Terms of Service
Last updated: September 27, 2026
These terms cover your use of Capacity Letter at capacityletter.com. By using the site you accept them; if you do not accept them, please do not use the site.
What this site is
Capacity Letter publishes analysis and opinion about industry, technology and capital. It is commentary, not reporting, and not advice of any kind — no investment, legal, tax or accounting advice. See the disclaimer for the detail.
Who runs this site
The site is written and operated by an individual, publishing under the pen name Robin Wen. You can reach us at [email protected].
Copyright and quoting
Original text and graphics on this site are © Capacity Letter.
You are welcome to quote from a post with clear attribution and a link to the original. Short quotations for commentary, criticism, teaching or news reporting are fine on the same terms.
Please do not republish a post in full, present it as your own work, or sell it — with or without attribution, and with or without edits.
Acceptable use
Please do not:
- scrape or bulk-download the site in a way that degrades it for other readers;
- republish posts wholesale;
- use the site’s name or content in a way that suggests we endorse you, your product or your position.
Third-party links
Posts link to filings, papers, government publications and reporting by others. Those sites are not ours, we do not control them, and we are not responsible for their content, accuracy or availability.
Accuracy, and no warranty
Every post is a judgment based on the material available at the time. Numbers are sourced where possible and estimates are marked as such, but nothing published here is guaranteed to be accurate, complete or current. The site is provided “as is” and “as available”, without warranties of any kind to the extent the law allows.
Liability
To the extent permitted by law, we are not liable for any loss or damage arising from your use of the site or from reliance on anything published here. The site is free to read and nothing is sold through it.
Nothing in these terms limits any right you have under mandatory consumer law in your own country.
Changes
These terms may be updated. A change takes effect when it is posted here, and the “Last updated” date above records it. Continuing to use the site after a change means you accept the updated terms.
Governing law
These terms are governed by the laws of the People’s Republic of China, without regard to conflict-of-law rules. Disputes will be handled by the courts with jurisdiction where the operator is established.