Robot IPOs to Chip Dilemmas: Asia's Mixed Economic Signals (Dec Week 5)

A Chinese company that supplies household robots to Amazon raised $210 million in Hong Kong—and the stock didn't budge. That same week, South Korea's chip fabs ran at full capacity while its department stores sat empty. Japan's PM promised the first budget surplus in 28 years, and California billionaires started packing their bags to escape a proposed wealth tax. The final week of 2025 was a collection of economic compasses pointing in every direction.

TOP 6 Stories

1. OneRobotics Raises $210M in Hong Kong IPO—Market Yawns

Chinese robotics firm OneRobotics, which supplies household robots to Amazon, raised HK$1.64 billion ($210 million) in its Hong Kong listing. But the stock opened flat, with investors waiting to see actual revenue from humanoid robots slated for 2026 release. The gap between robotics hype and profit reality was on full display.

2. South Korea November: Chips Boom, Consumers Bust

South Korea's industrial output rose 0.9% month-over-month in November, driven by semiconductor demand. But retail sales plunged 3.3%—the steepest drop in 21 months. AI chip exports are carrying the economy while domestic consumption freezes. The divergence between 'Semiconductor Korea' and 'Consumer Korea' keeps widening.

3. JX Advanced Metals Expands AI Data Center Materials—Eyes Arizona

Japan's JX Advanced Metals announced its third capacity expansion for optical communication materials used in AI data centers. The focus is indium phosphide (InP) wafers, essential for high-speed optical networks. The company is also considering production facilities in Arizona—a strategic hedge against China risk while targeting the U.S. market.

4. Japan's 2026 Budget: First Surplus in 28 Years—Can It Deliver?

PM Sanae Takaichi unveiled a 2026 budget targeting Japan's first primary balance surplus since 1998. But with the BOJ raising rates, government debt interest costs are surging. Add aging demographics pushing up social security spending and defense budget pressures—many analysts doubt the surplus target is achievable beyond political rhetoric.

5. Novo Nordisk Slashes Wegovy Prices in China—GLP-1 War Heats Up

Danish pharma giant Novo Nordisk cut Wegovy prices significantly in China to fend off competition from Eli Lilly and local players in what's estimated to be a $20 billion obesity drug market. GLP-1 drugs have transcended weight loss to gain recognition for cardiovascular benefits, cementing their blockbuster status.

6. California Billionaire Tax: Silicon Valley vs. Democrats Showdown

California legislators are pushing a 2026 'billionaire tax' imposing 5% on unrealized capital gains. Rep. Ro Khanna, who supports the measure, now faces funding pullouts and recall threats from Silicon Valley VCs. Fears of startup capital flight clash with demands to address extreme wealth inequality—American politics distilled.

This Week's Trend: Exports Hold, Domestic Demand Wobbles

The common thread across this week's economic news: strong externally, weak internally. South Korea's chip exports ride the AI boom while domestic spending freezes. Japanese firms pursue overseas M&A and U.S. expansion while the home economy stagnates. Even the Chinese robotics IPO in Hong Kong targeted global capital, not domestic market vitality.

Policy dilemmas are equally stark. Japan preaches fiscal discipline but faces ballooning debt interest costs from rising rates. California tries to tax the ultra-wealthy but risks capital exodus. Easy solutions don't exist.