Emerging
Jun 19, 20261
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China Should Rely More on Private Capital for Tech Innovation, Investor Says
Fang Fenglei, founder of Hopu Investments, urged China to adopt a more market-driven approach to investment in tech startups. He highlighted the difficulty of bridging the gap between research and commercialization as a central challenge.
Quick Facts
Who
Fang Fenglei
What
called for more market-based investment environment
When
Wednesday
Where
Hangzhou
- called for more market-based investment environment
- relied more on private capital for tech startups
- crossing the 'valley of death' between research and commercialization
- Fang Fenglei
- Hopu Investments
Fang Fenglei, founder and chairman of Hopu Investments, called for a more market-based investment environment in China that relies more heavily on private capital to help technology startups reach commercialization. Speaking at the Caixin Summer Summit in Hangzhou, Fang identified the key challenge for China's innovation ecosystem as crossing the 'valley of death' between scientific research and large-scale commercialization. He emphasized the need for diverse talent across multiple fields, multi-tiered capital markets, and a more market-driven investment environment to support tech startups.
Topics
Why This Matters
The call from a seasoned investor like Fang Fenglei signals that China's current state-led innovation push may be too top-down. For venture capitalists and tech entrepreneurs, this means potential policy shifts toward deregulated capital flows, more exit options via multi-tiered stock markets, and greater reliance on private equity to fund deep-tech ventures—directly affecting fundraising strategies and valuation trends.
Timeline & Sources
Jun 19, 2026
WireFang Fenglei speaks at Caixin Summer Summit, urging more private capital for tech innovation.