COVID-19 will push Chinese firms to recalibrate domestic, global ambitions, says Lenovo Capital MD

Lenovo Capital managing director Jeffery Wang

The economic disruption caused by the COVID-19 outbreak is likely to push Chinese tech companies to find the right balance between domestic growth and global ambitions, says Lenovo Capital managing director Jeffery Wang.

Launched in 2016, Lenovo Capital is the corporate venture capital unit of Chinese multinational technology company Lenovo. It has more than 100 portfolio companies, including food delivery giant Meituan-Dianping, electric vehicle maker NIO, AI chip maker Cambricorn Technologies, image recognition company Megvii, and AI technology and service provider 4Paradigm. It also has over 10 incubator companies under management.

“The good news is that there will be more mergers and acquisitions by large companies who want to build self-sufficient technology stacks,” said Wang in an interview with DealStreetAsia, talking about the after-effects of the coronavirus crisis.

Lenovo Capital has so far had a busy year. “The number [of investments] is roughly over 10, which is almost the same as last year in the first four or five months, with investments in sectors across fintech, robotics, semiconductor and AI,” he said.

Edited excerpts of an interview:- 

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.