☕️ Good morning, friends,

Elon Musk is jealous of WeChat.

He wants to build a super app for chatting, paying, shopping and calling, modeled directly after China’s all-in-one platforms.

And if anyone can build an all-in-one app, it might be the man who already runs a fairly successful multi-ecosystem in his private life, with at least 14 children from at least four women.

We are curious to see what happens next.

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Highlights: China’s stock markets slid again on Wednesday, weighed down by weak economic data and growing concerns that the property downturn is entering its fifth year. As reported yesterday, developer Vanke remains under particular pressure, with its Shenzhen-listed shares falling to the lowest level since 2006.

In Japan, strong tech stocks such as Advantest $ATE ( ▲ 4.36% ) and SoftBank $SFTBY ( ▲ 6.37% ) lifted the market, while rising bond yields put pressure on bank shares.

TOP BIT

🚗 Tesla scores a rare monthly win over BYD

In the world’s toughest EV market, Tesla managed something in November that had long seemed impossible: it returned to growth.

For Musk, it is a rare bright spot in a year when Europe is weakening and Chinese rivals are gaining strength worldwide.

Details

📈 Up 9.9 %: Tesla sold 86,700 vehicles from its Shanghai Gigafactory in November. It is the company’s second-best month of the year and only its third month of growth in 2025.

⚙️ New models hit the mark: The newly introduced long-range, rear-wheel-drive Model Y is resonating with customers. Together with the refreshed Model 3 and the new six-seater version, Tesla now has a more competitive lineup in China.

🧲 Winter clearance effect: Many buyers are pulling forward orders because tax incentives and subsidies expire or are reduced at the end of December. Tesla benefits from this, as do Chinese brands.

📉 Good month, bad year: Over the first eleven months, deliveries from the Shanghai factory are still about 8 percent below last year. Tesla holds only a single-digit market share in China and faces heavy price pressure from Xiaomi, BYD and others.

🚙 BYD takes a hit: BYD sold about 480,000 EVs and hybrids in November. It sounds impressive but is roughly 5 percent below the previous year and marks the third consecutive monthly decline. The price war is affecting even the industry leader.

Background: EVs for China, combustion cars for the world

• China’s rapid EV transition has created major overcapacity at home. This is driving a second trend in the background. 👇🏻

• Chinese manufacturers are exporting millions of gasoline and diesel vehicles to emerging markets. Since 2020 about three quarters of China’s auto exports have been combustion-engine vehicles, and total exports likely exceeded 6.5 million units in 2024.

  👉🏻 The result: China is not only accelerating into the electric era, it is also dominating the remaining global market for combustion cars.

📊All Details & Data: Yahoo Finance, SCMP, Business Insider

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NUMBER OF THE DAY

That is the amount Thailand has frozen in a nationwide crackdown on Southeast Asian cybercrime networks.

💸 Assets across the region: Authorities seized nearly 15 million USD from a Cambodian senator and almost 290 million USD from two Thai suspects.

🌏 Part of a global operation: Parallel investigations in Hong Kong, Singapore, Taiwan, Europe and the United States have also frozen assets worth hundreds of millions.

Watch: Southeast Asia is a booming market for fintech and digital payments, yet at the same time it battles scam centers that move billions. Authorities are doing everything they can to counter the region’s bad reputation.

MARKET BIT

☢️ Nuclear Market Debut: China’s uranium giant hits the trading floor with +280%

⚛️ Atomic lift-off in Shenzhen: The state-owned China National Uranium debuts in Shenzhen and jumps by +280% on its first trading day. IPO volume: 4.43 bn yuan (≈ USD 628m). Market cap after listing: about 140 bn yuan (≈ USD 20bn).

⛏️ Capital for nuclear supply security: Around 30% of the shares went to strategic state investors. The fresh capital will mainly fund new uranium projects in Xinjiang and Inner Mongolia to strengthen domestic supply.

🌍 Global resource hunt: China National Uranium holds 19 mining rights, including the Rossing mine in Namibia, whose majority acquisition from Rio Tinto has since turned into a stable cash-flow asset.

⚡ Reactor-driven demand: China is currently building more nuclear power plants than any other country and still covers over 70% of its uranium demand through imports. The global rise in uranium prices is significantly improving earnings prospects for existing mines.

🧱 Core pillar of the national security agenda: Parent company CNNC is among China’s most important defense and energy holdings. Uranium is officially classified as a strategic security resource, which is why many production and reserve figures remain undisclosed.

Big Picture

China is doubling down on nuclear power in the global energy race, while much of the West is phasing it out. Beijing’s calculus is pragmatic: reactors deliver clean, baseload electricity around the clock for industry, AI and cities without relying on imported oil and gas. With standardized reactor designs, state-backed financing and full control over the fuel cycle, China is building an industrial-scale nuclear platform designed for mass deployment.

👉🏻 Full Story: Yicai Global, Bloomberg, Nikkei

HEADS OF THE DAY

🐼 Chen Xing und Xiao Yue

Since moving to their new home in Malaysia two weeks ago, the two China-born pandas have already revealed very different personalities.

Two pandas, two leadership styles

Chen Xing is the explorer. He tries new things, inspects every corner and learns by doing.
Xiao Yue is the strategist. She observes first, builds routines and only then makes bigger moves.

Why they inspire

🌱 Pace is personal: Performance is not only about speed. Stability is just as valuable.

👀 Curiosity drives progress: Chen Xing shows how important curiosity, testing and playful learning are for innovation.

🧘 Clarity before action: Xiao Yue reminds us that good decisions often come from calm, observation and preparation.

Two pandas, two approaches, both effective. A good reminder for anyone leading teams. 😉

HIGHLIGHTS

📈 Alibaba shakes up the AI charts with Qwen: Alibaba’s new AI app Qwen was the fastest-growing AI app worldwide in November, jumping an impressive 149 percent in monthly active users. After only two weeks in public beta, Qwen has already reached 18.34 million users and entered the global top tier. ChatGPT remains far ahead with 775 million users but is feeling serious pressure from China for the first time.

🛩️ Airbus stumbles over new quality issues: Airbus has to abandon its delivery target for 2025 because metal parts supplied for the A320 family do not meet standards. Instead of the planned 820 aircraft, the company will likely deliver only around 790, also because a recent software error temporarily grounded about 6,000 planes. The timing is especially sensitive because the A320 family only recently overtook the Boeing 737 as the world’s best-selling aircraft and is crucial for low-cost carriers and short-haul traffic in China and India.

🦄 Too little magic in South Korea’s unicorn stable: The country currently has 13 unicorns and has added only two new ones since 2021, while the U.S. produced 229 new startup unicorns over the same period. Many of the few stars are clustered in shopping and consumer businesses. In the major global hubs, the heavyweights sit in AI and deep tech instead. Tight regulations, a small home market, and limited access to international capital are fueling concerns that South Korea’s startup engine is losing momentum.

COUNTRY READS

🇯🇵 Japanese and US companies are going to court to secure potential refunds of Trump-era additional tariffs. More here.

🇲🇾 Malaysia is resuming the search for flight MH370, which disappeared more than ten years ago. More here.

🇮🇳 India welcomes President Putin despite US sanctions and is pushing for deeper trade and security cooperation with Russia. More here.

BITS TO DO

✅ Build your own panda family.*
✅ Revisit the entire MH370 story. Still very mysterious…
✅ Cook a Peking duck for Christmas this year.
✅ Find an internship in China.
✅ Secure an exclusive waitlist spot for Champagne & Chopsticks, our new travel magazine.

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

FORTUNE COOKIE

🐶😻 Only in China…

To celebrate the release of Zootopia 2, cinemas across the country are offering special screenings for pets. The association of pet-hair allergy sufferers has already filed a complaint.

MORE ASIABITS

• All the latest AI trends from Asia — every Wednesday, exclusively with us.

• Champagne & Chopsticks — your Sunday guide to Asia’s best insider spots.

CAREER BITS

🌏 Spotify: Customer Success Manager Japan, Tokyo

🌏 CAPCO: Business Associate Programme, Hong Kong

🌏 Canva: Account Executive, Beijing

🌏 OpenAI: Communications Manager, Tokyo

🌏 Infor: Consultant/Associate (New Graduate), Kuala Lumpur

🌏 OKX: Merchant Management, Hong Kong

🌏 Palantir Technologies: Development Strategist, Seoul

🌏 Singtel: Product Marketing Associate, Singapore

🌏 Tencent: Strategic Partnership Internship, Singapore

🌏 Cider: Brand Marketing Intern, Seoul