The Meituan Bear Case (with Lillian Li)

In this episode of the Limited Partner Program, Lillian Li, author of the Chinese Characteristics newsletter, joins David and David to discuss China tech, particularly focusing on Meituan and the nuances of the Chinese tech ecosystem. The conversation covers the differences between Chinese and Western app UIs, the concept of "owning the user," and the competitive landscape of community group buying in lower-tier cities. Lillian provides insights into the Chinese government's evolving regulatory approach towards tech companies, the dynamics between Tencent and Alibaba, and the challenges Meituan faces from competitors like Douyin. She also shares key playbooks and ethos specific to Chinese tech, such as prioritizing user ownership over function and the acceptance of copying as a strategy.