Gavekal Technologies

On September 6-11, Gavekal Technologies held its inaugural China Tech Tour with 19 institutional-investor clients. Through a dozen site visits and in-depth conversations with senior executives, we examined China’s semiconductor, AI, new energy, robotics and biotechnology industries. This week’s China Tech Brief explores some of the key findings. By far the biggest theme was the gap between technological capabilities and corporate returns. China has plenty of globally competitive tech companies, but few that generate really attractive earnings.

On September 6-11, Gavekal Technologies made its inaugural China Tech Trip with 19 institutional investor clients. The trip offered a close-up view of China’s tech ecosystem, including semiconductors, AI, new energy, robotics, and biotech, via a dozen site visits and in-depth conversations with senior executives. This week’s Chips report summarizes our observations in the semiconductor and AI sectors.