MANUFACTURING

I ran Flextronics, one of the largest manufacturers in the world. I knew how to build things at scale. Construction seemed like the obvious next frontier. It wasn't obvious at all.

We bought a GM factory for a dollar. A dollar. The factory that built the Chevy Cruze. We were going to build electric trucks there. The symbolism was perfect. The business plan was not.

Pfizer used BioNTech's technology. We built ours from scratch. Our own lipid nanoparticles, our own manufacturing, our own everything. That's why we own it all. That's why the margins are 90%.

I grew up in a factory town in Zhejiang. My parents worked in manufacturing. I understand factories. I understand supply chains. Temu is not a tech company pretending to understand manufacturing. It's the other way around.