---
title: "Chinese hard tech giants see market value surge as overseas capital pours in"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292438314.md"
description: "Overseas capital has surged into China's hard tech sector, pushing northbound Stock Connect holdings to a record 3.13 trillion yuan by end-Q2. This shift reflects a rotation from traditional consumer/financial stocks to advanced manufacturing and AI firms like CATL and Naura Technology. Goldman Sachs highlights this preference for onshore 'hard-tech' over offshore platforms but warns of overheating risks in specific semiconductor segments."
datetime: "2026-07-13T05:03:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292438314.md)
  - [en](https://longbridge.com/en/news/292438314.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292438314.md)
generator: "portal-rs"
---

# Chinese hard tech giants see market value surge as overseas capital pours in

Overseas capital has poured into China’s hard technology champions at an unprecedented pace, driving the market value of their mainland equity holdings to an all-time high by the end of this year’s second quarter. Global investors have increased their exposure to China’s advanced manufacturing and technology companies, helping push the northbound holdings under the mainland-Hong Kong Stock Connect scheme to a record high of 3.13 trillion yuan (US$461.65 billion) by the end of June, according to financial data provider Choice, the highest quarterly level since the launch of the programme. The latest figures point to a broader repositioning of overseas portfolios towards industries linked to Beijing’s push for technological advancement and self-sufficiency, marking a departure from the consumer and financial stocks that had traditionally dominated foreign holdings. Technology and advanced manufacturing companies now account for seven of the 10 largest foreign-held A-share positions, including the top three. Battery maker Contemporary Amperex Technology Co Limited (CATL), artificial intelligence optical-module supplier Zhongji Innolight and semiconductor equipment manufacturer Naura Technology ranked top three among those with the biggest holdings by overseas investors. Goldman Sachs said the sector rotation reflected investors’ growing preference for onshore “hard-tech” companies over offshore “soft-tech” platforms, reiterating its tactical preference for A-share technology names in a July 13 research note. The investment bank’s note rebuffed concerns that the AI rally had become a speculative bubble. “We push back to the notion that the aggregate Chinese AI equity bloc is a bubble,” Goldman strategists wrote in the report, adding that potential economic benefits from efficiency gains and new market creation could be 50 per cent to 100 per cent higher than what was currently priced into AI equities. However, the team warned that some segments of the market were showing signs of potential overheating. It pointed to select semiconductor companies and A-share hard-technology names that were trading at elevated premiums compared with historical norms. “Concentration and leverage risks are rising at somewhat concerning paces,” the strategists said.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**