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Lillian Li

@lillianmli

28 Dec 21

1) Let's talk about the generational mental model differences in China and its impact.
Rather than talking about boomers, gen x, millennials and zoomers. Chinese media segments their population by birth year ranges with monikers of post-80s generation, post-90s and post-00s.

2) This is very fine dicing of the population but highly relevant.
Given China's fast pace change, every decade saw substantial changes in living conditions and therefore massive shifts in that generation's mindsets and values.

3) China went from a state of material scarcity in the early 1980s to high variance in affluence by the 2000s. The transition to more abundance mindsets is clearly seen with each generation.
(variance across regions applies, but this holds especially true for the top cities)

Read 8 tweets

Lillian Li

@lillianmli

16 Dec 21

1) Let's talk about how Xiaomi's one of the savviest and stealthiest Chinese tech investors bar none.

Their playbook involves selling mobiles close to margin to land a consumer, before upselling that customer on products they've invested in.

Almost Shopify for hardware

2) Xiaomi famously announced they would never make more than 5% in profit margin from hardware in 2018.
Because they see the phone as a distribution channel for their platform of products and services, the phones are cheap to basically acquire consumer 'traffic'.

3) Xiaomi carries over 2,000 consumer devices in their online and offline stores, of which it is only responsible for a select few, like TV, Xiaomi Pad and speakers.
The rest is made by 400 partner companies.
But Xiaomi isn't a simple retailer, they are a platform

Read 10 tweets

Lillian Li

@lillianmli

19 Aug 21

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

@lillianmli

19 Aug 21

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.

Read 4 tweets

Lillian Li

@lillianmli

3 Aug 21

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

@lillianmli

28 Jul 21

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

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