☕️ Good morning, friends,

A man in the now world-famous Wuhan put on a wig and snuck into a university.
His goal: to take an exam on behalf of a paying client.

Unfortunately, he was caught and fled the scene with his hair blowing in the wind. You can see the wanted photo here.

Speaking of criminals: This week, Donald Trump is expected to present the potential TikTok buyers.

🚀 Benchmarks

🔢 Facts & Figures

2.9%

That’s how much Japan’s real wages dropped in May year-on-year—the steepest decline in 20 months.

13.9 billion SGD

That’s how high luxury sales in Singapore are expected to climb in 2025, driven by around 240,000 local millionaires and eager-to-spend tourists.

510 million USD

That’s the amount of capital Vietnamese carmaker VinFast secured through a private loan involving, among others, Deutsche Bank.

Top Bit: 🔋 China Curbs Solar Dumping – Quality Over Price Wars

Beijing’s Industry Minister Li Lecheng has summoned the 14 largest solar CEOs and declared an end to ruinous price wars. Dumping offers are to be banned, overcapacity is to be systematically phased out, and high-tech investments accelerated.

The government is responding to module prices dropping below ¥0.60/W and shrinking margins even among global market leaders.

Details

🌞 Industry Summit: LONGi, Trina, Tongwei & Co. all met together at MIIT headquarters—a rare crisis roundtable of titans in China.

⚙️ Clear Message: “Unregulated low-price competition will be resolutely curbed, outdated capacity will be systematically withdrawn,” said Li Lecheng.

📉 Price Crash: Polysilicon has been below production costs for over 12 months; module prices fell under ¥0.60/W, with some factories operating at a loss.

🔄 Immediate Effect: Ten manufacturers will cut output by 30% in July; some polysilicon players are shutting down furnaces or exploring mergers.

📈 Stock Market Rally: The same day, Tongwei, Flat Glass, and Eging hit the daily limit of +10% on Shanghai’s stock exchange; Daqo jumped double digits in Hong Kong.

Why it matters

• Market Share: Without consolidation, China’s 80% global market share in modules could be undermined by its own dumping spiral.

• Research: Declining profits threaten investments in technologies that promise the next leaps in efficiency.

• Supply Chain: A stable, quality-focused industry defuses trade conflicts with the US/EU and keeps global energy transition goals on track.

Background

After a politically fueled installation boom (197 GW added Jan–May 2025), the industry slipped into “involution”: capacity outpaced demand, prices collapsed, investment power eroded.

Beijing is now intervening with tough industrial policy and sector self-discipline to safeguard the next technology stages (TOPCon >25%, perovskite-silicon stacks >30%) and preserve China’s image as a green export champion.

📊 All Details & Data: Reuters, Nikkei, PV Magazine

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Head Of The Day

🇨🇳 Hu Jihong

🚴🏻 From insurance agent to e-bike pioneer: At the start of her career as an insurance agent, bicycles were the main means of transportation. But climbing the hills of her hometown Jinhua was exhausting, so Hu took the initiative. She mounted a small engine onto the luggage rack of her bike—creating China’s first e-bike.

Today, she runs the company Luyuan, which she has grown from a 15 m² garage into a global powerhouse for electric two-wheelers.

👉 Lesson learned: If a daily problem frustrates or annoys you, just solve it—and then turn it into a billion-dollar business. ;)

Market Bit: 🇲🇾 Malaysia places $20 billion order with Airbus

Details

✈️ AirAsia makes a move: 70 A321XLRs for around $12 billion – the low-cost carrier aims to offer cheap flights to Europe and the USA in the future.

🛫 Malaysia Airlines expands: 20 additional A330neos (about $7.5 billion) to replace older long-haul jets.

🤝 Deal signed on European tour: Prime Minister Anwar Ibrahim used his trip to officially seal the contracts – including further letters of intent for helicopters and naval ships.

📊 Growth push: AirAsia is targeting around 150 million passengers by 2030 and plans a low-cost hub in the Gulf.

Why it matters

• Airbus sends a strong signal: The double deal strengthens Europe’s aircraft maker in a market where Boeing is currently struggling.

• Economic boost for Malaysia: Maintenance, jobs, and supplier contracts are in the pipeline – Kuala Lumpur positions itself as Southeast Asia’s aviation hub.

• Low-cost long-haul flights: If AirAsia’s concept succeeds, other budget carriers could follow suit and offer affordable Europe and US routes with smaller aircraft.

👉🏻 Full Story: Bloomberg, Nikkei, SCMP

Top Reads

💥 Trump threatens Tokyo & Seoul with 25% tariffs: As deadline negotiations stall, Washington plans to impose steep surcharges on imports from Japan and South Korea starting August 1. In a letter, Trump announced the end of “non-reciprocal” trade relations. Malaysia, South Africa & others are also set to face higher rates; only the EU is exempt for now. Full story.

🚗 Xiaomi overtakes Apple on the road: Founder Lei Jun has raised the 2025 delivery target for the new YU7 electric SUV to 350,000 vehicles. The smartphone giant scores with low prices, its own factory in Beijing, and an almost fully controlled supply chain. Critics accuse Xiaomi of copying designs and aggressive poaching, but see it as a real threat to Tesla & Co. thanks to loyal “Mi Fans” and planned expansion into Europe. Full story.

🧲 Beijing turns off the magnet tap: China’s export controls on rare earths are hitting magnet manufacturers hard—exports have plunged 75% in two months to about 1,300 tons, with inventories rising. Even if the deal with the US goes through, insiders expect tough licensing procedures and continued stagnation; smaller producers have cut output by around 15%. Full story.

Optional Reads

China: A Beijing hospital has administered the domestic weight-loss drug Mazdutide for the first time—posing new competition for Novo Nordisk and Eli Lilly. More.

South Korea: Samsung expects Q2 profits to plunge by 56%. The reason: its gap with competitors is too wide in AI memory chips and foundry orders. More.

Japan: Honda is halting development of a large electric SUV and redirecting investment to more profitable hybrid models due to weak US demand for EVs. More.

🥠 Fortune Cookie

🍸 Pickle Cocktails: When we toasted Michael’s arrival in Shanghai last week, we also discovered cocktails with fermented ingredients. Now, even the SCMP is writing about it.

So the signature drink for the first asiabits community event—coming up in September—is officially decided!

See you tomorrow,

Thomas, Michael & the Team of asiabits.

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