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Lillian Li Profile picture
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19 Aug, 4 tweets, 1 min read
If your life has been going well, all the questions facing you from late twenties onwards will be hard questions, to which there are no right answers.
All the low hanging fruit questions have been answered and you're just left with the ultimate questions of 'what kind of person do I want to be? What kind of life do I want to live? Who do I want to be with?'
These 'hard questions' are actually a sign of the blessed in many respects. Because you have the luxury of trying to answer them.
Need to start tweeting more fortune cookieism to justify the 'Thinkboi' in my bio.

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More from @lillianmli

Lillian Li Profile picture
19 Aug
1) Changes in the air - pulling of idol-focused community apps, wasted milk scandal, Kris Wu's arrest, government announcement condemning fan culture.

Feels like a bigger crack-down for idols or 'traffic stars' (流量明星) is imminent.
2) Idol culture, imported from Japan and Korea, has grown rapidly in China in recent years. Some reports estimate China’s idol market to be worth RMB 100 billion ($14 billion) by 2020, with YoY growth of 60%.
3) The business model harks back to 1920s' movie studios - where studios incubate stars and secure them with exclusive contracts.
But instead of studios, it's internet media platforms and their ecosystem of trainee schools these days.
Read 12 tweets
Lillian Li Profile picture
3 Aug
1) Tencent's game user base is older than I thought, if regulations come out against kids playing games, they could be ok there.

"During the fourth quarter of 2020, minors aged under 18 accounted for 6.0% of our China online game gross receipts....
Among which, minors aged under 16 accounted for 3.2% of our China online game gross receipts."

From Q4 2020 report

static.www.tencent.com/uploads/2021/0…
$TCHY FYI
Read 4 tweets
Lillian Li Profile picture
28 Jul
Lillian: What do you think about the new government tech and education regulations?

Almost everyone I’ve spoken to in China: About time

Chinese stock holders: 🥲, but I brought call options
It raises this unspoken perspective that we don’t really care about what Chinese people on the ground actually care about.

There’s a lot of western media narratives around how this is a play for ‘control’. But who are they taking control away from?
It’s not the Chinese consumer, who didn’t really have control over the prices they were served on platforms, or feel like they could opt their children out of marathon schooling sessions.

The control sat with the private companies.
Read 4 tweets
Lillian Li Profile picture
26 Jul
1) Just thinking through the ramifications of Tencent essentially being regulated to relinquish their control over blocking links on their social networks.
Tencent's core competency has been
1) Traffic
2) Money
Which has made them a de facto kingmaker for Chinese startups
2) I spoke about this at length in the battle between Alibaba and Tencent and how much of Chinese internet is now a chase for traffic.
Removing this artificial constraint on the ecosystem will be potentially huge
lillianli.substack.com/p/the-shadow-w…
3) Startups may no longer be convinced to take Tencent's investment.
As @DennisHong17 pointed out, Alibaba and Bytedance will be laughing as they finally get access to the walled garden.
Read 4 tweets
Lillian Li Profile picture
24 Jul
1) Given the amount of panic I've seen on Twitter over Chinese stocks. I'm once again, asking you to consider some fundamental framings of the rules and objectives of Chinese governance.

It might be interesting. But it is better than being mired in FUD.

$TAL $TCHY $BABA
2) It makes great sense to pay attention to the rules of the game that the players are playing in.

The implicit rules of China are that the government sets goals for the country and invert back to to key objectives that the country should be attaining.

They don't hide this
3) It's literally called the Five Year Plan, it's the blueprint for the next five years and beyond for the Chinese economy.

There is a bit of reading the tea leaves but it's not impenetrable.
Literally. Every. Investor. I know in China pores over this.

lillianli.substack.com/p/the-short-no…
Read 16 tweets
Lillian Li Profile picture
3 Jul
Didi’s recent cyber security review seems to be the latest manifestation of an institution masquerading as a tech firm being brought to heel.

Let me explain
Didi has in many ways, become the governing mechanism for a lot of taxis and ride hailing.
However private enterprises optimising for growth have lead to lapses in safety precautions as well as price gauging activities
So the recent reviews are partly due to this, but there’s also additional concerns as Didi has unparalleled view into road usage into China.
Read 7 tweets

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