What makes capybaras so irresistibly popular amongst Chinese youth? From their zen-like calm to their unbothered personalities, these gentle rodents have become internet sensations. Tune in as we dive into the capybara craze—their rising popularity in China, the carefree energy they represent, and how that resonates with today's youth. But are capybaras just a passing trend, or do they symbolise something deeper—like the dream of a carefree life in an increasingly competitive world? Join us as we unpack the cultural phenomenon, discuss how it reflects modern work-life stress, and reflect on 2024 while embracing "capybara energy" as we go into 2025. Chapters: 00:00:10: What is a Capybara? 00:01:45: Rising popularity of capybara in China 00:07:00: Why do people relate to capybaras? 00:11:00: The aftereffects of involution 00:18:15 Our wishes for everyone in 2025

Baidu backed Ji Yue Auto, an EV manufacturer, found itself in deep trouble after failing to pay its employees’ social security. One of Jiyue’s live stream hosts even broke down mid livestream,“I worked so hard, and now the company is gone?” But Jiyue isn’t the first (and certainly won’t be the last) EV manufacturer to face such challenges. In China’s hyper-competitive EV market, we’ve seen similar collapses, consolidations, and even brands turning to global markets to escape the intense domestic competition. Tune in as we discuss the fall of Jiyue Auto, why Baidu and Geely refused to invest more in this joint venture, and what’s next for the EV market in China. Chapters: 00:00:40: Who is Jiyue Auto? 00:05:00: Involution of EV in China 00:08:00: What exactly happened to Jiyue? 00:13:00: Livesellers breakdown mid stream 00:17:00: China’s automotive industry is too competitive - what’s next? Featured materials: Wechat article on car rankings in China: https://mp.weixin.qq.com/s/kvKHcRlzQqhHh_vuAtQKXw A Chinese EV Manufacturers deep trouble, livestreamed, The Lowdown: https://thelowdown.momentum.asia/a-chinese-ev-manufacturers-deep-trouble-livestreamed/ #JiYueAuto livestreamers in tears after company announces bankruptcy, Youtube shorts, Momentum Works: https://youtube.com/shorts/J8XxioeggDg #JiYueAuto livestreamer breaks down after hearing of company's bankruptcy, Youtube shorts, Momentum Works: https://youtube.com/shorts/3c6d3uqzhkA #JiYue owed advertising agent CNY37 million!, Youtube shorts, Momentum Works: https://youtube.com/shorts/F99iqXkRlmk

Originally dubbed Singles day by 4 university students, 11.11 has transformed into one of the world’s largest shopping festivals.

In 2009, Alibaba launched the first 11.11 shopping festival, generating RMB 50 million in GMV despite a website crash. Since then, it has grown massively, and today, 11.11 spans several weeks instead of just one day.

But has 11.11 lost its charm? Tune is as we explore why Chinese platforms stopped reporting GMV, how the festival’s expansion impacts consumer behavior, and whether the rise of frequent sales like 7.7 and 12.12 has led to “sale fatigue.”

Are shopping festivals still relevant, or have they lost their significance in today’s competitive ecommerce landscape?

P.S. Did you know Taylor Swift kicked off Alibaba’s 24-hour 11.11 shopping event in 2019?

Chapters:

00:00:15: The beginnings of 11.11

00:05:00: How Alibaba turned 11.11 into a shopping festival

00:09:00: Why companies stopped announcing GMV

00:12:00: Has 11.11 lost its meaning?

00:18:00: What does this mean for retailers?

Featured materials: Behind the Labubu craze: PopMart business explained | Impulso E103: https://youtu.be/PLIq2UkvgwA Commentary: What’s behind the rise of Chinese e-commerce platform Temu in the US?, CNA: https://www.channelnewsasia.com/commentary/china-e-commerce-shopping-app-temu-shein-tiktok-us-amazon-4245901 What 11.11 Singles’ Day sales no longer say about China’s economy, The Lowdown: https://thelowdown.momentum.asia/what-11-11-singles-day-sales-no-longer-say-about-chinas-economy/

What is Labubu? Why are Pop Mart's blind boxes so addictive? From the thrill of unboxing to the cultural phenomenon of "ugly cute" characters, these whimsical creations have captured the hearts (and wallets) of Gen Z.

In this episode of Impulso Podcast, Jianggan, Sabrina, and special guest Phyllis—our resident Pop Mart enthusiast—dive into the fascinating world of Pop Mart. Tune in as we unpack the company’s innovative business model, its exclusive IPs, and the meteoric rise that has turned Pop Mart into a global powerhouse generating billions in revenue.

With a growing portfolio of IPs and even their own theme park, could Pop Mart be setting its sights on becoming the next Disney? The big question remains: can Pop Mart build a deep emotional connection to its characters, or is this just another fleeting trend?

Chapters:

00:00:40: The craze behind PopMart explained

00:04:00: PopMart’s success in numbers

00:07:20: Who are the people behind PopMart and Labubu?

00:10:00 PopMart’s IP strategy

00:14:00: Labubu has a boyfriend?

On 21 November, two stories rocked China’s ecommerce scene, with global implications.

(In the previous episode, we discussed the first story: Alibaba’s merger of its domestic Chinese and international ecommerce businesses.)

In this episode, we dive into the second story—PDD Group’s Q3 earnings miss. But was the ‘miss’ engineered deliberately because all the merchant support costs were planned, or was it a lapse in execution?

Tune in as we explore:

• Pinduoduo’s ¥10 billion merchant subsidies;

• Why PDD or Temu seems to choose to directly engage rather than hire lobbyists;

• Temu's opening of a full marketplace mode in the United States;

• Pinduoduo’s focused operations, and its similarity to global retail giants like Walmart

  
  

The ecommerce competition in China and globally is entering a very interesting and probably even more intensified phase now.

Chapters:

00:00:45: Pinduoduo’s stock price falls 10%?

00:03:45 PDD’s frank earnings spook investors

00:06:45: Was the miss deliberate?

00:12:20: Temu launched a marketplace model

00:14:45 Intensifying ecommerce landscape - how are players adapting?

On 21 November, two stories rocked China’s ecommerce scene, with global implications.

In this episode, we discuss the first story: Alibaba Group’s announcement to merge its domestic Chinese and international ecommerce businesses into the new Alibaba E-Commerce Business Group, led by Jiang Fan.

This move aims to streamline operations, foster synergies, and better position Alibaba against formidable rivals like Pinduoduo.

(The second story—PDD Group’s Q3 earnings miss—is covered in episode 102.)

In this episode, we explore:

• Jiang Fan's journey from a mobile advertising entrepreneur to a pivotal leader at Alibaba;

• Challenges of navigating leadership amidst corporate restructuring;

• The significance of this merger in a rapidly evolving ecommerce landscape;

• How this merger mirrors Pinduoduo and Temu’s strategy

The ecommerce competition in China and globally is entering a very interesting and probably even more intensified phase now.

Chapters:

00:00:20: Alibaba’s ecommerce merger

00:00:50: Who is Jiang Fan?

00:08:30: Transforming Alibaba, and its reversals

00:11:45: Challenges of leading a big organization

In our 100th episode of Impulso Podcast, we unpack China’s milestone of delivering 150 Billion parcels in just one year - that’s enough parcels to fill up 30 million football fields!

Tune in as we break down the numbers, explore the logistics behind this scale, and discuss:

• How goods sold at just ¥9.9 (with free shipping!) can still turn a profit

• Automation vs. human efficiency in handling millions of parcels daily

• Our first-hand observations from visit to one of China’s busiest logistics hubs

• The story of the 150 billionth parcel

Don’t forget to like, share, and subscribe for more insights into the trends shaping the consumer tech ecosystem. Stay tuned for upcoming episodes!

Chapters:

00:30:00: China sets new record: 150B parcels sent a year?!

00:03:30 Peak daily number of parcels delivered on just a random Tuesday?

00:06:45 11.11 hauls

00:08:20 Are Chinese brands profitable after selling goods at such low prices?

00:12:15 Logistics facility sends out 4 millions parcels a day

00:18:20 What was the 150B parcel?

Building on our discussion of Sea Groups Q3 earnings, this week we unpack Sea Group’s US$4.6B loan book, which has grown 30% QoQ while keeping non-performing loans low.

Tune in as we break down how Sea Money leverages Shopee’s customer data to assess credit risk, fueling growth for both its digital financial arm and Shopee, with BNPL services encouraging users to finance larger ticket items.

On the other hand, Grab’s loan book, although smaller—at just 10% of Sea’s loan book—has potential. While Grab’s user base skews more premium and its ride-hailing model sees fewer transactions than e-commerce, it’s steadily growing. With 41.9 million monthly transacting users and expanding services across income segments, Grab is creating new opportunities in digital finance.

Chapters:

00:00:37 SEAMoney’s US$4.6B loan book

00:04:00 How do tech players support lending?

00:06:20 SEA maintains a low non-performing loans (NPL)

00:12:28 Shopee Paylater boosts ecommerce growth

00:18:15 Does Grab’s financial services have potential?