☕️ Zara's hostel fall not accidental

99 Speedmart marks China expansion with first store in Fuzhou. TIL: Zara-rival Urban Revivo is from China. Beijing flexes military muscle with biggest ever parade.

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Finance Finlit & The Coffee Break
September 04, 2025

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Labubu fever that swept the globe has been identified as one of the world’s biggest wealth gainers of 2025. The phenomenon also boosted the shares of Chinese toymaker Pop Mart by over 250% this year. As a result of this surge, the net worth of Pop Mart Ceo Wang Ning, who owns a stake of almost 50% in Pop Mart, more than tripled with the addition of USD20 bil (RM84.5 bil), pushing his total net worth to USD27.5 bil (RM116.26 bil). The high demand for the plushies saw first-half revenues tripling year-on-year to RMB13.9 bil (RM8.2 bil), resulting in a five-fold increase in operating profits to about RMB6 bil (RM3.6 bil). Labubu’s The Monsters collection generated more than a third of total sales. Malaysia had a beneficiary from the craze as well — Semico Capital Bhd, which distributes Labubu in Malaysia. Here’s a video that explores the company and its IPO bid.

On something else that’s viral, KPop Demon Hunters is now Netflix’s most viewed film ever, having been watched over 236 mil times since its release in June. Several songs from the animated musical have also been some of the most-streamed online on Spotify, with “Golden” hitting number one on the Billboard Hot 100. The movie launched with a relatively low-key premiere, but gained momentum through word of mouth, viral videos, and memes on social media. The film was praised for its eye-catching animation, depiction of traditional and modern Korean culture, and its catchy K-pop songs.

OnlyFans may have made several millionaires, but the one who came out on top from the subscription content platform’s explosion in popularity is none other than platform owner Leonid Radvinsky, who has earned nearly USD1.8 bil (RM7.6 bil) in dividends since 2021. The Ukrainian-born adult entertainment entrepreneur bought the platform in 2018, when it reported a profit of about USD1.9 mil (RM8 mil). For its 2024 fiscal year, OnlyFans reported a profit of USD520 mil (RM2.2 bil). Now, the platform is attempting to move beyond its reputation as a platform for adult entertainment, offering safe-for-work content like fitness, cooking, and comedy through its on-demand streaming platform, OFTV. Sex sells, doesn’t it? Check out their earnings here.

3. IN MALAYSIA 🇲🇾

Too much bullying for far too long
Zara's hostel fall not accidental
The lead pathologist who examined the late Zara Qairina Mahathir stated it was unlikely that the student could have accidentally fallen from her hostel’s third floor, as the barrier was taller than her centre of gravity. The pathologist, Dr Jessie Hiu, who is also the first witness in the inquest into Zara’s death, added that while it was physically possible for Zara to have crossed the barrier by climbing, a fall from a standing position could not have occurred. The pathologist also offered the court a reconstruction of the sequence of the fall based on the wounds Zara sustained before passing. The student appeared to have landed on her left foot, then her right, before falling backwards onto her side and hitting the back of her head. Hiu also noted that the wounds Zara suffered were inconsistent with chronic physical abuse.

Govt mulls tribunal bill to combat bullying
An Anti-Bullying Tribunal Bill was among the proposals studied at a Government meeting to strengthen anti-bullying mechanisms, with another option being to reinforce the existing legal framework by incorporating elements of rehabilitation and child protection, in a move to ensure that the legal system for anti-bullying did not only focus on punitive measures. A whole-of-government approach was also discussed, as it could be a way to ensure that anti-bullying efforts were implemented comprehensively in schools, higher learning institutions, workplaces, local communities, and cyberspace. Little comfort for bullying victims of the past, but at least something’s being done, right?

99 Speedmart marks China expansion with first store in Fuzhou
The local convenience store chain confirmed the store opened for business on Aug 31 under the “99 Mini-Mart” brand, with other prototype outlets to be set up in Fuzhou, with plans in place for a gradual expansion in the city. Analysts see the move as a test by 99 Speedmart to diversify beyond the saturated Malaysian market, a test well supported by the company’s strong cash pile of RM836 mil as of the end of 2Q2025. As of the end of June, the company has established 2,894 outlets across Malaysia. Analysts are also positive on the move, in that it is unlikely to have much effect on the company’s results in the near term. The firm reported a revenue of RM2.7 bil and a profit after tax of RM153.2 mil for the quarter. Head here for the rest of the quarterly numbers.

KLIA begins vehicle access management system trial
KLIA1 began the trial run of its new Vehicle Access Management System (VAMS) on Sept 1. The system is aimed at enhancing kerbside traffic flow and terminal access by reducing congestion from unauthorised or extended stops from vehicles at departure drop-off and arrival pick-up points. The trial at KLIA1 will go on until Nov 30, with KLIA2 to test the system starting from Sept 15. The system works by requiring drivers to use Touch ‘n Go cards with a minimum of RM30 at entry and exit points to get a ten-minute grace period for drop-offs and pick-ups, with a planned penalty of RM100 imposed on those overstaying the grace period.

However, there will be no penalty fees during the trial phase, as the goal is to observe traffic patterns and driver behaviour. Some, like MCA Youth Deputy Chair Mike Chong, have decried the penalty as being heavy-handed for such a short grace period, suggesting that the time limit should be extended to 15 minutes at the very least, citing considerations for heavy luggage, elderly passengers, young children, and those requiring mobility assistance. It was also mentioned that it was unrealistic to expect large groups travelling together to rush through KLIA, load and unload, and then leave in such a narrow window.

Shorts:

  1. Quakes in Johor likely from Mersing Fault, says MetMalaysia 
    The Malaysian Meteorological Department (MetMalaysia) said that the quakes, which measured in magnitudes between 2.5 and 4.1, were minor and are not expected to have a significant impact. The quakes were actually one minor earthquake followed by five aftershocks. No reports of tremors were received from Negeri Sembilan, Melaka, or southern Pahang from the aftershocks.

  1. Perak government accepts responsibility for security breach involving Perak Sultan
    The state government called the incident, where a woman tried to hug Deputy King Sultan Nazrin Shah during a National Day celebration, a wake-up call to tighten security. The Perak government accepted responsibility, saying that lessons must be learned and improvements made. Police are reportedly already looking into safety issues and means to enhance security protocol.

4. AROUND THE WORLD 🌎

Beijing flexes military muscle with biggest ever parade 
China successfully hosted its largest-ever military parade in Beijing yesterday, with an unprecedented attendance of Vladimir Putin and Kim Jong Un, the authoritarian leaders of Russia and North Korea. Dozens of other world leaders including Iranian president, Masoud Pezeshkian, and the Myanmar junta chief, Min Aung Hlaing attended the parade as well, witnessing a massive display of military hardware and personnel, orchestrated to mark the 80th anniversary of the end of WW II, which China calls the War of Resistance against Japanese Aggression.

Analysts mentioned military hardware displayed ranging from tanks and drones to long-range and nuclear-capable missiles, fighter jets and stealth aircraft, with some of the weaponry shown to the public for the first time. Xi made a speech before inspecting the parade, saying that the world now faces a choice between “peace or war, dialogue or confrontation, win-win or zero-sum” and made a strong point that they will never be “intimidated by any bullies” in an apparent veiled reference to the US. Meanwhile, Trump took to Truth Social to send “warm regards as you conspire against the United States of America” to his global-south counterparts, particularly aiming his post to Xi whom he earlier questioned whether he would credit America in his speech for the “massive amount of support” it provided to China during World War II.

All eyes on North Korea’s ‘front runner’ supreme leader successor
Kim Jong Un appeared to have his teenage daughter beside him at the victory parade yesterday, an appearance that fuelled further speculation that she would be the potential successor of her father. Although nobody knows her true name or age, intelligence from South Korea believes she is called Ju Ae. Estimated to be around 13 years old, she was seen more often alongside her father these days, attending not only military events, but also political and economic events, which could serve her valuable experience greeting and interacting with foreign leadership and other elites. Ju Ae was first shown to the world accompanying her father to the launch of a massive intercontinental ballistic missile in 2022.

Biz:
Lawsuit drama: Google can keep Chrome but..
The verdict is out - Google has been spared from parting with its renowned web browser Chrome but is required to share information about it with competitors instead. This means that the tech giant can keep it but it will be barred from having exclusive contracts and must share search data with rivals. The remedy came up after a years-long court battle over Google's dominance in online search, in which the US Department of Justice has demanded that they sell Chrome. The tech giant had denied wrongdoing since charges were first filed against it in 2020, saying its market dominance is because its search engine is a superior product to others and consumers simply prefer it to others. But, prior to this, Google was said to pay tech firms billions of dollars to exclusively pre-load or promote the tech company's products, such as more than USD26 bil (RM109.92 bil) for such deals with Apple, Mozilla and others in 2021. With the verdict, now phone manufacturers will be free to pre-load or promote other search engines, browsers or AI assistants alongside Google's.

OpenAI to buy Statsig for USD1.1 bil
OpenAI has been more aggressive this year in pursuing big-ticket acquisitions, fueled in part by its soaring valuation. The latest is the announcement that they will buy product testing startup Statsig for USD1.1 bil (RM4.65 bil) in an all-stock deal - marking one of OpenAI’s largest acquisitions. Statsig, founded in 2021, builds tools to help software developers test and flag potential new features. The acquisition includes its founder and Chief Executive Officer Vijaye Raji joining OpenAI as chief technology officer of applications, where OpenAI said he will help companies and developers use OpenAI’s technology to build “safe applications that empower people.”

China-made Urban Revivo expanding West
TIL: Urban Revivo is from China. The brand, often likened to Inditex’s Zara, is accelerating its expansion into Western markets, with the opening of its second store in London yesterday. The brand is among the growing cohort of Chinese consumer companies seeking growth abroad as spending weakens at home, where a prolonged property crisis and wage security concerns have dampened consumer sentiment. Urban Revivo, which operates over 400 stores worldwide has set a target to open 200 overseas locations within the next five years and has already launched stores in New York and Hong Kong, besides London, this year. It has around 20 stores in Southeast Asia (also in Malaysia). Urban Revivo's parent company Fashion Momentum Group (FMG), headquartered in Guangzhou, had sales of CNY 7 bil (RM4.14 bil) last year, and the goal is to have at least CNY 5 bil of group revenue coming from overseas markets by 2030.

Shorts: 

  1. Thailand’s cannabis law champion might be Thailand’s new PM 
    Thailand tycoon Anutin Charnvirakul, who is the leader of the conservative Bhumjaithai party and also known for championing medical cannabis legalization, seems to be in the lead to become Thailand’s next PM. Charnvirakul has backing from the main opposition People’s Party to form an interim government, provided he agrees to dissolve parliament within four months and commits to changing Thailand’s constitution, possibly through holding a referendum. Thailand’s politics was thrown into chaos last week when the constitutional court removed Paetongtarn Shinawatra from her position as PM.

  2. Fish-shaped soy sauce containers banned in South Australia 
    Chances are many of us have come across the cute fish-shaped soy sauce containers aka shoyu-tai with our sushi, but it appears that South Australia has decided to ban it from restaurants because it is too small to be captured by recycling sorting machines and eventually end up in landfills. It makes sense though - the shoyu-tai is single-use and delightfully small which means it can be easily dropped and blown-away, becoming part of the litter in beaches and streets. More than 400 mil tonnes of plastic are produced globally each year, half of which is for single-use items. While 15% of plastic waste is collected for recycling, only 9% is actually recycled.

5. FOR YOUR EYES 📺

  1. There’s such a thing as indoor skydiving dance world championship. Like dancing in anti-gravity. Unique, to say the least.

  1. Mindbending gymnastic routine by Team China.

This person really enjoys his/her work in a polar bear suit. Have a good long weekend ahead folks!