Recently The New York Times reported the following:
China Wants Its Tech Champions to Raise Money at Home
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Blockbuster market debuts by two technology companies
show how Beijing is turning to local investors to finance its A.I. ambitions
and reduce reliance on Wall Street.
By Steve Lohr and Xinyun Wu - Steve Lohr reported from Seoul
and Xinyun Wu from Taipei, Taiwan. Meaghan Tobin contributed reporting from New
York.
Updated Aug. 19, 2026, 4:02 p.m. ET
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Last year, Beijing set up a “national venture capital
guidance fund” to work with Chinese investors and eventually deploy as much as
$145 billion in investment in companies pursuing high-tech fields like A.I. and
quantum computing.
The Shanghai stock market has long been known for speculative volatility and for a listing process burdened by red tape. In June, the Shanghai Exchange issued guidelines to streamline the process for Chinese A.I. software companies whose chatbots compete with those from OpenAI, Anthropic and Google.
The Chinese start-ups developing these so-called large language models, the exchange said, “urgently need the supporting role of the capital market.”
The first Chinese A.I. model makers to go public early this year — Z.ai and MiniMax — listed first on the Hong Kong Stock Exchange, a market many investors regard as more established and less volatile than Shanghai.
But the government is encouraging all Chinese A.I. model developers to establish secondary listings in Shanghai, which Z.ai and MiniMax have said they plan to do.
Beijing is not only steering companies toward domestic markets. It is also willing to step in to support those markets when they come under pressure.
In July, as fears of excessive A.I. spending triggered a global stock sell-off, the Shanghai market fell. Two state-owned investment funds, China Reform Holdings and China Chengtong Holdings, responded by announcing purchases of $9 billion in Chinese shares and expressing confidence in the market.
That increasingly state-guided system contrasts sharply with an earlier era, when American investment funds and venture firms rushed into China, lured by its growth and encouraged by policymakers in Washington. In the 2010s, American investors were early backers of Alibaba, the e-commerce giant; ByteDance, TikTok’s parent company; and Didi, once hailed as China’s answer to Uber.
Now, as Beijing encourages domestic investors to put money into homegrown technology companies, it is making foreign capital a less welcome part of the equation.
Geopolitics has contributed to the retreat. American firms have grown wary of being caught in the crossfire of U.S.-Chinese trade and technology disputes. Foreign venture investment in China has fallen sharply, and many firms have scaled back or left altogether.
Sequoia Capital, for example, spun off its China business two years ago. The resulting firm, HSG — its Chinese name, Hongshan, means “redwood” — backed Unitree and owns a 7 percent stake in the company, now worth about $3.5 billion.
For Chinese companies, “raising money overseas is actively discouraged,” said Kevin Xu, founder of Interconnected Capital, a hedge fund that invests in A.I. technologies. “The Manus saga is the clearest example.”
Manus, an A.I. company started by three engineers in Wuhan, China, developed an A.I. agent that caught Meta’s attention. By the end of last year, Meta had agreed to buy Manus for $2 billion. But in April, the Chinese government intervened and demanded that the deal be unwound.
Manus had moved its headquarters to Singapore, but Beijing still considered it a Chinese company subject to its authority. This month, the unwinding was completed, and Manus announced it had resumed operating as an independent company.
Translation
中國希望科技領導企業在國內籌集資金(2/2)
兩家科技公司在市場上的驚人亮相表明,北京正轉向本土投資者,為其人工智能雄心壯志提供資金,並減少對華爾街的依賴
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去年,北京設立了“國家創投引導基金”,旨在與中國投資者合作,最終向從事人工智能和量子運算等高科技領域的公司投資高達1,450億美元。
上海股市長期以來以投機波動和繁瑣的上市程序而聞名。今年6月,上海證券交易所發佈了指導方針簡化中國人工智能軟件開發公司上市流程。這些軟件公司開發的聊天機器人與OpenAI、Anthropic和Google等公司的同類產品競爭。
交易所表示,開發這些所謂「大型語言模型」的中國新創公司「迫切需要資本市場的支持」。
今年年初,首批上市的中國人工智能模型開發商 - Z.ai和MiniMax - 首先在香港聯交所上市。許多投資人認為,香港市場比上海市場更成熟,波動性也更低。
但政府鼓勵所有中國人工智能模型開發商在上海進行二次上市,Z.ai和MiniMax都表示計劃這樣做。
北京不僅引導企業向國內市場發展,也願意在這些市場面臨壓力時出手支持。
7月,由於對人工智能領域過度支出的擔憂引發全球股市拋售,上海股市也隨之下跌。兩家國有投資基金 - 中國改革控股和中國誠通控股 - 隨即宣佈斥資90億美元購買中國股票,並表達了對市場的信心。
這種日益國家主導的體系與先前美國投資基金和創投公司蜂擁而至的時代形成了鮮明對比。在2010年代,去早期支持電商巨頭阿里巴巴、TikTok母公司字節跳動以及一度被譽為中國版Uber的滴滴出行是美國投資者。
如今,隨著北京鼓勵國內投資人投資本土科技公司,外國資本在投資格局中成為不太受歡迎的一部分
地緣政治因素也促成了這個趨勢。美國企業越來越擔心被捲入中美貿易和技術爭端的漩渦。外國創投在華大幅下降,許多公司縮減了投資規模或徹底撤離。
例如,Sequoia Capital兩年前就剝離了其中國業務。結果成立了 HSG (HongShan Capital Group) (其中文名稱「紅杉」意為「紅杉」)為 Unitree 提供了支持,並持有該公司 7% 的股份,該公司目前市值約 35 億美元。
投資人工智能技術的對沖基金Interconnected Capital創始人Kevin Xu表示對中國企業而言,“海外融資受到積極阻礙”,“Manus 事件就是最明顯的例子。”
Manus 是一家由三位工程師在中國武漢創立的人工智能公司,其開發出来的人工智能代理引起了 Meta 公司的注意。去年年底,Meta 同意以 20 億美元收購 Manus。但今年 4 月,中國政府介入並要求取消該交易。
Manus在這之前 已將總部遷至新加坡,但北京方面仍將其視為受其管轄的中國公司。本月,取消收購程序完成,Manus 宣佈恢復作為獨立公司運作。
So, two stock market debuts (CXMT and Unitree Robotics)
in Shanghai in recent weeks have underscored a pair of China’s intertwined
ambitions: harnessing investor enthusiasm for homegrown companies and reducing
dependence on American technology and finance. Beijing is not only steering
companies toward domestic markets; it is also willing to step in to support
those markets when they come under pressure. Apparently, the government’s role is
becoming more like a referee and champion of Chinese capital markets, and it may
get involved directly on occasion, acting like a venture capitalist.
Note:
1. HSG
(HongShan Capital Group, 红杉中国) is directly descended from Sequoia Capital’s China operation, but since
2023 it is no longer the same company as the U.S./European Sequoia Capital. (ChatGPT)