조선일보는 글로벌 펀드들이 중국 기술주로 몰리고 있다고 보도했으며, 로보틱스와 전기차가 반도체 자급 추진을 주도하고 있다고 전했다. 관련 기업은 CXMT(ChangXin Memory)다.

China's technological rise is gaining momentum with help from its stock market. ChangXin Memory Technologies (CXMT), a Chinese DRAM maker that threatens the dominance of Samsung Electronics and SK Hynix, rose to the top market capitalization on its debut on the Shanghai Stock Exchange. Chinese artificial intelligence (AI) firms are also making their way onto the market.

Alibaba and Baidu once headed to the New York Stock Exchange. Now Chinese tech companies are flocking to Shanghai and Hong Kong. Beijing is using capital markets as a key tool to foster advanced industries, and firms are using funds raised in the stock market for large-scale research and development (R&D) and equipment investment.

Zhang Yiming (Wilson Zhang), head of the equity division and chairman of the global equity business management committee at China International Capital Corporation (CICC), a leading Chinese investment bank, has been a driving force behind these changes. He recently took part in CXMT's listing project. Meeting Zhang in Shenzhen on October 14, he said, "The technological gap between Chinese semiconductor firms and Korean companies is rapidly narrowing. I believe a Chinese AI company with a market capitalization of 1 trillion Chinese yuan (approximately 200 trillion Korean won) could emerge."

**Growth of Chinese Tech Companies**

News of CXMT's rapid growth caused Samsung Electronics and SK Hynix's stock prices to fall.

"Currently, the semiconductor market isn't structured for Chinese companies to simply take market share from established players. Even after CXMT's listing, there were periods when Samsung, SK Hynix, and Micron's stock prices rose together."

**What is the semiconductor technology gap between China and South Korea?**

"External research institutions assess that the gap between Chinese memory firms and global leaders has narrowed to a few years. However, there are still areas where they lag. First is advanced process manufacturing capability. Designing semiconductors and developing technology are different from stable mass production, which requires long-term investment and technological accumulation. Second is the software ecosystem. AI semiconductors depend not only on chip performance but also on the software and related industrial ecosystem that developers can use."

**Can Chinese AI firms like DeepSeek and Moonshot AI grow as large as OpenAI or Anthropic in the U.S.?**

"It's possible. Global investors are increasingly valuing Chinese AI companies such as DeepSeek, Moonshot AI, and Z.ai. Chinese firms pursue strategies of developing technology at relatively low cost and offering cheaper services. I believe a Chinese AI company with a market capitalization of 1 trillion Chinese yuan could emerge. The U.S. leads in advanced AI models and computing technology, while China's strengths lie in its vast application market, engineering talent, and manufacturing ecosystem. China can demonstrate competitiveness in applying AI to real industries and consumer services."

**Capital Flows into Chinese Stock Markets**

While Chinese tech firms like Alibaba once listed in the U.S., recent AI and semiconductor companies are choosing Shanghai and Hong Kong.

"First, due to geopolitical factors. Chinese companies listing in the U.S. must consider regulations from the Securities and Exchange Commission (SEC) and political risks. Second, reforms in Chinese capital markets. The government has improved listing systems to allow tech firms to raise funds domestically. Shanghai's STAR Market, in particular, opened doors for unprofitable advanced tech companies through the so-called fifth listing standard. AI and semiconductor firms require massive investment in R&D and equipment, which makes immediate profitability difficult. In the past, such companies struggled to list, but this has changed. Chinese tech firms no longer need to go to the U.S. to secure the funds they need."

**Will 'Buy China' gain momentum?**

"Global investors are reassessing Chinese assets. Over the past few years, overseas institutional investors maintained low exposure to Chinese A-shares. However, changing global interest rates and geopolitical environments have renewed interest. Chinese stocks have relatively low correlation with U.S. stocks, allowing for risk diversification. Investors are particularly interested in companies with global tech competitiveness, stable cash flows, and growth potential in overseas markets, such as those in AI, semiconductors, and advanced manufacturing. This has increased the need for investment banks capable of providing international financial services. The Chinese government is pushing CICC to become a global investment bank on par with Goldman Sachs."

**Which sectors have Chinese tech companies reached global top levels?**

"In robotics and electric vehicles (EVs), they have already achieved significant global competitiveness. In the first half of this year, China's humanoid robot shipments exceeded 40,000 units, accounting for approximately 97% of global shipments. The country has an industrial ecosystem that connects core components to finished products. The EV sector is also highly competitive. From January to August, China's new energy vehicle sales reached 10.65 million units, with exports of 3.435 million units, a 124% year-on-year increase. Leveraging its vast domestic market and manufacturing base, China can rapidly develop and improve new products. Semiconductor localization and technological self-reliance are accelerating."

**What are the three most promising investment areas in the Chinese stock market?**

"First, AI infrastructure and physical AI. China has a broad foundation for robot component manufacturing and production. AI semiconductors, optical communication, printed circuit boards (PCBs), and related equipment firms are noteworthy. Second, new drug development. Chinese pharmaceutical and biotech firms are improving R&D efficiency and achieving success in overseas markets. Even amid Hong Kong's market adjustments, the healthcare sector's relative resilience reflects growth expectations. Third, the private space industry. Efforts to develop reusable rockets to reduce launch costs are active. Reusing rockets multiple times instead of discarding them after a single launch could significantly enhance the industry's economic viability. Increased launch frequency will create new opportunities for companies producing core components and equipment."

**"NVIDIA, Tesla… We Will Catch Up"**

On October 12, in Minhang District, Shanghai, about an hour's drive from the city center, lies Tiansu Zhixin, a Chinese GPU developer. Alongside More Threads, Biren Technology, and MetaX, Tiansu Zhixin is part of the "GPU Four Dragons." As U.S. export restrictions on advanced GPUs make NVIDIA products harder to obtain, Chinese AI firms are turning to domestic alternatives, opening new markets. Tiansu Zhixin's revenue last year exceeded 1 billion Chinese yuan, a 90% increase from the previous year.

Next, in Pudong New Area, Shanghai, is AMEC, a semiconductor equipment company. AMEC serves foundries such as SMIC and Hua Hong Semiconductor. A source at AMEC said, "We are significantly increasing R&D investment." Indeed, AMEC's R&D expenditure in the first half of this year reached 2.041 billion Chinese yuan, a 36.9% year-on-year increase. R&D accounted for 30.5% of its revenue.

While semiconductor firms chase U.S. technology, autonomous driving companies expressed confidence in their commercialization progress.

On October 13, the reporter visited Pony.AI, an autonomous driving technology firm in Jiading District, Shanghai. Founded in 2016, the company listed on Nasdaq in 2024 and on the Hong Kong Stock Exchange in 2025. It operates robo-taxi services in Beijing, Shanghai, and other cities. As of the second quarter of this year, Pony.AI had 1,975 robo-taxis. Revenue from its robo-taxi business reached $12.1 million, a 691.2% year-on-year increase.

The robo-taxi the reporter rode in navigated Shanghai's complex traffic naturally, responding appropriately to sudden lane changes by bicycles and motorcycles. A Pony.AI representative said, "Tesla focuses on camera-based autonomous driving, but we use LiDAR, radar, and cameras together. This gives us an advantage in complex road conditions."

**Zhang Yiming (张一鸣)**

Zhang Yiming is head of the equity division and chairman of the global equity business management committee at CICC. He oversees initial public offerings (IPOs), stock issuances, and institutional investor-related work for Chinese companies listing on mainland, Hong Kong, and U.S. stock markets. He also serves as vice chairman of the Shanghai Asset Management Association. From 2018 to 2023, he was named the most influential figure by the financial journal