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Weizhou, the founder and managing partner of venture capital firm CCV, recently told a Goldman Sachs panel that his company will continue to focus on deep technology. China and Chinese startups with global potential.
Formerly a managing partner at Kleiner Perkins Caulfield Byers China, Wei is one of China’s most successful tech investors with a 15-year track record of investing in at least one unicorn company a year. His portfolio includes JD.com, China’s largest B2C e-commerce company, and CreditEase (NYSE: YRD ), the first Chinese fintech company to go public overseas.
Wei said that China will develop its domestic high-tech manufacturing supply chain, which will lead to the natural growth of domestic hard-tech companies. Goldman Sachs TechNet Conference Asia Pacific 2022.
Wei’s prediction echoes the Chinese government’s 14th Five-Year Plan (2021-2025), which prioritized advanced manufacturing reforms.
According to the latest data from the China Association of Automobile Manufacturers, China’s auto exports rose 73 percent month-on-month in May, setting a record high for 2022.
Asked about the trend of government regulation of the tech industry, Wei said regulations have affected platform companies because the government is trying to fight monopolistic behavior.
However, according to Wei, entrepreneurs and investors are not getting into deep technology because of policy or strict regulations. “It’s ripe for a high-end manufacturing supply chain.”
He said volatile market conditions will drive CCV’s investment strategy to focus on advanced AI, fintech, autonomous vehicles and robotics startups. The company said it will invest more in “3A companies,” meaning companies that are affordable, fair and superior. Currently, the market is moving from “3D companies” i.e. dull, dirty and dangerous to “3A companies”.
CCV has a good track record in investing in the zero-energy economy. He has invested in several robotics companies across a variety of application areas, including logistics, sanitation and agriculture. It has invested in AI Force, an agricultural autonomous driving company, Multiway, China’s No. 1 manufacturer of multi-directional forklifts, and Kowa Robots, one of the first L4-autonomous driver vehicle companies to go commercial. China.
Another important focus is on Chinese entrepreneurs with global potential.
“The proliferation of Chinese entrepreneurs setting up overseas territories is a key area of ​​my focus,” Wei said. “Chinese companies have performed well abroad, but as automation and artificial intelligence become more important in China’s domestic economy, there will be more room for new businesses to grow internationally. Therefore, we will expand our portfolio of Chinese startups with international capabilities.
Internationalization is one of the key investment themes for CCV Group. Wei was one of the first investors to partner with CreditEase (NYSE: YRD ), the first Chinese fintech company to go public overseas, and Rong 360 (NYSE: JT ).), a provider of customized finance and credit services. In addition, CCV has partnered with Perfect Corp, a leading SaaS beauty tech company focused on early-stage AR and AI e-commerce business solutions.
Palmpay, expected to be the next Nubank Africa, comes from Transnet with deep understanding of the African market and Fintech expertise from Alipay. It is another example of Chinese companies developing businesses globally, Zhou said.
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