Core Insights - Hong Kong's capital market has become a significant international financing channel for China's new generation of technology companies, particularly in hard tech sectors like artificial intelligence [1][8] - In the first ten months of 2025, the number of companies listed on the Hong Kong Stock Exchange (HKEX) reached 81, a 50% year-on-year increase, with strategic emerging industries like healthcare and information technology accounting for over 70% of IPOs [1] - The total amount raised through IPOs in Hong Kong reached HKD 216.47 billion, marking a 203.5% increase year-on-year, positioning Hong Kong as the leading global market for IPO fundraising [1] Investment Trends - Qiming Venture Partners has invested in over 100 projects in the AI sector, indicating a strong focus on technology with potential for significant future value [2] - The Greater Bay Area has seen the establishment of 349,900 new technology innovation companies in the past year, highlighting its status as one of China's most active regions for tech startups [2] Globalization of Chinese Enterprises - Chinese companies are increasingly viewed as "born global," with the capability to compete on a global scale from inception, rather than waiting until they have matured in the domestic market [3][4] - The need for investment firms to adapt to this trend is emphasized, as they must support companies in establishing an international perspective from their early stages [5] Hong Kong's Role in Supporting Tech Companies - Hong Kong's unique financial, legal, and talent environment provides systematic support for technology companies navigating regulatory and cultural differences in various markets [8] - Recent initiatives like the "Tech Company Fast Track" aim to attract venture capital and support the development of tech startups by signaling a welcoming environment for tech IPOs [10] AI Investment Focus - Qiming Venture Partners prioritizes teams with a deep understanding of AI technology, as the field is still maturing and requires knowledgeable leadership to explore innovative applications [12] - The firm is particularly interested in areas such as embodied intelligence and key upstream components, indicating a diverse approach to AI investment [13] Market Sentiment and Future Outlook - Despite concerns about an "AI bubble," the investment community remains optimistic about the potential for significant value creation in the tech sector, particularly in embodied intelligence [14]