☕️ Good morning, friends,

now it’s a cheese war. 🧀

China is imposing new tariffs on European cheese and cream. Officially over unfair subsidies, unofficially in response to EU tariffs on Chinese EVs.

So it’s hot pot instead of fondue for New Year’s Eve. Cheaper and healthier, too.

P.S. Our AI newsletter will be back on January 7.
In the meantime, you can get healthier with our weekend edition of Champagne & Chopsticks.
We deliver the best tips from Asia’s kitchens and gardens for a healthy 2026. 🌿

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Asian markets shift into higher gear. Weak US data has reignited rate-cut hopes and lifted risk assets.

Micron reported extremely strong demand for high-bandwidth memory used in AI servers, saying capacity is effectively sold out. Revenue and earnings beat estimates by a wide margin, sending tech stocks sharply higher again.

• A clear signal for the sector: if memory is making money, data centers, chips, and infrastructure are too. That takes some of the immediate pressure off the “AI bubble” narrative.

TOP BIT

🚀 China’s AI gold rush: 700% gains – but not for you

Stock prices of newly listed AI companies are exploding on the Shanghai exchange (see Market Bit). But for foreign retail investors, the party remains strictly invite-only.

Details

📈 Bull market 2026: Goldman Sachs forecasts a “slow bull” for the coming year.

• The expectation: gains of up to 38% by the end of 2027, driven by AI innovation and massive private wealth in China shifting from real estate into equities.

🚫 The account wall: For foreign retail investors, direct access is nearly impossible. You need a Chinese bank account and a residence permit.

⏳ Stock Connect won’t help: The program that usually gives foreigners access to Chinese equities excludes newly listed companies.

• It often takes weeks or months before new stocks even qualify – if they qualify at all. Too late for IPO gains.

💼 Big players only: Institutional investors like Morgan Stanley or Goldman Sachs can participate via the QFII program (Qualified Foreign Institutional Investors). Retail investors? Locked out.

Takeaway

The “buy local” trend (国潮) has now reached semiconductors and AI.
With low interest rates on savings accounts and real estate losing its appeal, Chinese households are pouring their savings (around USD 23 trillion) into the stock market – a risky, but powerful fuel for the current rally.

📊 All details & data: CNBC, SCMP, Yahoo Finance

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NUMBER OF THE DAY

So many international visitors Vietnam welcomed in a single year for the first time in 2025.

✈️ Tourism at record highs: Annual growth is around 21%. According to UN Tourism, Vietnam now ranks among the fastest-growing travel destinations worldwide.

🏆 Awards, cuisine, heritage: Vietnam swept 16 global honors at the World Travel Awards, was again named “World’s Leading Heritage Destination,” and ranked among the world’s top four culinary travel destinations in 2025.

Watch: Vietnam has moved from hidden gem to premium destination. If infrastructure, sustainability, and service keep pace with the visitor boom, tourism could become one of the country’s most stable long-term growth engines.

P.S. Skip Vietnam’s Top-10 lists. Subscribe to Champagne & Chopsticks to get the real deal.

MARKET BIT

🇨🇳 China’s AI startups kick off Hong Kong’s 2026 IPO year

🚀 MiniMax at warp speed: The Shanghai startup is on track for what could be the world’s fastest AI IPO—just four years after founding. In Hong Kong, it is targeting up to USD 700 million at a valuation above USD 4 billion.

📉 Capital hunger is real: Revenue jumped in 2024 from USD 2.5M to USD 30.5 million, while losses widened to USD 465M. With roughly USD 280M in monthly R&D and infrastructure spend, the IPO is a funding necessity, not a vanity move.

💻 Biren brings the chips: As the first mainland GPU developer to list in Hong Kong, Biren Technology debuts on January 2, aiming to raise USD 624M. About 85% of proceeds will go into R&D to challenge Nvidia’s roughly 98% market share.

🔥 AI hardware hype: Blockbuster debuts by peers Moore Threads (+425%) and MetaX (+693%) have supercharged sentiment. Biren has already locked in 23 cornerstone investors, covering more than half of the deal.

🏦 Capital for AI: Hong Kong is becoming the stage for China’s tech sovereignty push. With MiniMax, Biren, and soon Zhipu AI, the country’s “AI tigers” are heading to public markets to shift from state funding to private capital.

Background

China is systematically opening capital markets to AI companies for the first time. Heavy losses are tolerated as long as technological self-reliance advances. These IPOs mark the transition from a state-funded buildout to a market-based stress test—with 2026 shaping up as the decisive year for momentum or reality check.

👉🏻 Full Story: DealStreet Asia, BusinessTimes SG, Yicai Global, SCMP

HEAD OF THE DAY

🇯🇵 Makiko Ono 小野真紀子

Japan’s beverage queen

When Makiko Ono (65) became President & CEO of Suntory in 2023, she made history as the first woman to lead a Japanese publicly listed company with a market cap above ¥1 trillion (about US$7 billion).

💡Her guiding idea:

She has driven international expansion, strengthened sustainability initiatives, and championed inclusive leadership, proving that Japanese heritage and global ambition can go hand in hand.

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HIGHLIGHTS

⚛️ Japan prepares to switch nuclear back on: Nearly 15 years after Fukushima, Japan is moving to restart the world’s largest nuclear power plant, Kashiwazaki-Kariwa, signalling a major shift in its energy strategy. Backed by the government and operator TEPCO, the restart aims to cut reliance on costly fossil fuel imports, boost energy security, and support Japan’s decarbonisation goals — even as public trust and safety concerns remain firmly in focus.

🐶 Sony goes all-in on Snoopy: Sony is tightening its grip on one of pop culture’s most enduring brands, buying an additional 41% stake in Peanuts, home to Snoopy and Charlie Brown, for about US$460 million. The deal lifts Sony’s ownership to 80%, turning Peanuts into a consolidated subsidiary as the comic icon celebrates its 75th anniversary. With global streaming, merch, and theme-park collaborations booming, Sony’s worldwide network can take the Peanuts universe even further.

💱 Rupee under pressure, confidence too: India’s currency is Asia’s weakest in 2025 and is likely to keep falling. A lack of progress on a trade deal with the US and heavy foreign capital outflows are weighing on the exchange rate. Experts see 92 rupees per USD as possible by spring 2026. While the weaker currency makes exports cheaper, higher import costs and inflation risks are putting growing pressure on policymakers and the central bank.

COUNTRY READS

🇮🇩 Indonesia ramps up tax audits on wealthy families, moving to boost revenue and narrow a widening budget deficit. More on this.

🇰🇷 LG takes everyday technology to space, betting that proven reliability will define the next phase of space economy. More on this.

🇨🇳 Shein survives French store uproar as court rejects bid to suspend its platform, keeping the fast‑fashion giant in Paris despite protests. More on this.

BITS TO DO

✅ Upgrade your Christmas dinner with tree-shaped deviled eggs.
✅ Be brave and take a plunge in China’s coldest waters.
✅ Learn why coffee kicks harder than tea.
✅ Take a short walk after dinner — your stomach will thank you!
✅ Stay connected with an e-SIM and turn any city into your digital home.*

_{* Yes, it’s an affiliate link. No, you won’t pay more. But it helps support asiabits. Thanks ;)}

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🌏 Tencent: Global Communications Associate Manager, Shenzhen
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🌏 Oppo: Product Marketing Manager, Guangdong
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🌏 Accenture: Brand Strategist, Shanghai
🌏 MSL Global: Junior Associate, Hong Kong
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