On May 12th, at the Urban High-Quality Development Forum during the Shenzhen International Venture Capital Festival, Chairman of CoStone Capital, Zhang Wei, emphasized the importance of supporting and developing technology, represented by the semiconductor industry, and prioritizing support for private enterprises due to the increasingly fierce global technological competition.

Zhang Wei believes that Shenzhen currently does not have a competitive advantage in the field of semiconductor technology, during the global and national technology race. However, with a long and high-value semiconductor supply chain, it serves as the "brain" of the modern electronics industry, with every dollar of output driving $100 of GDP, without any shortcuts for overtaking. From the underlying logic of semiconductor investment, the Fourth Industrial Revolution can’t be achieved without semiconductor technology. The competition between China and the United States in the field of technology will further motivate China to strive for self-reliance and promote innovation solutions through a national approach. Zhang Wei emphasized that when an investment aligns with both technological progress and policy guidance, its valuation will transcend traditional financial models. Hence, the reshaping of China's semiconductor industry investment logic is derived from the intense Sino-U.S. technology competition, presenting future investment opportunities in areas where China lags behind in semiconductors.

Zhang Wei revealed that CoStone Capital has established a top-to-bottom comprehensive investment layout in the semiconductor industry chain. Invested companies such as GALAXYCORE,Changxin Memory Technologies,Inc,Birentech, SHOULDER ELEC,INNOSILICON, and UNITED FAITHFUL CREATIVE TEAM, cover the entire industry chain from raw materials, design, packaging and testing, manufacturing, and extend to semiconductor distribution. CoStone Capital has become an "industry chain organizer" in the semiconductor sector. Up to now, CoStone Capital has invested in 53 companies in the semiconductor field, including 28 in design, 13 in equipment, 5 in materials, 3 in packaging, 2 in distribution, 1 in EDA and IP, and 1 in IDM.

Regarding the development of the semiconductor industry in Shenzhen, Zhang Wei suggested focusing on attracting industry leaders and key enterprises in the supply chain, nurturing and fostering leading enterprises in various segments. Specifically, he emphasized the need to cultivate and support several types of leading enterprises, such as semiconductor foundry companies represented by Hefei Changxin and integrated IDM companies, mainstream CPU/GPU and high-performance chip design companies, chip design companies for automotive and industrial applications, including various sensor chips, power and power chips, analog and communication chips, as well as semiconductor equipment, materials, and software platform companies.

Zhang Wei also stated the unique qualities of Shenzhen, characterized by a non-submissive relationship between the government and the people. This has led to the prosperous development of private enterprises and the private economy in Shenzhen, with private enterprises accounting for over 96% of the total number of enterprises in the city. Shenzhen has witnessed the rise of private enterprises in every technological wave, such as Tencent in the internet era, Huawei and ZTE in the telecommunications era, and BYD in the era of new energy vehicles.Zhang Wei suggests that Shenzhen should assume responsibility, gather resources, support private enterprises, and explore and protect entrepreneurs. In terms of industrial planning, long-term and systematic layout should be adopted, similar to what has been done in Hefei, where a blueprint is fully implemented. In terms of institutional mechanisms, both the national system and market-oriented decentralization should be explored and emphasized. Compared to a national system, mass innovation is more dynamic.