Patient capital drives Beijing's gains in hard tech sectors

Beijing has made recent strides in hard technology fields such as brain-computer interfaces, gene sequencing and humanoid robots, backed by patient capital investments.

Zhongguancun Development Group (ZGC Group), a Beijing-based innovation services platform, manages 57 funds with 54.5 billion yuan ($7.6 billion) in total investment. The group has invested in 4,205 technology projects, with 162 achieving initial public offerings.

Patient capital, with its focus on long-term support, is a vital force in promoting disruptive innovation and cultivating new productivity in China. For example, ZGC Group participated in Beijing Galbot Robotics Co. Ltd.'s angel round financing through its AI Scientist Incubation Fund, helping the company launch what it calls the world's first fully autonomous humanoid-operated store.

In 2019, the group invested in Qitan Technology, which developed a high-throughput nanopore gene sequencer that made it a global leader in the field.

To date, the group has invested in over 4,200 companies across various fields, including artificial intelligence, the life sciences, and integrated circuits. These investments encompass 1,832 national high-tech enterprises, 103 unicorn companies, and 191 companies in key technology areas.

The group plans to increase investment in key areas, support technology companies in industrialization and help build the Beijing International Science and Technology Innovation Center.