As China’s leading cloud service provider, Alibaba Cloud empowers enterprises and developers with advanced cloud infrastructure and AI solutions. Join us for an exclusive meeting with the team to explore their latest innovations in AI-driven cloud services, the evolution of large-scale AI platforms, and how businesses are transforming in the AI era.

Why This Tour is Unparalleled

The global investment community is witnessing a massive resurgence of interest in China’s “Hard Tech” sectors—specifically Generative AI, Humanoid Robotics and Driverless L4 Robotaxi. However, headlines and research reports only tell the surface-level story. To truly grasp the scale, velocity, and real-world integration of these technologies, you must experience them on the ground.

This tour offers a rare look into the “vibe” of China’s innovation engine, through:

• Deep-dive networking: We skip the standard corporate walkthroughs. Engage in candid, closed-door conversations with C-level executives, founders, and industry pioneers.

• Insider investment perspectives: We will travel alongside seasoned investors who have backed China’s leading AI and robotics ventures. Gain raw, unfiltered insights into market trends and valuation realities.

• Experience real-world applications: We move beyond the pitch deck. Ride in Robotaxis, witness industrial robots in action, and explore AI-native consumer communities.

You will gain a clear, actionable understanding of:

• How Chinese AI startups bypass theoretical bottlenecks to rapidly deploy cutting-edge models into high-value commercial use cases.

• A firsthand look at the new paradigm where a new generation of entrepreneurs and government sectors co-evolve to de-risk frontier innovation.

• Why China’s massive manufacturing base is no longer just a “factory floor,” but a critical R&D partner that accelerates the prototyping and scaling of high-tech hardware.

• A realistic assessment of China’s positioning in the global tech landscape, identifying where the ecosystem remains most resilient and where the next growth “inflection points” lie.

English service: The entire program is tailored for international professionals. All members of the Baiguan team and all guest speakers from the companies we’ll visit can converse in English to ensure seamless communication.

Itinerary Overview

This is a 2.5-day immersive program. The detailed daily schedule will be shared with registered participants approximately one week before the tour.

Day 1

Location: Xuhui Riverside (West Bund), Shanghai

About Xuhui Riverside: Known as the core cluster of China’s AI industry, Xuhui Riverside houses nearly 90% of Shanghai’s AI startups. It operates under a unique “Double A” strategy (AI + Art), blending high-tech innovation with a modern, sophisticated lifestyle. The area integrates diverse elements such as art, finance, technology innovation, and sports. Participants will also learn how Shanghai attracts and nurtures tech talent through government policy support for the AI and hard-tech industries.

Welcome Meeting & Ice-breaking

Seminar by Baiguan Team:

• Current Landscape of China’s AI and Technology — Strategic policy, the AI ecosystem, and an introduction to the program, including the companies we will be visiting.

• Investment Themes, Ideas, and Opportunities — A discussion on sectors driving structural growth in China.

Welcome Dinner

Day 2 & Day 3

Inside China’s AI Incubator: Shanghai Foundation Model Innovation Center (魔速空间), Xuhui Riverside

About Shanghai Foundation Model Innovation Center: A premier, government-backed incubator where 80% of resident startups are in Pre-A stages. Covering LLM applications and Industrial AI, it is considered a “living laboratory” for early-stage AI projects in China. Access is typically restricted to industrial and strategic capital; this tour provides an exclusive gateway.

We will conduct in-depth visits to 2-3 representative startup companies, engaging in direct discussions with the founders on key issues such as technological barriers, China’s startup ecosystem, and commercialization paths.

• Incubator Walkthrough: Meet startups and experience live demos of the latest robotics, AI, and other cutting-edge technological products and developments.

• Cyber Partner Technology (魂伴科技): Implementation layer is getting more and more important, and will be ultimately responsible for translating robotics hardware into actual commercial usage. Cyber Partner Technology is a leading robotics integrator. Its “large robots + AI algorithms” integration solutions have been implemented in over 20 industries, including automotive and 3C manufacturing. We will visit the production line-level robotics dispatch site and engage in a conversation with the founder about pathways for “AI + robotics.”

• Nieta Art (捏Ta): Founded by a Meta veteran, Nieta is China’s largest AI-native content community. Meet the CEO to discuss the shift in Gen-Z digital culture and company’s global expansion strategy.

Visits to China’s leading AI and robotics company

• Minimax (HKG: 0100): One of China’s leading, globally recognized LLM companies. Meet with the team to discuss the latest developments in foundation models and commercial applications.(Exact identity of the company will be shared upon request.)

• JAKA Robotics (捷卡机器人): A leading manufacturer of collaborative robotics (cobot). Learn about China’s rapidly growing industrial robotics sector and the automation revolution in manufacturing.

• Pony.ai (NASDAQ: PONY): Experience a Robotaxi ride firsthand.

  Seminar: Steven Xiao, who invested in Pony.ai’s Series B round in 2018, will share exclusive perspectives on Pony.ai and China’s broader robotaxi development, the current status of the autonomous driving technology, the path toward robotaxi commercialization, investment impacts, as well as the social implications.

• Alibaba Cloud (NYSE: BABA): China’s leading cloud service provider, powering enterprises and developers with cutting-edge cloud infrastructure and AI solutions. Meet with the team to explore Alibaba Cloud’s innovations in AI-driven cloud services, the development of large-scale AI platforms, and opportunities for enterprise transformation in the AI era.

Optional experiential activities

This is also your opportunity to experience the vibrant (AI + Art) “Double A” ecosystem in the Xuhui Riverside area, and get a sense of the trendy lifestyle, consumer AIs, and other consumer trends in China. We invite you to optionally join us and explore the lively nightlife, restaurants, fashion, and other experiences this region has to offer. April is also an ideal time to enjoy a walk with a breezy wind and beautiful riverside landscape in Shanghai.

Who will you meet: C-level executives, founders, experts, and industry leaders from startups. We will also meet the Chief Ecosystem Officer of Shanghai Foundation Model Innovation Center, who will provide us with an extensive network and unmatched, direct access to the founders and executives of these high-growth startups.

*All of our visits on day 1 will be within walking distance in the Xuhui Riverside area. Please wear comfortable shoes. We recommend booking a hotel close to Xuhui Riverside.

*Shuttle rides will be arranged for Day 2 and Day 3.

Pricing & Signup

To maintain the quality and focus of this program—and to ensure meaningful interactions among investors and industry leaders—we are accepting participants by application only. Limited to 20 seats.

• Standard Tour Price: $3,000 USD per person for the 2.5-day event

• Early Bird Discount: $2,860 USD per person for registrations completed by March 20

• Baiguan Tour Returnee Discount: $2,100 USD per person for participants who have previously joined a Baiguan tour

What’s Included:

• All scheduled company visits and seminars

• All lunch and dinners

• All ground transportation during the tour

What’s Not Included:

• International/domestic flights to/from Shanghai

• Chinese visa application fees

• Travel insurance

• Personal expenses

• Breakfasts

• Hotels

To apply, please click or scan to fill out this Google form: RSVP: 2026 Shanghai AI & Robotics Innovation Tour

What to expect:

• After receiving your response, our team will get in touch within 1 business day to schedule your payment process and discuss the next steps.

  We understand that emails can sometimes end up in your spam folder. If you don’t hear from us within 1 business day, please check your spam folder.

• Once your payment is processed, your seat will be officially secured. We will follow up with an email to gather additional details to enhance your experience, such as arrival information, dietary restrictions, or any special accommodation needs.

• About one week before the program begins, we will reach out with the exact daily schedules, meeting spots, and an introductory brochure about the companies we will be visiting. We will also create a designated WeChat group for participants and invite you to join.

Logistics & Accommodation

Accommodation: Participants should book their own accommodation.

Recommended Stays: We strongly recommend booking at either the Urcove by HYATT Shanghai Xuhui West Riverside Hotel or the MGM Shanghai West Bund Hotel. These hotels are within comfortable walking distance of our primary visit locations and are also located in a vibrant area that blends the AI + art lifestyle and experiences.

Transportation:

• Day 1: All activities will be within walking distance.

• Day 2 & 3: We will arrange shuttle rides. The shuttle will stop at the recommended MGM Shanghai West Bund to pick up participants on Day 2 & 3. If you choose to stay at a different hotel, please plan on meeting the group in the lobby of the recommended hotel before the program begins.

Testimonials from Previous Tours

“About halfway through the tour, we went out to dinner, and it was a notable turning point where everyone loosened up. One great aspect of this tour is that the interest and domain is specific enough to draw out a diverse set of backgrounds, all of whom you’re interested in getting to know, and beyond getting the opportunity to pick everyone’s brains, you can become friends as well.” — Tech industry expert

“Came with intention to learn more about China, ended up with not only succeeding the original intention but also meeting new friends with diverse backgrounds. “ — Family office 2nd generation leader

I just want to thank Robert, Amber and both the Baiguan + FO Insights team for organizing this China Tour. It has been such a wonderful experience for me. One memorable experience was visiting Yowant’s X27 mall. Just mind-blown by the sheer scale of livestreaming in China. This is unlike any other “investor trip” and I really got to meet many interesting companies, analysts and other financial experts on the ground. Thank you so much! :)— Investor & entrepreneur

Deep Robotics demonstration of their robots, visitng Ali baba cloud center and Xi hu university

It was an incredible opportunity to gain first hand exposure to the Chinese consumer market and witness how homegrown tech companies are playing a crucial role in AI/robotics space. The Baiguan and FOI team deep connections and expertise in the market definitely helped contextualized some of the market nuances.

— Fintech Senior management, personal investor

Baiguan’s tour has provided independent, objective and insightful perspectives for global investors. — CIO private wealth

The Baiguan China Discovery Tour provided a unique opportunity to meet with a number of businesses from different industries. The presentations and discussions gave a good idea about the business models and how they deal with the current situation in the Chinese market. It was an action packed program that gave us many new insights.

But the best was how the group spirit evolved, fueled by the hosts’ organizing skills and hospitality. We came as individual professionals interested in getting to know China on the ground. We left as a group of friends sharing an exceptional experience. — Founder, AI-based cloud solution

For more details about our previous programs and field trip notes, visit:

2025 Program

2025 Field Trip Highlights

Important Policies

Refunds & Cancellations:

• Cancel ≥7 days before the tour start date → Full Refund

• Cancel <7 days before the start date (any reason, including visa issues) → No Refund

• Requests must be sent in writing to baiguan@bigonelab.com

Visa Application: We strongly urge all non-Chinese passport holders to begin their visa application process immediately upon registration. Participants are responsible for securing valid passports and visas. Failure to obtain a visa is not an exception to the refund policy. To be eligible for a full refund, you must cancel before April 14, 2026. Please plan your visa application accordingly.

Travel Insurance: Strongly recommended to protect against unexpected events (medical emergencies, cancellations, lost luggage, etc.).

Perks

All participants will receive a free 1-year Baiguan subscription. Already a paid subscriber? We’ll extend your subscription by 12 months.

About Baiguan and BigOne Lab

Baiguan Newsletter is owned by BigOne Lab, a data-driven market research and information services company. Founded in 2016, BigOne Lab leverages alternative data to provide clients with insightful, objective, and actionable solutions.

Our data solutions currently cover more than 10 industries and 200,000+ businesses, spanning hundreds of business metrics. Our clients include 100+ investment funds, sovereign wealth funds, PE/VC investors, leading consulting companies, consumer companies and internet companies, among others.

Share

The global investment community is witnessing a massive resurgence of interest in China’s “Hard Tech” sectors—specifically Generative AI, Humanoid Robotics and Driverless L4 Robotaxi. However, headlines and research reports only tell the surface-level story. To truly grasp the scale, velocity, and real-world integration of these technologies, you must experience them on the ground.

This tour offers a rare look into the “vibe” of China’s innovation engine, through:

• Deep-dive networking: We skip the standard corporate walkthroughs. Engage in candid, closed-door conversations with C-level executives, founders, and industry pioneers.

• Insider investment perspectives: We will travel alongside seasoned investors who have backed China’s leading AI and robotics ventures. Gain raw, unfiltered insights into market trends and valuation realities.

• Experience real-world applications: We move beyond the pitch deck. Ride in Robotaxis, witness industrial robots in action, and explore AI-native consumer communities.

You will gain a clear, actionable understanding of:

• How Chinese AI startups bypass theoretical bottlenecks to rapidly deploy cutting-edge models into high-value commercial use cases.

• A firsthand look at the new paradigm where a new generation of entrepreneurs and government sectors co-evolve to de-risk frontier innovation.

• Why China’s massive manufacturing base is no longer just a “factory floor,” but a critical R&D partner that accelerates the prototyping and scaling of high-tech hardware.

• A realistic assessment of China’s positioning in the global tech landscape, identifying where the ecosystem remains most resilient and where the next growth “inflection points” lie.

English service: The entire program is tailored for international professionals. All members of the Baiguan team and all guest speakers from the companies we’ll visit can converse in English to ensure seamless communication.

📅 Itinerary Overview

Day 1: April 21 (Tuesday, half-day) – The Heart of China’s AI Startup Hub

Location: Xuhui Riverside (West Bund) Conference Center

About Xuhui Riverside: Known as the core cluster of China’s AI industry, Xuhui Riverside houses nearly 90% of Shanghai’s AI startups. It operates under a unique “Double A” strategy (AI + Art), blending high-tech innovation with a modern, sophisticated lifestyle. The area integrates diverse elements such as art, finance, technology innovation, and sports. Participants will also learn how Shanghai attracts and nurtures tech talent through government policy support for the AI and hard-tech industries.

Afternoon Activities:

• 2:00 PM: Welcome Meeting & Ice-breaking.

• Seminar by Baiguan Team:

  • 2:30 PM to 3:15 PM - Session 1: Current Landscape of China’s AI and Technology: Strategic policy, the AI ecosystem, and an introduction to the 2-day program, including the companies we will be visiting.

  • 3:15 PM to 3:30 PM - Tea/Coffee Break

• 3:30 PM to 4:15 PM - Session 2: Investment Themes, Ideas, and Opportunities: A discussion on sectors driving structural growth in China.

• 4:15 PM to 5:00 PM - Q&A & networking with the group

• 5:30 PM: Welcome Dinner (Location TBD)

Day 2: April 22 (Wednesday) – Inside the AI Incubator

Location: Shanghai Foundation Model Innovation Center (魔速空间), Xuhui Riverside

About Shanghai Foundation Model Innovation Center: A premier, government-backed incubator where 80% of resident startups are in Pre-A stages. Covering LLM applications and Industrial AI, it is considered a “living laboratory” for early-stage AI projects in China. Access is typically restricted to industrial and strategic capital; this tour provides an exclusive gateway.

We will conduct in-depth visits to 2-3 representative startup companies, engaging in direct discussions with the founders on key issues such as technological barriers, China’s startup ecosystem, and commercialization paths.

Morning Activities:

• Incubator Walkthrough: Meet startups and experience live demos of the latest robotics, AI, and other cutting-edge technological products and developments.

• Cyber Partner Technology (魂伴科技): Implementation layer is getting more and more important, and will be ultimately responsible for translating robotics hardware into actual commercial usage. Cyber Partner Technology is a leading robotics integrator. Its “large robots + AI algorithms” integration solutions have been implemented in over 20 industries, including automotive and 3C manufacturing. We will visit the production line-level robotics dispatch site and engage in a conversation with the founder about pathways for “AI + robotics.”

Afternoon Activities:

• Nieta Art (捏Ta): Founded by a Meta veteran, Nieta is China’s largest AI-native content community. Meet the CEO to discuss the shift in Gen-Z digital culture and company’s global expansion strategy.

• Other Select AI Startups: (TBD)

Who will you meet: C-level executives, founders, experts, and industry leaders from startups. We will also meet the Chief Ecosystem Officer of Shanghai Foundation Model Innovation Center, who will provide us with an extensive network and unmatched, direct access to the founders and executives of these high-growth startups

Dinner @ TBD: We will invite local entrepreneurs and investors to join us for networking.

Optional: This is also your opportunity to experience the vibrant (AI + Art) “Double A” ecosystem in the Xuhui Riverside area, and get a sense of the trendy lifestyle, consumer AIs, and other consumer trends in China. After dinner, we invite you to optionally explore the lively nightlife, restaurants, fashion, and other experiences this region has to offer.

*All of our visits on day 1 & 2 will be within walking distance in the Xuhui Riverside area. Please wear comfortable shoes.

*We recommend booking a hotel close to Xuhui Riverside. April is also an ideal time to enjoy a walk with a breezy wind and beautiful riverside landscape in Shanghai.

Day 3: April 23 (Thursday) – Hard Tech & Robotaxi

Location: Caohejing (漕河泾) Tech Park

Morning Activities:

• Robotaxi Riding Experience on Pony.ai (NASDAQ: PONY): Participants will experience a Robotaxi ride firsthand.

• Seminar Guided by Steven Xiao: Steven invested in Pony.ai’s Series B round in 2018 and will share exclusive perspectives on Pony.ai and China’s broader robotaxi development, the current status of the autonomous driving technology, the path toward robotaxi commercialization, investment impacts, as well as the social implications.

After Activities:

Company visit to one or more of the leading LLM and robotics companies including:

• LLM companies

  • Minimax

  • Zhipu AI (Knowledge Atlas)

• Robotics

  • Agibot, one of China’s leading robotics companies

  • Fourier Robotics, one of China’s leading robotics companies

  • Jaka Robotics, leading manufacturer of robotics hand

These visits are TBD, pending companies’ review of the tentative list of attendeees.

Farewell dinner @ TBD

*We will arrange shuttle rides for the full Day-2 program.

Logistics & Accommodation

Accommodation: Participants should book their own accommodation.

Recommended Stays:

We strongly recommend booking at either the Xuhui Riverside Hyatt Hotel or the MGM Hotel.

These hotels are within comfortable walking distance of our primary visit locations and are also located in a vibrant area that blends the AI + art lifestyle and experiences.

Transportation:

Day 1 and Day 2: All activities will be within walking distance.

Day 3: We will arrange shuttle rides. The shuttle will stop at the Xuhui Riverside Hyatt Hotel to pick up participants on Day 3. If you choose to stay at a different hotel, please plan on meeting the group in the lobby of the Xuhui Riverside Hyatt Hotel before the program begins.

What’s included

•All scheduled company visits and seminars.

•All lunch and dinners

•All ground transportation during the tour.

What’s not included

•International and domestic flights to/from Shanghai.

•Chinese visa application fees.

•Travel insurance.

•Personal expenses (e.g., souvenirs, additional beverages).

•Breakfasts

•Hotels

Pricing & Signup

To ensure an exclusive experience and provide full attention to our participants, we are limiting the program to only 20 seats.

• Standard Tour Price: $3,000 USD per person for the 2.5-day event.

• Early Bird Discount: $2,860 USD per person for registrations completed by [March 20].

• Baiguan Tour Returnee Discount: $2,100 USD per person for participants who have previously joined a Baiguan tour.

RSVP HERE: https://forms.gle/gnSjrQL4FwXNsYsu6 or scan the QR code. We will reach out within 1 business day.

About Baiguan and BigOne Lab

Baiguan Newsletter is owned by BigOne Lab. BigOne Lab is a data-driven market research and information services company. Founded in 2016, BigOne Lab leverages alternative data to provide clients with insightful, objective, and actionable solutions.

Our data solutions currently cover more than 10 industries and 200,000+ businesses, spanning hundreds of business metrics. Our clients include 100+ investment funds, sovereign wealth funds, PE/VC investors, leading consulting companies, consumer companies and internet companies, among others.

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Why is this tour different?

The dominant narrative in global media is that China is facing deflation and deep structural challenges—and long gone are the days when every sector posted double-digit growth. In this new phase of the Chinese economy, identifying structural investment opportunities requires a sharper lens and a deeper presence on the ground.

While the macro picture feels uncertain, specific sectors are thriving—driven by generational shifts in behavior, demand for domestic cultural identity, and a new wave of tech innovation. But these are not always the trends you’ll find in boardrooms or equity research reports.

We believe that the best way to deepen your strategic understanding of China is to come and see it for yourself. Meet the founders and operators of tomorrow’s Pop Mart and Deepseek. Hear directly from the companies shaping China’s next growth cycle.

This tour takes you beyond glossy surfaces. You’ll meet both listed and pre-IPO companies, dine with local founders and investors, and visit the spaces—both digital and physical—where real consumer behavior takes shape.

If your investment thesis depends on understanding where China is going, not where it was, this trip is for you.

✈️ Tour Itinerary

Please note that while the list of company visits is final, exact daily schedules and the representatives you’ll meet will be shared a few weeks before the tour, as coordinating multiple companies and participants takes time. A detailed handout will be provided prior to departure.

Day 0: Shanghai - Welcome Dinner

We will host a welcome dinner on the evening of the 26th, giving everyone a chance to get to know each other. The location will be near the recommended hotel in Shanghai. You are free to attend if your travel plan allows.

Day 1: Shanghai – Understanding the Daily Life of China’s Young Consumers

Theme: How a typical urban professional in their 20s–30s works, eats, and shops in 2025 China

Atour Hotels (NASDAQ: ATAT): Atour is one of the most loved hotel chains among Chinese in their 20s to 40s. Beyond being a reliable choice for both business and leisure travel, Atour has successfully expanded into retail, with its household product line now contributing ~39% of group sales. It’s one of the first hotel brands in China to transform into a "lifestyle brand." A visit to Atour offers insights into how young Chinese consumers think about travel, home, and lifestyle.

Lunch @ Super Bowl: Super Bowl is a popular healthy fast-casual chain among China’s young office workers. Its grain bowls, lean proteins, and app-based ordering reflect a rising awareness of health and convenience, localized for Chinese tastes. Lunch here highlights how “clean eating” concepts are evolving into scalable restaurant models. We’ve invited an early investor in Super Bowl—who has also backed several successful consumer startups—for a conversation on the evolving dynamics of China’s consumption landscape.

M&G Stationery (SHA: 603899), founded in 1997, is etched into the childhood memories of nearly every Chinese student. Once known simply as a trusted stationery maker, it is now reinventing itself into a creative, globally-oriented brand. From IP collaborations to ESG initiatives—such as launching China’s first carbon-neutral stationery—M&G exemplifies how China’s “time-honored” companies are innovating and building brand power to stay competitive.

Private Welcome Dinner with Family Offices & Founders An English-friendly gathering with founders, second-generation leaders of family businesses, and local investors. This is a unique opportunity to network and exchange perspectives on brand-building, challenges, and investment trends in China.

Transport: Private coach transfer to Hangzhou (~2.5 hrs)

Lunch and dinner will be provided today.

Day 2 Hangzhou: Digital Culture and Entertainment in Transition

Theme: How content, entertainment, and commerce intersect in a rapidly evolving consumer landscape

Foshan Yowant Technology (002291.SZ): Livestreaming is one of China’s most influential retail formats, blending product discovery, trust-based marketing, and instant conversion. Yowant remains the industry leader, with top celebrity hosts, collaborations with 25,000+ brands, and the highest number of livestreams surpassing RMB 100 million in single-session sales. We will step inside a livestreaming room to see how it works in practice, and explore how new technologies—AI-powered content and digital marketing—are reshaping creator-led commerce.

Netease Games (NASDAQ: NTES): China’s gaming industry has rapidly advanced in visual storytelling, design language, monetization models, and global expansion. NetEase is one of the leading players—not only producing its own titles, but also publishing and investing in a diverse portfolio of games with strong domestic and international potential. Our session will explore questions such as: how AAA games are developing compared with mobile-first titles, what monetization opportunities exist, and how Chinese studios are positioning themselves in overseas markets. We will also get a preview of emerging games that could become the next breakout hits.

Lunch will be provided today. Once you arrive, we’ll give you some dinner suggestions featuring local flavors.

Day 3 Hangzhou: Culture, Identity & Chinese Brands’ Global Ambition

Theme: Explore how Chinese brands fuse heritage, pride, and innovation to win at home and go global.

Proya Cosmetics (603605.SH): Proya is a leading example of a domestic beauty and skincare brand successfully shedding the “cheap, low-quality” stereotype. Through strong R&D, effective digital marketing, and culturally resonant products, Proya competes head-to-head with global giants while driving the localization and upgrade of China’s cosmetics industry.

JNBY Group (3306.HK): JNBY is a prime example of how a Chinese designer brand tells the story of China’s fashion. It blends modern taste with subtle Chinese design elements, cultivating loyal followers both at home and abroad. The brand exemplifies the rise of Guochao (“China Chic”) brands that balance innovation with cultural identity.

Saint Bella (2508.HK): If you follow China’s news, you’ve likely seen headlines about declining birth rates. A key question is how consumer brands continue to adapt and stay competitive in this environment. We will visit Saint Bella, the largest postpartum and family care group in China and Asia, to see how it builds a strong portfolio of both services and retail products, domestically and overseas. More importantly, this visit offers a chance to explore how Chinese mother & baby brands are responding to changing demographics and what this signals for the industry’s future.

Private Welcome Dinner with Family Offices & Founders An English-friendly gathering with founders, second-generation leaders of family businesses, and local investors. This is a unique opportunity to network and exchange perspectives on brand-building, challenges, and investment trends in China.

Lunch and dinner will be provided today.

Day 4 Hangzhou: Tech Frontiers: AI & AR glasses

Theme: Exploring China’s AI innovation and consumer tech products

Alibaba AI (NYSE:BABA): Visit Alibaba’s AI Labs to learn about their cutting-edge AI developments, including China’s leading large language model, Qwen, which uniquely integrates AI capabilities directly with e-commerce operations. Gain insights into how Alibaba’s foundational research supports commerce, logistics, and cloud services, and understand where China is innovating or diverging in the AI landscape.

Lunch@Home Original Chicken 老乡鸡 (HK Pre-IPO): Home Original Chicken is one of China’s most recognizable fast-casual chains, famous for its homestyle chicken dishes and grassroots brand image. It thrives on a uniquely Chinese formula: down-to-earth marketing, approachable prices, and comfort food rooted in local traditions. Now preparing for its IPO, Home Original Chicken raises an intriguing question—could it become China’s own version of KFC or McDonald’s? Experiencing it firsthand in China offers an authenticity and scale that no overseas case study could replicate.

Rokid: Rokid is a leading Chinese startup in AR glasses and spatial computing, positioning itself as a rising rival to Apple’s Vision Pro. Experience hands-on demos of their latest technology and discuss applications across industrial, consumer, and entertainment sectors. This visit highlights the opportunities and challenges for AI and AR hardware and software innovators in China’s vast market.

Lunch will be provided today.

Who exactly will we meet?

What sets the Baiguan China Tour apart is the quality of our access. Our itinerary is curated to ensure you go beyond the standard corporate pitch.

Throughout the tour, you will engage directly with: founders & C-level executives, key division heads who are directly responsible for business units and product strategy, and second-generation family office leaders.

We bypass the PR teams to connect you with the individuals driving the business, ensuring you receive unfiltered insights into their strategies, challenges, and vision.

Cultural & Experiential Stop

In addition to company visits, we will also include curated cultural and experiential stops in Hangzhou—designed to give participants a first-hand feel of China’s unique commercial environment. This will highlight unique aspects of China’s consumer market—phenomena and experiences that can only be found in China. The exact activity will be confirmed closer to departure.

💳 Registration & Fees

👉 To begin your registration, please fill out this google form.

(The RSVP form will close once all seats are filled.) Our team will send you a secure payment link via Stripe within 1 day, which accepts all major credit cards, Apple Pay, Google Pay, or Link.

• Standard Price: $4,280 USD

• Early Bird Price (ends Sept.15): $3,980 USD (save $300)

We do realize that sometimes our email can get into your spam box. Please help us check if that's the case if you don't hear from us within 1 day.

This tour is strictly limited to 20 seats to ensure an interactive and high-value experience. Spots are confirmed only after successful payment and are allocated on a first-come, first-served basis.

*If you are traveling with others, each participant must register and complete payment separately to ensure accurate details for everyone.

✅ Confirmation Process and What to Expect Next

Once your payment is successfully completed, here’s what you can expect:

Upon successful payment, you will receive an immediate payment receipt from Stripe. This confirms your seat and registration.

Within 24–48 hours: You will receive a personal welcome email asking for the following information:

• Personal information: Legal name, phone number, dietary restrictions/allergies, arrival & departure flights, a short personal introduction (optional, for cohort networking), and emergency contact.

• Private group access: We’ll invite you to a WeChat group for timely communication and a more personal connection before and during the tour.

• Recommended hotel: Local transportation will be arranged throughout the trip. Please note that while shuttles will be provided, pickup will only be available from the recommended hotel each morning before the day’s activities begin. If you choose to stay elsewhere, please plan to meet the shuttle at the recommended hotel each morning.

  • Shanghai: Atour Hotel Shanghai Hongqiao Shuicheng Road (view on booking.com).

    Instead of a 5-star hotel, we recommend Atour Hotel—a lifestyle brand and hotel chain that has become one of the most popular among young Chinese consumers. It is known for its smart and modern room design. This particular location is close to Hongqiao Railway Station, making it convenient if you are arriving by train.

    If you are arriving at Shanghai Pudong International Airport on Oct 26, please let us know your flight details, and we will assist with pickup and transfer to the recommended hotel.

  • Hangzhou: Sheraton Grand Hangzhou Wetland Park Resort (View on booking.com).

    This hotel is recommended because it sits close to companies that we will visit (Alibaba AI, Rokid, Yowant etc.). It is also located next to the Xixi National Wetland Park and inspired by traditional Chinese architecture, offering landscape views of the signature gardens of Hangzhou.

Follow-up communications:

• Mid-to-late September: A dedicated newsletter will feature company hosts, guest highlights, and itinerary details. You’ll find out who you’ll meet at each company, along with early insights into the discussion topics and key business highlights.

• Mid October: You’ll receive the detailed hour-by-hour schedule and join a pre-tour Zoom briefing to meet fellow participants and the Baiguan team, and to have any questions answered.

📌 Important Policies

• Refunds & Cancellations:

  • Cancel ≥30 days before the tour start date → Full Refund

  • Cancel <30 days before the start date (any reason, including visa issues) → No Refund

  • Requests must be sent in writing to baiguan@bigonelab.com

• Urgent Action Required for Visa Application: We strongly urge all non-Chinese passport holders to begin their visa application process immediately upon registration. Participants are responsible for securing valid passports and visas. Failure to obtain a visa is not an exception to the refund policy. To be eligible for a full refund, you must cancel before September 26, 2025. Please plan your visa application accordingly.

• Travel Insurance: Strongly recommended to protect against unexpected events (medical emergencies, cancellations, lost luggage, etc.).

• What’s Not Included: International airfare, accommodation, meals (except those noted in itinerary), visa fees, and personal expenses.

🎁 Perks

All participants will receive a free 1-year Baiguan subscription. Already a paid subscriber? We’ll extend your subscription by 12 months.

Seats are limited — and early bird pricing is only available until September 15, 2025.

We look forward to welcoming you to China in 2025!

Warm regards,

The Baiguan Team

Other FAQ

🧾 Invoice Requests

If your organization requires an invoice, simply email baiguan@bigonelab.com after completing your payment. We’ll issue a Stripe invoice (example attached).

Alternative payment methods

If your organization needs a different payment arrangement (such as bank/wire transfer), please contact us at baiguan@bigonelab.com with the subject line: “China Tour Payment Request.” Please note that it may take up to 24 business hours for us to process and respond to your inquiry.

Will there be English translation?

Yes, all company visits and official sessions will have English translation available.

Are meals provided?

• Lunch: Workday-style lunches will be provided for all participants.

• Dinner: Certain evenings include networking or founder dinners.

• Breakfast and other meals: Participants will need to arrange on their own.

What if I don’t stay at the recommended hotel?

Shuttle service will only operate from the recommended hotel. If you choose to stay elsewhere, please plan to meet the shuttle at the recommended hotel each morning before the day’s activities.

But reading about China’s opportunities is one thing—experiencing them first-hand is another.

We believe that the best way to deepen your strategic understanding of China is to come and see it for yourself. Meet the founders and operators of tomorrow’s Pop Mart and Deepseek. Hear directly from the companies shaping China’s next growth cycle.

That’s why we’re planning to organize an exclusive, small-cohort China Business Excursion in October this year.

After gathering feedback from everyone who showed interest, we’re excited to share the itinerary. This year’s tour will take place October 26–29 in Shanghai and Hangzhou, focusing on China’s consumer and tech sectors.

👉 View the itinerary here: http://bit.ly/40CGrmC

or scroll to the end of this email to view it

If you’d like to join, please RSVP by filling out the Google Form linked below. There’s no obligation to commit yet—we’re trying to gauge strong interest in attending this itinerary.

The dates and cities for the Baiguan China Tour are now confirmed. We will be sharing additional details—including how to submit payment, pickup locations, a more detailed daily itinerary, the finalized schedule, and the list of confirmed guests—by late-August.

Logistical details such as payment and transportation will only be shared with those who register.

In the meantime, feel free to reach out with any questions or concerns!

👉 RSVP here: https://forms.gle/KzjVCxsc4EE1m4cG6

We also want to co-create this experience with you. In the form, you can:

• There are several company and site visit options available, and we’d appreciate your input on which you find most interesting.

• Share any additional feedback or questions you may have

We realize the dates and company lineup might not work for everyone. We wanted to create a focused theme to offer a deep, meaningful experience. Don’t worry—this is our inaugural tour; future tours will have more dates available and explore different industries and companies that may better suit your interests!

Looking forward to hearing from you.

Best,

Amber

Full itinerary below

Discover the Real China: 2025 China Consumer & Tech Discovery Tour

Theme: New Brands, New Tech

Duration: 4 Days

Dates: Oct 26 - 29, 2025

Cities: Shanghai & Hangzhou

Price： 4280$ / person (accommodations and flights NOT included)

Why is this tour different?

The dominant narrative in global media is that China is facing deflation and deep structural challenges—and long gone are the days when every sector posted double-digit growth. In this new phase of the Chinese economy, identifying structural investment opportunities requires a sharper lens and a deeper presence on the ground.

While the macro picture feels uncertain, specific sectors are thriving—driven by generational shifts in behavior, demand for domestic cultural identity, and a new wave of tech innovation. But these are not always the trends you’ll find in boardrooms or equity research reports.

To understand where China’s next Pop Mart or DeepSeek may emerge, you need to look where young people live, spend, and create:

• What does it mean when Gen Z favors a smart hotel chain over a five-star resort?

• How is Douyin (TikTok China) shaping commerce in ways the West has never seen?

• Why are livestreaming warehouses and local creative markets outperforming traditional malls?

This tour takes you beyond glossy surfaces. You’ll meet both listed and pre-IPO companies, dine with local founders and investors, and visit the spaces—both digital and physical—where real consumer behavior takes shape.

If your investment thesis depends on understanding where China is going, not where it was, this trip is for you.

*We will provide a more detailed list of tips and recommendations on transportation, accommodations, and dining options as the dates approach.

🗓️ Itinerary Overview

Day 1 Shanghai: Understanding the Daily Life of China’s Young Consumers

Theme: How a typical urban professional in their 20s–30s works, eats, and shops in 2025 China

• Morning: ByteDance – Douyin E-Commerce Division We begin with a visit to ByteDance’s Douyin e-commerce division, where content, commerce, and AI recommendation intersect. Douyin has become a dominant force not just in entertainment but in shaping how products are discovered and bought in today's China. This visit will focus on understanding how short-form video and livestreaming drive consumer behavior differently than traditional e-commerce models, and what that means for brand-building and distribution in today’s China.

• Lunch: Super Bowl (超级碗)

  Chinese urban workers’ go-to lunch spots for Chinese-style clean eating. Lunch is at Super Bowl, a healthy fast-casual chain popular among China's young office workers. The menu blends localized “clean eating” with Chinese flavors—grain bowls, lean proteins, and app-based ordering. It reflects how health awareness is evolving among younger consumers and how that translates into scalable restaurant concepts.

  Optional: join a private conversation with the investor who has backed several successful consumer startups, including the Super Bowl, and will share observations on what’s changing in China’s demand landscape.

• Afternoon Option 1: Dewu (得物) - China's emerging “secondhand economy”

  China’s Gen Z hub for secondhand fashion and collectibles.

  Dewu started as a sneaker and streetwear resale app, but has grown into the go-to marketplace for China’s secondhand economy. For young consumers, it’s not just about price—trading secondhand has become a lifestyle rooted in identity, community, and discovery. Dewu also plays a key role in the rise of resale entrepreneurship, enabling thousands of young Chinese to run small businesses. Beyond fashion, high-demand items like Pop Mart toys often sell at steep markups. In 2021, GMV hit RMB 80 billion.

  Afternoon Option 2: Guoquan (锅圈 2517.HK) - China’s emerging “ready-to-eat meals” sector

  The franchise transforming hotpot from dine-out to ready-to-cook.

  Guoquan has reinvented hotpot for home consumption. Through a standardized supply chain and a dense neighborhood store network, it brings restaurant-quality hotpot ingredients directly to consumers—tapping into the booming “lazy economy” and the "fast-growing “ready-to-eat meals” trend. While ready-to-eat meals already dominate in markets like Japan and US (~60%+ penetration), China is still catching up. But as younger consumers prioritize convenience, fun, and affordability, could Guoquan lead China’s ready-to-eat meals boom?

Evening: Private Family Office & Founder Dinner A small, off-the-record English-friendly dinner featuring consumer-brand founders and second-gen investors. Exchange perspectives on brand-building, distribution challenges, and capital trends.

Transport: Private coach transfer to Hangzhou (~2.5 hrs)

Accommodation (on your own) Instead of staying at a 5-star hotel, we recommend Atour Hotel (亚朵 NASDAQ: ATAT)— a lifestyle brand loved by young Chinese consumers. Known for its robot room service, smart rooms, and modern design, Atour is also one of the few hotel chains in China to go public. It has expanded into home goods like pillows, becoming a popular consumer brand beyond hospitality.

Day 2 Hangzhou: Digital Culture and Entertainment in Transition

Theme: How content, entertainment, and commerce intersect in a rapidly evolving consumer landscape

• Morning Option 1: Livestreaming Studio Visit We will visit a livestreaming studio. Livestreaming remains one of the most influential retail formats in China, combining product discovery, trust-based marketing, and real-time conversion. This visit offers a look into how consumer engagement is being redefined, especially among younger demographics, and what new technologies such as AI-powered content or digital avatar are being used to scale creator-led commerce.

  Morning Option 2: Short-form Drama Studio Visit

  Visit a studio behind China’s booming short-form dramas—bite-sized, mobile-first shows under 10 minutes per episode. This format has become a new engine for content monetization, driving traffic, IP sales, and e-commerce. Some top hits are even going global, especially in Southeast Asia.

• Lunch: Investor & Consumer Brands Roundtable We’ll host a closed-door lunch with representatives from leading consumer brands and investment firms, including companies like Proya (珀莱雅 603605.SH), Adopt a Cow (认养一头牛), and others in the Jiangsu-Zhejiang area. Discussion topics will include brand resilience in a slower macro environment, strategies for second- and third-tier city penetration, and balancing domestic growth with overseas expansion.

• Afternoon: Game Studio Visit We will visit a Chinese game studio producing titles on the level of Black Myth: Wukong to understand how domestic developers are building culturally resonant IP with global ambitions. This visit offers a window into the evolution of China’s gaming sector—from visual storytelling and design language to monetization strategies and international expansion.

• Evening: self-arranged dinner

Day 3 Hangzhou: "Guochao Rising" - Culture, Identity & Global Ambition

Theme: Explore how Chinese brands fuse heritage, pride, and innovation to win at home and go global.

• Morning Option 1: Proya Cosmetics (603605.SH) Visit Proya is one of China’s best examples of domestic beauty and skincare brands successfully shedding the “cheap” and “low quality” stereotypes. It leads China’s effort to localize and upgrade the cosmetics industry through strong R&D, effective digital marketing, and culturally resonant products that compete with global giants.

  Morning Option 2: JNBY Group (3306.HK) Visit JNBY combines avant-garde fashion with subtle Chinese design elements, capturing loyal followers at home and abroad. The brand reflects the rise of “Guochao” (national trend) brands that balance innovation with cultural identity.

• Lunch: self-arranged

• Afternoon Option 1: "自然造物Made in Natures" Cultural Studio & Marketplace The marketplace brings together some of China’s best original “Guochao” — cultural products that embody “Chinese chic” or heritage fashion — all in one space. It offers two key insights: how cultural IP is commercialized (what could produce the next Laopu Gold), and how China’s younger generation embraces a meaningful, “anti-involution” lifestyle. The founder, store manager, and staff are all non-elite graduates who have chosen purposeful work over relentless competition.

• Afternoon Option 2: Liangzhu Jade Bird Marketplace Located near the UNESCO Liangzhu ruins, this complex hosts creative workshops, retail, dining, events, and markets—a new offline consumption format replacing aging shopping malls in China. It represents China’s current popular experiential consumption model blending culture and commerce.

• Evening: Private Family Office & Founder Dinner A small, off-the-record English-friendly dinner featuring consumer-brand founders and second-gen investors. Exchange perspectives on brand-building, distribution challenges, and capital trends.

Day 4 Hangzhou: Tech Frontiers: AI & AR glasses

Theme: Exploring China’s AI innovation and consumer tech products

• Morning: Alibaba AI Visit Alibaba’s AI Labs to learn about their cutting-edge AI developments, including China’s leading large language model, Qwen, which uniquely integrates AI capabilities directly with e-commerce operations. Gain insights into how Alibaba’s foundational research supports commerce, logistics, and cloud services, and understand where China is innovating or diverging in the AI landscape.

• Lunch: self-arranged

• Afternoon: Rokid Visit - rising rival to Apple’s Vision Pro Visit Rokid, a leading Chinese startup in AR glasses and spatial computing—and a rising rival to Apple’s Vision Pro. Experience hands-on demos of their latest technology and discuss applications across industrial, consumer, and entertainment sectors. This visit sheds light on the unique opportunities and challenges faced by AI and AR hardware and software innovators in China’s vast market.

In case you’re new here: Baiguan isn’t just a newsletter. It’s a community where equal-minded thinkers meet, debate, and share knowledge that often doesn’t make it to headlines. Today's newsletter curates the most valuable insights from our members-only Discord in the past weeks.

💹 Investment Ideas & China Equities

Haidilao, Gree, Midea: Dividend Isn’t Dead Contrary to the dominant China bear narrative, a few members explored names that are maturing into solid income plays. Haidilao’s core mainland business may no longer be a high-growth story, but its ~6% dividend yield stands out in today’s market. Appliance giants Gree and Haier are also offering attractive yields, bolstered by favorable seasonal demand and potential trade-in subsidies. Midea, meanwhile, is diversifying into industrial automation through KUKA (a German industrial robotics company, in which Midea acquired a majority stake), positioning itself for structural upside.

On Haidilao: "It isn’t especially cheap or expensive. Investing for dividend might make economic sense right now."

Kuaishou vs Bilibili: Who Wins the AI Video Race? Kuaishou's Kling video generator has been quietly turning heads as a monetization machine. Members argued that its advantage isn't just in video quality, but the built-in monetization tools for creators—particularly those targeting grassroots audiences in lower-tier cities. By contrast, Bilibili remains loved for its content quality but faces structural weakness in monetization due to its revenue share model.

"The edge isn't just the quality of the video, but also that Kuaishou has the ecosystem for creators to monetize."

FUTU and Brokerage Cycles FUTU came up again, not just as a retail investor darling, but as a case study in cyclical growth. Some view it as a high-beta stock that follows predictable waves of retail interest in China and Hong Kong markets. Traders discussed the strategy of accumulating on the downswings and selling during risk-on euphoric rallies.

"High-quality company with a top-class product and management team."

Used Car Exports: China’s Next Niche? A niche but fascinating discussion spotlighted the underexplored market of used car exports. With EV penetration rising in China, the question was raised: What happens to the used inventory? Anecdotes from members in the auto business suggest growing demand in Southeast Asia for Chinese second-hand EVs.

"Big opportunity for China to export used cars. It’s not a thing right now yet."

Pinduoduo: Great Company, Questionable Stock? A debate surfaced around whether PDD is shareholder-friendly. The company continues aggressive subsidies and user acquisition, but hasn’t shown a willingness to return capital via buybacks or dividends. A related-party transaction involving a loan to its CEO added further fuel to skepticism.

"They subsidize users with your equity." "Great company, but not necessarily a great stock."

Meituan vs JD vs Alibaba: Instant Retail War. The arms race in China’s on-demand economy is heating up. JD reportedly ramped up to 25 million deliveries per day in a single quarter, challenging Meituan's dominance. But is this just a cash-burn war or something deeper? Some argue Meituan has a moat via its merchant services and Dianping ecosystem, while others fear JD’s scale proves otherwise.

"JD just proved that Meituan business doesn't have a moat. Took JD 1 quarter to do 25m/day."

CATL Blind Box Problem. In the EV space, members highlighted how brand dilution is happening even within top players. Buyers of Li Auto face a "battery blind box" dilemma—receiving either a CATL or a lesser-known Sunwoda battery. That inconsistency is chipping away at consumer confidence, especially as battery brand is increasingly seen as a mark of quality.

"Basic models for Li Auto are basically blind boxes. You either get Sunwoda or CATL."

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🏩 Policy, Real Estate & China’s Market Economy

Muted Stimulus Isn’t Weakness. It’s Strategy. Some argue that Beijing’s apparent inaction on stimulus isn’t about a lack of resources, but a deliberate choice to shift accountability to local governments. This "you own it, you fix it" strategy is pushing provincial LGFVs to confront their liabilities, while preserving the central government’s pristine credit profile.

"Short of money is more a policy choice than a reality. The central government is one of the strongest credits in the world."

Hong Kong Property: Slow-Motion Unwind Trouble continues to brew in Hong Kong’s real estate sector. Emperor International disclosed overdue loans, and New World Development narrowly secured refinancing. While some call this a silent bailout, others believe banks are simply managing risk to avoid broader contagion.

"Not so much a bailout. It was expected the banks will allow it to refinance."

Service Economy: From Involution to Evolution. From dentists to spiritual retreats, members are noticing a shift toward underpenetrated, human-centered service sectors. This aligns with Gen Z's emerging preference for careers with emotional rewards, and a broader economic pivot from manufacturing and real estate into soft services.

"These people have the best mental health profile I've seen."

Property Management Stocks > Developers While developers face liquidity crunches, some see opportunities in overlooked names like Greentown and Binjiang Services. Their stable, service-based business models may offer a safer play on real estate than traditional builders.

"High-quality property management firms have stable, service-based revenue."

Housing in China is Not Rational, It’s Emotional. Despite low rental yields and high prices, buying property in cities like Beijing or Shanghai is still perceived as essential. Members noted that few young people can afford to do so without parental support, yet emotional security often outweighs rational investment logic.

"This is subjective. If you can afford to buy a house, you probably would, not so much as an investment."

🏍 China Consumption & Cultural Trends

Yellow Wine Comeback? A trend that sparked curiosity: huangjiu (yellow wine), once considered old-fashioned, is making a comeback among Gen Z. With lower alcohol content and cultural cachet, it offers a nostalgic yet healthy alternative to beer and baijiu.

Busy Ming: TikTok for Snacks. Busy Ming’s in-your-face aesthetic and low pricing model made it a favorite among members watching lower-tier city retail. Its flashy stores sell 5 RMB snacks but look like galleries. This retail model leans heavily on visual experience and impulse buying.

"Less cosmo may just be the key to great commercial success."

Pop Mart Cools Off, Intentionally? Some noticed that second-hand Labubu figures are now trading near original prices. The interpretation? Pop Mart may be intentionally cooling demand by increasing supply, dodging regulatory heat.

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🌏 Geopolitics & Macro

Houthi Attacks: Red Sea Trade Routes at Risk. Members flagged a Greek ship sunk by drone fire in the Red Sea. Why it matters: It was carrying Chinese steel to Turkey. If these routes close, it could disrupt flows into the Mediterranean and spike scrap metal prices in Europe.

"This effectively closes the Red Sea for steel shipments from Asia to the Med & Europe. Big deal."

Trump's Tariffs and Global Blowback. The group broke down Trump’s revived tariff agenda—from Chinese solar panels to EU autos. Consensus: mostly optics, but with real downstream consequences.

Taiwan De-risking Narrative Questioned In response to recent U.S. military posture, some voiced skepticism that markets are adequately pricing in Taiwan risk. The semiconductor supply chain remains a soft underbelly.

Want More?

This is just a preview of the best. Most of the best takes—on stocks, policies, or market psychology—happen in real time in the Discord.

Inside, we dive into:

• Early trade ideas, often before they appear in the newsletter, plus follow-up discussions on trending stocks

• Unconventional but actionable investment themes

• Policy developments and local intel rarely covered in English-language media

• Thoughtful conversations on how geopolitics and macro forces shape China’s economy

Become a Baiguan paid subscriber to get access!

For paying members: if you haven’t already joined our community, please click on this link.

Once inside, you’ll see a channel called #verify. At the top of that channel, click the "Verify Now" button and follow the steps to confirm your membership. Once verified, you’ll gain access to all member-only private channels.

From there, just enjoy and take part in high-quality discussions about China!

Note: If you just became a paying member, please wait a few hours before clicking the verification button, as it takes time for Discord and Substack to sync.

If you still have any problems accessing our community, always send us a message at baiguan@bigonelab.com

Related Reads

Baiguan Podcasts

Baiguan YouTube

At Baiguan, we’re committed to helping global investors and business leaders uncover real opportunities in China through on-the-ground, contextualized, and data-driven insights.

Over the past year, we’ve highlighted where we believe China’s real growth lies over the next decade—from the rise of lower-tier cities (beyond just Beijing and Shanghai), to the Gen Z–driven "new consumption" boom, and the emergence of frontier technologies like AI from Deepseek and humanoid robotics. Many of these themes have already been translated into fruitful returns in the secondary market.

But reading about China’s opportunities is one thing—experiencing them first-hand is another.

We believe that the best way to deepen your strategic understanding of China is to come and see it for yourself. Meet the founders and operators of tomorrow’s Pop Mart and Deepseek. Hear directly from the companies shaping China’s next growth cycle.

That’s why we’re planning to organize an exclusive, small-cohort China Business Excursion in Q4 this year. This first trip will be designed specifically for professionals in leadership roles at investment institutions, so we can curate meetings and site visits that match your profile and interests.

(If you’re a corporate executive, personal investor, or researcher—don’t worry, we’re planning more trips in the future tailored to different cohorts. We want to ensure each group gets the most relevant and valuable experience by aligning you with the right people.)

There are other China tour options out there. Why choose Baiguan?

We’ve been operating in China since 2016, working closely with top-tier corporates, family offices, investors, local government, and startup entrepreneurs. With our network, we’ll connect you to the right people—whether they’re rising startups, industry giants, or regional leaders.

Additionally, identifying and uncovering real growth opportunities is what we do every day for our clients at BigOne Lab—the parent company of Baiguan and China’s leading data intelligence firms. We know which cities, industries, and people are most worth your time, so you can make the most of your visit and discover where the real opportunities lie—beyond headlines and media stereotypes.

But before we finalize the details, we’d love to hear from you—your interests, expectations, and needs. This will help us design a trip that brings maximum value.

If you're interested in joining or simply want to help us shape this initiative, please reply to this email with your thoughts on the questions below.

Or, if you'd prefer a face-to-face chat online, just reply with your available time slots—we’d love to connect.

1. What’s your professional background? (Institution / role / seniority level)

2. Are you planning a trip to China in the near future? (If yes, when? Will you combine this trip with other business, conference, or leisure plans?)

3. Ideally, we want this to fit into your next trip to China, so you can add a few extra days to meet with Chinese companies and explore the local business scenes. Does a 2–3 day timeframe (possibly covering 1–2 key cities) align with your schedule, or would you prefer a longer / shorter trip?

4. Which themes interest you most? ("Lower-tier city growth" / "New consumption & GenZ trends" / "High tech & frontier technology" / other, please let us know)

5. Are there specific industries or companies you’d like to visit?

6. Any cities in particular you’d like to explore?

7. What types of people would you like to speak with? (e.g. tech leads, operations, investor relations, C-level)

8. Would you prefer a flexible format (arranging hotels and travel yourself), or a full-service package including logistics and accommodation?

9. Are there any other areas you’d like to explore, or any concerns you have about traveling to China that we haven’t mentioned?

Thank you for being part of the Baiguan community—and for helping us co-create experiences that unlock new opportunities in China.

Warm regards,

Amber Zhang

AMA Announcement

We will host our third "Ask Me Anything" live webinar session on Thursday, Dec 12 @ 9:30 PM Hong Kong (8:30 AM New York), where you can ask Robert Wu and the Baiguan team any questions you have about China, without limitations.

If you are a paying subscriber of Baiguan, please sign up with this form.

Baiguan is not just a newsletter, but also an active community for people who have a real stake in China to dig out facts and exchange ideas on a daily basis.

As we explained in the September issue of this series, we have been operating a member-exclusive Discord community where members with similar tastes but diverse backgrounds can come together to engage in civil, meaningful dialogues and share useful information with each other.

Apart from paying members, we are also honored to have invited a very selective list of top China experts into our community to share their ideas, including:

• , renowned for his deeply data-driven takes at

• , a power sector expert and great writer of China anecdotes at

• , a Greater China-based investor who writes at

• , an old friend of Baiguan who has a unique background spanning state-run think tank and venture capital who writes at

• , a top venture capitalist of

• An anonymous expert who is one of the best China TMT research analysts in the market

In the last few months, our discussion has spanned diverse topics from geopolitics to policy, the economy, and to specific investment opportunities.

Below is a run-down of some of the key highlights. (If you are already part of this community, you can find links to these topics behind the paywall of this post, in case you have missed reading them.)

Economy, policy, capital markets

• For the economy and capital markets, our members are at the front seat looking at how the recent policy pivot has been unfolding. For instance, one expert helped a member go through the ins and outs of China’s local debt problems.

• One expert made a prediction about what the government should do to reinvigorate the market as early as August, which mostly came true in the policy pivot of late September.

• One member who worked at a commodities trading firm regularly shares insights and takeaways he observed from the commodities market.

• Robert Wu discussed a potentially new model for real estate development in China, and also shared an anecdote about homebuyer behavior involving Robert Wu’s parents.

• A member shared some thoughts on how some manufacturers that s/he talked with would react to US election results.

• One expert quantified the impact of EVs on China’s power sector and what he said surprised us.

Equities and specific investment opportunities

• We discussed POP Mart and Miniso, two success stories of Chinese consumer brands going global

• One member shared his research on YUM China, which started a conversation about what may constitute a “national brand” in China like what McDonald’s or Coca-Cola have achieved for the US market.

• I shared an interview I had with a top-level executive in the education sector and pointed out the many reasons that local governments in China are now quietly supportive of the after-school tutoring industry.

• of our team shared her further thoughts on Laopu Gold with a member

• About WeChat’s content ecosystem.

• A member was thinking of constructing a high-dividend stock strategy for Hong Kong stocks and I shared some insights.

Geopolitics and other topics

• Since Trump won the re-election, we have opened a specific thread to discuss the implications for China from many of his nominations.

• We opened a discussion thread to talk about everything related to Sino-India relations.

• Stories about many Chinese people’s fantasies about the West 2 decades ago.

• Is China worth investing in at all?

[Below are the links to the topics above reserved for paying subscribers]

Read more

We are excited to announce the second "Ask Me Anything" live webinar session next Wednesday, July 31 @ 9 PM Hong Kong (9 AM New York), where you can ask me and the Baiguan team about how we, as entrepreneurs, look at the 3rd Plenum, as well as any questions you have, without limitations.

What to expect from the "Ask Me Anything"?

Quarterly "Ask Me Anything" live webinar for paid subscribers

Join us for a 1-hour live session each quarter, where you can engage directly with us and inquire about anything related to China. Feel free to discuss the latest political developments, investment opportunities, economic trends, public companies' performance, consumer behavior, and even "sensitive" topics not widely covered in mainstream media, like unemployment and social sentiments.

We held our first quarterly "Ask Me Anything" webinar session in April and welcomed over 30 valued members of our community. We had a fruitful discussion on important topics such as TikTok, Elon Musk's visit to China, China's capital market, power transitions, and more.

For future sessions, we've lined up industry experts and panelists from various fields to provide in-depth and industry-specific insights. Let us know which industries/topics you are most interested in.

"Ask Me Anything" on July 31: live webinar link

The event is reserved for paid subscribers. Please upgrade to a paid subscription to access the webinar link behind the paywall.

To better coordinate the webinar session, we encourage you to leave the questions or topics you are interested in discussing in our sign up form here. Please sign up by July 30 so we can better prepare for your questions and address some common themes.

In the meantime, feel free to explore our posts (free subscribers can claim one paid post for free), and you can always upgrade in the future.

Read more

Baiguan turned one year old this March, and we have welcomed nearly 5,000 inquisitive readers into our community in just under a year. I am very grateful for all your engagement and support and am ready to continue upgrading our services to provide you with the stories, data, and factual information you need to make better decisions related to China.

Today, we are launching new benefits for our paid subscriber community—an exclusive event that promises to enrich your understanding of China: the "Ask Me Anything" sessions and live webinars, where you can ask me, my teammates, and our distinguished guests for any questions you have, limitation-free.

What to expect from the "Ask Me Anything"?

Quarterly "Ask Me Anything" live webinar for paid subscribers

Join us for a 1-hour live session each quarter, where you can engage directly with us and inquire about anything related to China. Feel free to discuss the latest political developments, investment opportunities, economic trends, public companies' performance, consumer behavior, and even "sensitive" topics not widely covered in mainstream media, like unemployment and social sentiments.

In our inaugural webinar, I will be ready to tackle your questions and share the latest insights. For future sessions, we've lined up industry experts and panelists from various fields to provide in-depth and industry-specific insights.

Monthly "Ask Me Anything" live webinar by Robert Wu for Professional Subscribers

For our highest tier of subscribers, I will make myself personally available at least once a month to answer any questions coming from you during a live session with an indefinite time length. Ask me anything, and grill me with your questions, for however long you want it to be.

Monthly "Ask Me Anything" chat for all paid subscribers

Join our monthly session in the Substack Chat's subscriber-only thread, where Amber, Mu, and I will answer any questions about China.

Why Join?

• We are one of the only data-driven information outlets based in China and specializing in China's business and investment landscape

• Exclusive early insights: In our live sessions, we share highlights and early insights, such as company performance ahead of earnings and the latest macroeconomic and policy trends in China, with our participants.

• Networking opportunity: Connect with fellow subscribers from over 90 countries, fostering valuable international relationships within our elite community that includes politicians, journalists, investors, scholars, researchers, business executives, entrepreneurs, and more inquisitive minds.

• Authentic dialogues in closed-door discussion sessions.

"Ask Me Anything": How to participate in the live webinar?

When is the event? We are coordinating two 1-hour webinar sessions during the week of 28th April to 30th April to accommodate our readers in North America, Europe, and Asia, where I will answer any questions from you.

How to sign up? To indicate your interest and secure your spot, please sign up [here] before next Friday 26th April (New York time). Remember to include your contact email, the email used for subscribing to Baiguan (if different), and your preferred top-2 time slots.

After signing up, we will email you the video conference link 2 days before the event starts. We will coordinate two 1-hour sessions based on your votes to accommodate most of our readers. If you cannot manage to make it to this session, remember you can always participate in our monthly "Ask Me Anything chat".

*Note: The link will only be emailed to paid subscribers. Please sign up and upgrade to a paid subscription before 26th April if you would like to participate.

In the meantime, feel free to explore our posts (free subscribers can claim one paid post for free), and you can always upgrade in the future. We offer this webinar quarter to our paid subscribers and every month to our professional subscribers!

Questions?

Should you have any questions or need further information, please do not hesitate to contact us at baiguan@bigonelab.com. We're here to assist you.

I look forward to your participation and to providing you with unparalleled insights into China.

Warm regards,

Robert Wu

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Baiguan is turning 1-year-old this March, and our team feels that we couldn't have done it without all your support and engagement!

We launched the newsletter amid compounded challenges: the Ukraine war, COVID lockdowns, and geopolitical tensions that shook investor confidence in China worldwide. In just 1 year, Baiguan transformed from a side project of our company into a lively community of more than 4,000 valued readers across 95 countries.

If you are interested, here’s the story behind how Baiguan was born and our journey.

As we mark the first anniversary of Baiguan, I want to express our team's deepest gratitude for being a part of this vibrant community. It's been a privilege to share our thoughts, research, and discoveries with you.

🎉Get 20% off on your next annual subscription

As a token of our appreciation, I'm excited to offer you a 20% discount on your next annual subscription renewal. Redeem yours before March 14 :)

Get 20% off for 1 year

If you are already a paid subscriber, your subscription period will be automatically extended.

Thank You for an Incredible Year!

A Look back at our most popular posts

Your feedback, engagement, and encouragement have been instrumental in shaping Baiguan into what it is today.

Since our first issue on Luckin Coffee, we've broadened our coverage to include a wide array of consumer market insights in China, which helped business executives and investors gain a deeper understanding of China's rapidly evolving consumer market at granular levels:

Our “Charts-of-the-week” series, which features data charts handpicked by our data team, soon gained popularity. You can quickly grasp the general state of affairs in China in just a few minutes.

From day one, we introduced the "China Context" column to provide our readers with insights into the historical, cultural, and political nuances behind China's policy deliberation and decision-making processes:

Many of you have expressed enjoyment in getting a closer look at specific cities or towns, which has led to the development of the popular "China City" series. These pieces offer on-the-ground insights into China's economy:

These highlights are just a few examples of the varied content and series we've shared over the past year. As we step into the next year, I, we can't wait to provide you with more and continue building the content with our reader community.

Get 20% off for 1 year

🎉P.S. Don't forget to use your 20% discount for your next annual subscription renewal! It's our way of saying thanks and celebrating this milestone together.

💰 Also, don’t forget that you can get free access by sharing us with our referral program.

Thank you once again for your support, feedback, and enthusiasm. Here's to another year of exploration and community!

Warmest regards,

Baiguan team

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1. Share Baiguan: Use the referral link below or the "Share" button on any post to get credit for new subscribers. Simply send the link via text, email, or share it on social media with your friends

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To learn more, please refer to Substack’s FAQ.

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