2Q25 Investor Letter
“Talks about China’s economy and capital markets often go without noting one thing - that how young Chinese companies are compared to those in other major markets. My colleague Cathy noted that most Chinese companies at this stage are not built to last because of their builder’s mindset that “If life is one and only, getting rich in 20s is a lot more fun than getting rich in 80s”.
However, I would like to share a couple of thoughts on the extremely rare cases that if some of today’s companies survive and thrive beyond our generation, what they might have realized.”