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SpaceX's landmark IPO filing — targeting a valuation of up to US$2 trillion — puts the eternal tension between narrative and numbers on full display. Despite 33% revenue growth in 2025, the company posted a US$4.9 billion net loss, with a price-to-sales ratio of roughly 95x. Prof. Yifei Zhang breaks down SpaceX's three business segments: the cash-generating Starlink, the loss-making xAI, and the cost-disrupting rocket business. Most independent analyses peg fair value well below the asking price. Prof. Zhang cautions retail investors on governance risks, tax traps, and the fact that Starlink remains banned in Hong Kong, Macau, and Mainland China.

The history of global commerce over the past half-century features two indelible spectacles. The first is the global sweep of American titans like General Motors, Coca-Cola, McDonald's, Starbucks, Nike, Apple, and Tesla. The second is the aggressive overseas expansion of Japanese giants such as Toyota, Sony, and Fast Retailing.

In recent years, the landscape of two-way investment between China and the rest of the world has undergone significant changes, leading to an expansion in the scope of Hong Kong’s role as a bridge. To analyze this evolution and the development opportunities it brings, one must examine the data trends of China's realized foreign direct investment (FDI) and outward foreign direct investment (ODI).