on X
My Jan 2021 thread of threads. I'm doing a thread a day on topics of technology, China, product design, culture and investment in a shameless bid to get followers and highlight my newsletter

lillianli.substack.com

Here's what I've written:
1) Jan 01 - Chinese meme of 'Labours' that highlights growing anti-capitalist sentiment

2) Jan 02 - Meituan's founding story and it's path to winning.

3) Jan 03 - Chinese creater economy and MCN

4) Jan 04 - PinDuoDuo and 996 work culture

5) Jan 05 - Alibaba's brilliant use of data in their strategy
6) Jan 06 - Robots in everyday Chinese life
7) Jan 07 - Dual circulation as a central tenant of Chinese economic policy
8) Jan 08 - Weibo aka Chinese Twitter product set
9) Jan 09 - Baidu's fall from grace
10) Jan 10 - Tesla’s China strategy
11) Jan 11 - Overview on Bilibili
12) Jan 12 - Alibaba rebuttal

13) The blind mysteries of Pop Mart
14) Throwback to the cool audio features of Ximalaya

15) Xiaohongshu aka China's Instagram (but not)

16) The State of Chinese cloud
17) The playbook to get rich in Chinese tech
18) The crazy growth strategies of Perfect Diary / Yatsen Group
19) How we should think about Chinese tech: tech-enabled institutions
20) Product philosophy of Kuaishou
21) The weird things about Chinese VC landscape

22) Wechat video's strategy
23) How to think about applying livestreaming to your tech ecosystem
24) Gaming culture in China

• • •

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More from @lillianmli

Lillian Li Profile picture
May 25, 2022
1) A interesting thing I've been following recently is the uproar around voice actors' pay in the virtual idol group called A-Soul.

A-Soul - a joint venture between ByteDance and entertainment firm Yuehua - seemed to herald a new era in entertainment, but now, maybe not. Image
2) A-Soul was launched in November 2020, it's a girl group made of 5 virtual idols. Like other idol groups, each member fits a distinctive type.

Their breakthrough is the amount of technology that went into their production. Their actions are lifelike and state of the art.
Here's a sample of what they look like bilibili.com/festival/2022b…
Read 15 tweets
Lillian Li Profile picture
Apr 2, 2022
1) I always heard the advice to make better investment decisions and think better by writing more.

After being a VC for ~5 years and then writing solidly for 1.5 years with my newsletter, I finally grokked this advice.

Here are 5 ways writing has made me a better investor:
2) Writing makes you more focused

Writing for the public is output-driven - are you trying to explain? Are you trying to make a decision about a company? Are you trying to vibe?

What are you trying to say, and why are you saying it.
3) Writing makes you more logical

Once you realise you're being purposeful, writing helps you be more cognisant of what’s happening inside your head.

As sentences form, as evidence pill up, it allows you to examine the logic and critique it a bit of distance
Read 10 tweets
Lillian Li Profile picture
Mar 26, 2022
1) Let's talk about Hillhouse Capital, the heavy-weight PE house who are multi-stage cross-over investor in Tencent, JD.com, Perfect diary, Didi and Meituan before it was called that.

Some background and look at three deals that made them finance royalty:
2) Hillhouse is synonymous with its founder Zhang Lei.
Born in 1972 in Hunan, he was seen as somewhat of a drifter in his youth. When he graduated from the prestigious Renmin University, unlike his finance bound classmates, he opted to go into a mining firm.
3) Frequent contacts with international clients convinced Zhang to pursue a master's at Yale in international relations in 1998.
He interned at the Yale endowment under David Swensen and worked for NYSE post-graduation - it was a life of leisure he soon got bored off.
Read 17 tweets
Lillian Li Profile picture
Mar 16, 2022
1) A week of stockmarket freefall got the Chinese Financial Stability and Development Committee to host a special aka emergency session.

The post-meeting Shanghai and HK markets rebounds speak for themselves.

Key takeaways below:
2) On Chinese companies listing aboard:

The Chinese and U.S. regulators have maintained good communication and have made positive cooperative progress.

The Chinese government continues to support all types of enterprises to go public outside China.
3) On future regulations:

Any policy that has a significant impact on the capital market should be coordinated with the financial management departments in advance, to maintain the stability and consistency of policy expectations.

Aka better communications y'all
Read 7 tweets
Lillian Li Profile picture
Mar 9, 2022
1) Coming out of a year of tech regulations and against the backdrop of a trade tech war:

10 Chinese Tech takeaways from the Two sessions aka China's annual key objectives setting time.

Number 9 will not surprise you. None of these will surprise you.
2) Venture capital is good and encouraged

VC funding got some love at the meeting, Premier Li specifically said that China will 'promote the development of venture capital'. But will still be mindful of misaligned incentives caused by excessive returns seeking orgs.
3) Chinese stock exchanges will be further developed

Beijing Stock Exchange will be further developed (more listing restrictions have already been lifted since last year) to encourage more SME getting liquidity locally.
Read 11 tweets
Lillian Li Profile picture
Feb 28, 2022
1) With Russia being partly blocked from the SWIFT international payments system.

All eyes (in the Chinese financial system) are on the Chinese clearing and settlement system CIPS.

A primer on what it is and potential implications for the future of dollar hegemony:
2) In a nutshell, CIPS is China's version of CHIPS and potentially SWIFT. It settles international claims in RMB, but was been using SWIFT as its communication system since 2016.

It was created as a domestic alternative to the CHIPS + SWIFT system to bypass US scrutiny
3) Backed by People's Bank of China (PBOC), CIPS was launched in 2015 to internationalise yuan use. It allows global banks to clear cross-border yuan transactions directly onshore, instead of through clearing banks in offshore yuan hubs.
Read 10 tweets

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