Investigations and reporting detail an illicit cross‑border supply chain that funnels peptide weight‑loss compounds and research chemicals from Chinese manufacturers to Western consumers, exploiting regulatory gaps and price differentials. The Financial Times and related coverage describe the so‑called 'peptide carry trade'—cheap industrial‑grade vials sold online and relabeled for fitness and aesthetic use, often without clinical oversight. The trade creates public‑health and compliance risks: unknown purity, unregulated distribution, and potential adverse events outside medical supervision. The reporting frames the phenomenon as an economic arbitrage driven by high demand and constrained legitimate supply for GLP‑1 agonists, raising enforcement, supply‑chain, and clinical‑safety questions for regulators and industry stakeholders.