Decoding the Dragon
Jayant MundhraBy Jayant Mundhra
| Platform |  | Pricing | Only free issues | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 82 | Founded | 4 years ago | Last Issue | 7 days ago |
| Active | |||||
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decodingthedragon.substack.comLatest Issues
#82: Why did China sell $110bn of drug rights in six months?
Here is a number that stopped me cold.
In the first six months of 2026, Chinese biotech firms out-licensed roughly $110bn worth of drugs to the rest of the world.1 Out-licensing simply means selling a foreign partner the rights to develop...
#81: Why can only China grow 99%-pure graphene, the wonder-material?
I think this is the most important China story almost nobody in India is talking about.
A few weeks ago, a lab at Peking University published a paper in Science that, on the surface, reads like dense condensed-matter physics.1 Look closer...
#80: Why does 61% of China’s arms exports go to Pakistan?
I have been staring at one number for a week, and I still cannot quite get over how much strategy is folded into it. Sixty-one percent of every major weapon China exported over the last five years went to a single buyer: Pakistan.1
No seri...
#79: Why does India grow 7.7% saving less than China?
The comparison that keeps costing people money
Here is a number that should stop every investor who thinks India is just "China, fifteen years late".
In 2025, India grew at roughly 7.7% while saving and investing far less of its GDP th...
#78: Why did China just take 41% of Europe's AC market?
The most important number in this edition is not a market share, a growth rate or an export value. It is 1.99.
That is the weight, in kilogrammes, of refrigerant Midea packed into its PortaSplit air conditioner for Europe. France mandates...
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Sharing data-deepdives daily 8.30am | Startup Investing at Dexter | Ex-Bain, Classplus | Author- Redemption of a Son
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