How are investors responding to Beijing’s crackdown on Chinese tech firms? By pouring more money into them.
‘Hard-tech’ companies sometimes take longer to deliver returns than consumer-internet firms like ByteDance., the country is unlikely to catch up with the West in the near term, they said.
“But right now, there are more and more scenarios in which domestic tech brands and software are holding their own in the market, and people are growing increasingly confident about them. The more you use them, the better they become.” Yuxiang Zhou, a 32-year-old technology entrepreneur whose firm sells cloud-computing-based software that helps factories in China manage production, said it only took two months to close around $78 million in Series C funding for his startup at the beginning of 2021, when the government’s shift was building momentum.Chinese tech stocks popular among U.S. investors have tumbled amid the country’s regulatory crackdown on technology firms.
Shanghai-based Mr. Zhou said a pivotal turning point for enterprise technology came in 2019, with the U.S.-China trade conflict serving as “an awakening moment for China and factories that didn’t have their own domestic-factory software.”
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