Contrary to what some might expect, the post-pandemic economic recovery in several ASEAN countries, notably Thailand and Singapore, has been more rapid than that of China and Hong Kong. This swift resurgence highlights the dynamic nature of these markets and suggests a potentially changing balance of economic power in the region. The reopening of China and Hong Kong has led to a clear delineation of winners and losers in the business world. Investors must be mindful of the residual impacts of lockdowns and the spread of COVID-19. A prime example is one of China’s largest snack food producers, which faced supply chain disruptions and production shutdowns in 2022. Despite efforts to ramp up production post-reopening, they were unable to meet the demand for the Chinese New Year season. Conversely, China’s largest over-the-counter drug brand reported organic sales growth exceeding 20% year-over-year in the first quarter of 2023. This growth, driven by demand for cold and flu medicine, continued into...