New York, USA, Dec. 13, 2021 (GLOBE NEWSWIRE) — More than 200 speakers and 3,000 participants attended the annual World Innovators Meet New York Forum (WIM New York). Eleven main topics were discussed during event held in Manhattan, including the hottest and most lucrative industries, from green technology to healthcare to e-gaming as well as concepts like carbon neutrality.
During his opening keynote speech, EqualOcean Founder Yuanpu Huang said:
“EqualOcean views China as being technology driven and is the largest consumer market. We found that most VCs in China have been shifting their investment strategy from business model-related startups to hard and deep technology innovations since 2018. China has many advantages: China’s top talents, especially those with STEM backgrounds, are leading global innovation. Thanks to ambitious venture capitalists, the new technological innovations from universities and research institutions are commercializing faster and faster. And the total R&D expenditure in China will surpass 4 trillion RMB in 2025.”
According to Yuanpu Huang, the Chinese government is applying the concept of ‘common prosperity’ to narrow the gap between rich and poor. Many people in China work extremely hard with minimal discretionary spending and deposit all their money into the bank to earn little interest. Their real spending power has been decreasing, as cheap capital is utilized to fuel the growth of various industries. When a country is experiencing a growth cycle, people who take loans and invest tend to become richer, while people who save become poorer. After 40 years of lightning development, the ‘common prosperity’ initiative is meant to lend stronger support to the work-hard-and-save group, and ultimately expand China’s middle-income population.
Global Tech Investor and Business Executive Winston Ma, speaking at the WIM2021 New York Forum’s VC panel, explained that with about 500 million e-sports gaming players, China is the largest e-sports market in the world, followed by the US and South Korea in terms of e-sports business revenue. Trends including metaverse applications in gaming will continue to grow and expand moving forward.
James Early, Managing Partner at Tamarack Advisory, provided insights into China market entry and cross-border strategies for both private and public equity investors, noting that numerous opportunities still exist within the Chinese market.
Artificial intelligence (AI) expert and NYU Stern School of Business Professor Xi Chen shared his thoughts on where to find hard-tech unicorns in China’s current venture VC market, noting that AI will play an increasingly important role moving forward, with a balance needed between data privacy and tech-focused innovation.
Chris Pereira, President & CEO of Canadian Ecosystem Institute, said during the VC panel:
“Opportunities in China are evolving and trending toward tech innovation, and I see significant upside in ESG-aligned companies. Not only is ESG good for society, but it is also just good for business. Policy directions including ‘common prosperity’, are noteworthy for the China market. Taken in the context of evolving societal changes in China, these policies can direct us toward the next round of Chinese unicorns”.
EqualOcean is an information service provider and investment research company that aims to become a global platform for industrial innovation, with deep insights on a range of sectors in China including technology, consumption, healthcare, automobiles etc. EqualOcean helps Chinese brands expand internationally and enables global investors and ambitious corporations to better understand the Chinese market.
The firm provides comprehensive professional services, including industry research, investment analysis, innovation consulting, data products, corporate branding, and local market landing services. EqualOcean’s clients include Tencent, Alibaba, Meituan, JD.com, SenseTime, Foxconn, Amazon, Intel, Carlsberg, GSK, and many others.
EqualOcean launched its international website EqualOcean.com in November 2018 and opened its first office outside China in New York City in January of 2020.
For more information, please contact:
- 2021 World Innovators Meet (WIM) New York