周一至周五, 10:00 - 11:00 SIN/HK | 0400 - 05:00 CET
Monday - Friday, 10:00 - 11:00 SIN/HK | 0400 - 05:00 CET
你好,，这是伊芙琳,，从北京给您写信。欢迎阅读最新一期的《中国连线—》，其中简要介绍了我'm 在当地企业的所见所闻。
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a succinct snapshot of what I'm seeing and hearing from local businesses.
我最近与投资者的对话揭示了一个显着的转变: 中国已经注意到金融如何推动硅谷的崛起，并正在效仿。抛开成长的烦恼和风险,，这可能意味着美国面临激烈的竞争
My latest conversations with investors reveal a notable shift: China has taken note of how finance powered Silicon Valley的 rise and is following suit. Growing pains and risks aside, this could mean serious competition for the U.S.
大故事
The big story
追踪中国'最新科技热潮背后的资金，就会发现香港—是中国'的证券交易所中最受全球欢迎的交易所—，该交易所去年重新焕发了生机。
Follow the money behind China的 latest tech boom and it leads to Hong Kong — the most globally accessible of China的 stock exchanges — which roared back to life last year.
公司在香港市场公开上市筹集的资金比任何其他交易所都多。现在,超过400家公司正在排队上市—，而且我'听说由于交易所'相对较新的保密上市规则，估计数字要高得多。
Companies raised more funds in public listings on the Hong Kong market than on any other exchange. Now, more than 400 companies are lining up to list — and I've heard estimates that are way higher thanks to the exchange的 relatively new confidential listing rules.
"香港上市的[激增]将持续超过一两年," Gary Lock, IPO咨询公司金杜律师事务所的香港合伙人,上个月在杭州的一个风险投资论坛间隙告诉我。
"This [surge in Hong Kong listings] will last longer than one or two years," Gary Lock, Hong Kong-based partner at IPO advisory King and Wood, told me on the sidelines of a venture capital forum in Hangzhou last month.
当前的资本市场活动比过去 35 年中的任何情况都要大得多"", Lock 说。自两个月前伊朗战争开始,以来，他表示外国资金已流入香港银行,，准备投资中国。
The current capital markets activity is "much, much bigger" than anything seen in the last 35 years, Lock said. Since the Iran war began two months ago, he said foreign money has flowed into Hong Kong banks, getting ready to invest in China.
今年到目前为止，已有 40 多家公司在香港上市,，因为监管放松了—，而且美国对中国敏感行业 (（如国防科技)）的投资审查加强。
More than 40 companies have listed in Hong Kong so far this year, as regulations ease — and U.S. scrutiny of investment into sensitive Chinese sectors (like defense tech) grows.
毕马威中国'杭州办事处首席合伙人金阳,表示，,香港资本活动的复苏有助于动摇人们的看法，即香港没有'提供与美国,相同规模的交易量和股票估值。
Critically, the resurgence of capital activity in Hong Kong has helped shake perceptions that it didn't offer the same scale of trading volume and stock valuations as the U.S., said Jin Yang, chief partner at KPMG China的 Hangzhou office.
尽管有报道称，北京正在加大海外结构的中国公司在香港上市的难度,，但我在本文中采访的五位投资者和顾问中，没有人担心这会阻止 IPO 流动。
And despite reports that Beijing is making it harder for overseas-structured Chinese companies to list in Hong Kong, none of the five investors and advisors I spoke to for this piece were worried it would stop the IPO flow.
高盛分析师 Si Fu 在上个月的一份报告中表示，只有约 15% 香港管道可能面临中国的监管审查,。她预计今年香港上市将筹集约 24600 亿美元,，几乎是 2025 年筹集的 24360 亿美元的两倍。
Only about 15% of the Hong Kong pipeline may face regulatory scrutiny from China, Goldman Sachs analyst Si Fu said in a report last month. She predicts Hong Kong listings will raise about $60 billion this year, nearly double the $36 billion raised in 2025.
King and Wood的 Lock, 表示，这些规定还削弱了国际投资者 在中国获得初创企业交易, 方面的竞争优势，因为创始人被激励寻求国内融资。
These regulations are also eroding international investors competitive advantage in securing startup deals in China, said King and Wood的 Lock, as founders are incentivized to pursue domestic funding.
"谁需要软银," Lock说,当地公司可以更快地做出决策并提供更好的估值?
"Who needs SoftBank," Lock said, when a local firm can make decisions more quickly and offer better valuations?
普华资本,是一家中国大型风险投资公司,，预计今年的外资投资不会发生重大变化,创始管理合伙人沉勤华告诉我。
Puhua Capital, a major Chinese venture capital firm, does not expect a major change in foreign investment this year, founding managing partner Shen Qinhua told me.
但他预计香港IPO的势头将会持续。沉说，普华'总投资中约60%投资于"硬技术"，例如AI,芯片和商业航空航天。
But he expects the Hong Kong IPO momentum to persist. Shen said about 60% of Puhua的 total investments are in "hard tech" such as AI, chips and commercial aerospace.
新的生态系统出现
A new ecosystem emerges
更多中国企业在香港进行首次公开募股，只是中国27%在发展自己蓬勃发展的科技生态系统的道路上又迈出了一步。对于早期投资者来说，上市是获得潜在显着回报, 的重要途径，可以激励更多资金支持中国初创企业努力成为全球参与者。
More Chinese IPOs in Hong Kong are just another step on China的 road to developing its own thriving tech ecosystem. The listings are a critical way for early-stage investors to make potentially significant returns, incentivizing more funds to support Chinese startups as they strive to become global players.
越来越多的迹象表明，中国正在其他方面追赶硅谷和华尔街, ,，因为年轻一代处于领先地位。
There are growing signs that China is catching up with Silicon Valley and Wall Street in other ways, too, as a younger generation takes the lead.
此前, 中国企业家更愿意尽可能长时间地保持对公司的控制—，这使得控股IPO成为最受欢迎的选择。
Previously, Chinese entrepreneurs preferred to maintain control over their companies for as long as possible — making majority-held IPOs the most popular option.
但现在,创始人—有时多个初创公司—更愿意出售自己的业务或参与M&A,，杭州的风险投资协会负责人周凯兵,说。这为投资者创造了更多赚钱的选择, 扩大了行业规模。
But now, founders — sometimes of multiple startups — are more open to selling their businesses or engaging in M&A, said Zhou Kaibing, head of Hangzhou的 venture capital association. This creates more options for investors to make money, growing the size of the industry.
就技术本身而言，情况也在发生变化。
Things are also changing when it comes to tech itself.
中国公司此前曾强调，他们的重点是构建以行业为中心的人工智能，并能立即获得商业回报,，而美国同行则寻求构建超人类的通用人工智能。
Chinese companies have previously emphasized their focus on building industry-focused AI with immediate business returns, while their U.S. peers were looking to build superhuman artificial general intelligence.
但 Qi Ruan, 合伙人兼 S&R Venture Capital, 副总裁表示，中国投资者越来越多地寻找对未来, 有远见并清楚了解自己的技术如何融入未来的企业家。
But Qi Ruan, partner and vice president at S&R Venture Capital, said investors in China are increasingly looking for entrepreneurs with a vision for the future, and a clear view of how their tech fits into that.
具有全球竞争力的技术和不断发展的金融支持体系有助于增强中国对外国投资者的吸引力。
Globally competitive tech and a growing financial support system helps strengthen China的 attractiveness to foreign investors.
杭州VC论坛吸引了远至印度,西班牙和比利时,的嘉宾,周说。
The Hangzhou VC forum attracted guests from as far away as India, Spain and Belgium, Zhou said.
据 NIIT 副主席兼董事总经理 Vijay K Thadani, 称，, 来自印度的代表团包括 20 多名商业领袖，从 Dharma Capital 到工业巨头塔塔,。他还参加了为期一周的中国之行。
In particular, the delegation from India included more than 20 business leaders ranging from Dharma Capital to industrial giant Tata, according to Vijay K Thadani, vice chairman and managing director of NIIT. He also participated in the week-long trip to China.
这些公司正在探索与中国机器人公司在制造业领域的投资机会和合作伙伴关系, Thadani 表示。
The companies are exploring investment opportunities and partnerships with Chinese robotics companies in manufacturing, Thadani said.
在跨境监管不确定性的情况下, Ruan 希望她的风险投资公司能够扩张，她强调，该公司是杭州唯一一家拥有允许接受外资同时直接投资人民币的牌照的基金。
And amid cross-border regulatory uncertainty, Ruan hopes her VC firm can expand by emphasizing that it is the only fund in Hangzhou with a license that lets it accept foreign capital while investing directly in Chinese yuan.
这一切都反映出这样一个事实：全球资金和创新不再是美国的专属。
This all reflects the fact that global money and innovation are no longer the sole preserve of the U.S.
尽管如此,，随着中国建立本土风险投资生态系统的各项工作落实到位，, 它不会 成为美国模式的复制品。
Still, as the pieces fall into place for China to build its homegrown venture capital ecosystem, it won't be a replica of the U.S. model.
监管机构的意外是主要风险, Lock 表示。 "我们在世界这一地区所做的很多事情都是基于政策的。"
Regulator surprises are the main risk, Lock said. "A lot of things that we do in this part of the world are policy-based."
需要知道
Need to know
比亚迪因匈牙利工厂虐待劳工指控而受到欧盟审查 电动汽车巨头比亚迪成为第一家因匈牙利工厂虐待劳工指控而在欧洲议会提出诉讼的中国企业, CNBC 在监管机构的 对工厂工作条件进行调查后获悉,。
BYD draws EU scrutiny over labor abuse allegations at Hungary factory
Electric car giant BYD has become the first Chinese business to be raised in the European Parliament over allegations of labor abuses in Hungary, CNBC has learned, following a watchdog的 investigation into working conditions at the site.
宁德时代暴跌逾8%，中国电池制造商公布2450亿股配股电池巨头宁德时代新能源科技宣布计划融资约2450亿%，以支持进军海外市场,扩大产能并强化零碳战略。
CATL plunges more than 8% as the Chinese battery maker unveils $5 billion share placement
Battery giant Contemporary Amperex Technology announced plans to raise about $5 billion to support its push into overseas markets, expand production capacity and strengthen its zero-carbon strategy.
Meta-Manus 交易中的 严厉发展 在中国的 与美国的人工智能竞赛中划清了界限 中国的 决定阻止美国科技巨头 Meta的 $20 亿美元收购人工智能初创公司 Manus 被分析师视为对科技企业家的警告。
'Draconian development in Meta-Manus deal draws the line in China的 AI race with the U.S.
China的 decision to block U.S. tech giant Meta的 $2 billion acquisition of artificial intelligence startup Manus is being seen by analysts as a warning to tech entrepreneurs.
Coming up
5月6:沪深股市五一假期后复市
May 6: Shanghai and Shenzhen stock exchanges reopen after Labor Day holiday
5月6: 4月份RatingDog中国服务业采购经理'指数(PMI)
May 6: RatingDog China Services Purchasing Managers Index (PMI) for April
5月9:中国4月贸易数据
May 9: China trade data for April
5月11:中国4月份居民消费价格和工业生产者出厂价格指数
May 11: China consumer price and producer price indexes for April
News Tips
收到机密新闻提示? 我们希望收到您的来信。
CNBC 时事通讯
CNBC Newsletters
注册免费时事通讯，将更多 CNBC 新闻发送到您的收件箱
将此信息发送到您的收件箱,，并获取有关我们产品和服务的更多信息。
与我们一起做广告
Advertise With Us
© 2026 Versant Media, LLC。版权所有。 Versant 媒体公司。
数据为实时快照 *数据至少有15分钟延迟。全球商业和金融新闻, 股票行情, 以及市场数据和分析。