The rise of technology in China feels inseparable from the dominance of the traditional big tech firms: Baidu, Alibaba and Tencent (or BAT for short). What were once the drivers of fortunes for Chinese investors, have more recently become the laggards in a struggling market. In this episode, we sought to discover whether these recent struggles are simply a barometer of the troubling macro outlook in China, or a more permanent de-rating for the former champions. Friend of the podcast Steven Luk joined us once more for a wide-ranging discussion on the current state of China tech, the advent of AI in China, regulation, super apps and much more.

00:00 - Episode Intro

00:57 - Era of rapid connectivity shifting to one of government regulation

06:57 - Development of the big tech players

13:18 - Government regulation – new paradigm

17:29 - Rerating of China tech stocks & the markets

23:25 - VC/PE - Capital Flows in China tech sector

32:37 - Stock picking: medium- to long-term need for selective stock picking

36:03 - AI – a different dynamic in China

43:57 - Shelving of Ant IPO and move from disorderly to orderly capital

44:54 - Summary