The Scene from China: VC and Tech Reach New Scale

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 4 February 2019

⏱️ 20 minutes

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Summary

Last year, venture capital investment in China surpassed North American totals for the first time in history, bringing Chinese business models to a stage and scale that "the entire world needs to pay attention to" in the eyes of Goldman Sachs Research's Piyush Mubayi. Corporate venture capital plays a major role: the country's big tech companies are active investors domestically, and now they're also setting sights on new markets. In this episode, Mubayi joins Jake Siewert to discuss developments in China's corporate venture capital space, as well as trends he's seeing in the broader tech sector. This podcast was recorded on October 24, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.

Transcript

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0:00.0	This is the
0:08.0	Exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries in the global economy.
0:14.4	I'm Jake Stewart, global head of corporate communications here at the firm.
0:17.6	Today we're in Hong Kong to have a closer look at Asian markets and we'll be talking about
0:21.2	one of the hottest spaces in the market, technology.
0:23.4	I'm here with Peush Mugai, head of Regional Teleco Internet Media team in Goldman Sachs
0:28.8	research and we're going to listen to his views on China's tech industry and how it's
0:32.9	involved over the recent years.
0:34.6	Pahush, welcome to the program.
0:35.8	Thank you.
0:37.1	So you recently wrote a big report on the venture capital landscape in China
0:41.8	and the contribution of Asia, specifically China, that.
0:45.2	Give us a brief overview of the V.C. landscape in Asia and explain to us what B.A.J.
0:52.2	means. We've been writing pieces on VC and VC investing globally.
0:56.7	And what we realized in the second quarter is for the first time, we've had China exceed
1:01.4	North America in terms of total VC investment. So that's a big
1:05.3	big thing for us and it does prove to us that the Chinese business models are
1:09.2	reaching a stage and attaining a scale that makes them something that the entire world needs to pay attention to.
1:15.0	And that's been transformative in our mind.
1:17.0	So the total numbers we're talking about are spending or investments of about 3131.32 billion in the second quarter
1:25.1	versus North America that is now at about 28 billion or so
1:29.1	for a total investment globally of $ billion dollars plus.
	...

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