Founder, Social Innovation Circle | Li Cheng Capital Adjunct Professor of Business, Hong Kong University | impact investor supporting social entrepreneurs

Joined February 2010
284 Photos and videos
A Chinese robotics company that almost no-one in the West has heard of, Spirit AI, just took the world crown in Robotics, beating a model built by Nvidia into second place. No-one should be surprised. The US spends 12 times as much as China on raw computing, but China spends 43% more than US on robotics and ‘embodied AI’. And that gap is expected to widen further. The two countries may be in an AI race, but they are not running the same course. One is focused solely on LLMs. The other is going all-in on physical applications - automation, deployment and replacing manual labour.
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Many of the startups I’m working with are doing the same - switching from Claude to open source Chinese models like Kimi, Qwen or DeepSeek. Massive cost saving. No noticeable performance difference
Pulled the trigger today and switched 100% of Lindy traffic to DeepSeek v4, churning from Anthropic models. Saves us millions of $ and we're actually seeing an *increase* in performance on many core use cases. Transformative for the business.
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Some more evidence that Chinese models are making big inroads into the closed source players markets.
This is a pretty striking shift toward Chinese models by American AI startups since the start of the year. substack.com/@profgmarkets/p…
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Bloomberg just published data showing where all the money flowing into Hong Kong to make it the world’s largest cross border finance hub ($3 trillion) is coming from. It’s basically all Asian money, 60% being from mainland China. US and Europe account for only 5% of the cross border flows.
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I’m not sure many folks realise what a financial powerhouse Hong Kong has become. It’s just overtaken Switzerland as the world’s largest global finance hub, with nearly $3 trillion of assets under management. Last year it was the world’s largest IPO market. It has more billionaires than any other city on earth except New York (71). Many of these are first generation self-made entrepreneurs, like Robin Zeng (founder of CATL), Hong Kong’s wealthiest resident. It is by far the largest issue of green bonds in Asia, with over $43 billion issued. Hong Kong is often compared to Singapore, but the fact is that it dwarfs Singapore when it comes to capital, thanks to it’s unique role in the Chinese financial ecosystem (70% of all Chinese foreign direct investment flows through Hong Kong).
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Deepseek is probably the only Chinese model that most westerners can name, but the one to keep an eye on is Kimi from Moonshot AI
A kid from Shantou with no programming background got into Tsinghua University's computer science department by winning a high school informatics olympiad, then quit a job offer from Google Brain to start an AI company in Beijing with two of his college bandmates. Four years later that company released a 1 trillion parameter open-source AI model that outperformed every American closed model on coding benchmarks and became the fastest Chinese tech company in history to hit a $10 billion valuation. His name is Yang Zhilin. The company is called Moonshot AI. The model is called Kimi K2. Here is the story. Yang was born in 1992 in Shantou, a small city in Guangdong province. In high school he had never written a line of code. He got selected for an informatics olympiad training program anyway. He won first prize at the Guangdong provincial level, which got him guaranteed admission to Tsinghua University. He scored 667 on the gaokao, far above the Tsinghua cutoff. But the system placed him in Thermal Energy Engineering. He transferred to Computer Science in his sophomore year. He graduated in 2015 ranked first in his department class. During undergrad he was advised by Tang Jie, a Tsinghua professor who would later co-found another Chinese AI giant called Zhipu. He went to Carnegie Mellon for his PhD under Ruslan Salakhutdinov and William Cohen. He finished in under four years. During that time he co-authored two of the most influential papers in modern AI, Transformer-XL and XLNet, which together shaped the long-context capabilities every modern LLM relies on. He worked at Facebook AI Research and Google Brain. He contributed to the original Google Gemini and Bard projects. Then in November 2022 ChatGPT launched. Yang flew back to the United States, looked at what OpenAI had done, and made up his mind. He told an interviewer later that he sensed two things were about to move at once, capital and talent, and when those two move together it is the rare moment when you can build a company from zero to one whose only purpose is AGI. In March 2023 he founded Moonshot AI in Beijing with two Tsinghua classmates, Zhou Xinyu and Wu Yuxin. The three of them had been bandmates in a college rock group called Splay. The company name is a tribute to Pink Floyd's Dark Side of the Moon, Yang's favorite album. The company launched on the album's 50th anniversary. He raised $60 million and built a 40-person team in three months. By 2024 he had raised over a billion dollars. The investors included Alibaba, Tencent, and Sequoia China. Moonshot AI became the fastest Chinese startup in history to reach a $10 billion valuation. ByteDance took four years. Pinduoduo took three. Moonshot did it in two. In October 2023 they launched Kimi, a consumer chatbot with a 200,000 character context window, the longest in the world at the time. By 2024 it was running on Chinese hardware and had tens of millions of users. Then on July 11, 2025 they released Kimi K2. K2 is a 1 trillion parameter Mixture of Experts model that activates 32 billion parameters per inference. It is open weights. It beat GPT-4 and Claude on coding benchmarks. It outperformed DeepSeek V3 on agent tasks and tool use. Former OpenAI researcher Andrew Carr publicly said K2 communicates differently than other models, refusing to be sycophantic and pushing back on bad ideas the way few models do. By early 2026 Moonshot had crossed $240 million in revenue. The Kimi K2.5 release exceeded the entire 2025 revenue total in under 20 days. K2.6 dropped in April 2026 with a SWE-Bench Pro score of 58.6, ahead of the leading closed-weight coding models at the time. A kid from Shantou who had never coded a line in high school just released the open-source model that competes head-on with everything OpenAI, Google, and Anthropic have shipped. He named it after the dark side of the moon.
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Not going to lie, of the many things I had down for 2026, Hunter Biden killin’ it on X was not one of them
Replying to @aaronjames619
I see your profile picture. That’s Johnny Cash. My hero too. Arrested seven times. Smuggled 668 amphetamines across the Mexican border in 1965. Took every drug there was and drank like I did. Cheated on his first wife. Slept with more woman than I ever did. Hit bottom in a cave in Tennessee in 1968 trying to crawl off and die. And then he got up. He got clean. He spent the rest of his life singing for prisoners and addicts and the people the country threw away because he knew he was one of them. That was the whole point of the Man in Black. He wore it for the poor and the beaten down. He wore it for the prisoner who has long paid for his crime. He wore it for the ones who never heard a word of Jesus. He wore it for the addicted and the dying. He wore it as a standing witness that no one is past saving. You picked his picture. You did not pick his message. Try listening to the words.
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Carl Bildt rightly points out the absurdity of ‘over capacity’, the new pseudo-economic excuse being cooked up by EU officials to block imports from China. Basically it’s the claim that if a country produces more than its own domestic market can absorb then it is somehow ‘cheating’. Strangely enough, this is only ever applied to China, not to anyone else. Bildt points out the hypocrisy of not applying this to Germany exporting cars, France exporting wine, Italy exporting fashion etc.
I find the concept of “overcapacity” ridiculous. Does Germany have an overcapacity in cars? France one in wine? Sweden in heavy trucks? Italy in fashion? And don’t tell me that European food exports aren’t subsidized. euobserver.com/218003/china-…
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A further thought on “over capacity” - it’s basically a rich country method for keeping poorer countries down. Why shouldn’t an emerging market invest to trade and export its way out of poverty? And when those exports include clean tech like solar and wind that the rest of the world urgently needs, the argument becomes even more absurd and self destructive.
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The medical miracles continue. Scientists use AI to develop a vaccine that can protect against whole families of viruses, including Covid, at the same time. Flu and Ebola also in the works bbc.co.uk/news/articles/crrp…
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East Asia is on a roll: South Korea just overtook India as world’s sixth largest stock market, with a value of over $5 trillion. Basically this is down to the Asian tech boom (Samsung). & Hong Kong just overtook Switzerland the world’s largest wealth hub. 60% of that wealth is from mainland Chinese
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Yep
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Mark Cheng retweeted
China’s rise in AI, clean energy and advanced technologies is no sudden leap, but the result of decades of strategic investment in science, infrastructure and industrial capacity. New commentary with Inga Strümke in @ProSyn: project-syndicate.org/commen…
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Think renewables are dying in the US thanks to the current administration? The numbers tell a different story: this year, renewable energy just overtook coal for the first time ever in the US energy mix
For the first year on record, wind and solar produced more electricity than coal in the U.S.
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A friend who’s an industrial user of AI (their startup just burnt through a billion tokens on Claude in no time) tells me that they’ve switched to the Chinese model Kimi (which is open source) and reduced their compute costs >90% with no noticeable drop in quality. If that’s true across the board, doesn’t bode well for OpenAI and the closed source developers.
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Interesting sign of the times - Hong Kong has just overtaken Switzerland as a wealth hub, booking more cross border flow of wealth.
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🤣
PICARD: Data, shields up DATA: Brilliant! Shields can reduce damage we sustain. Not immunity. Not hubris. Just prudence. It's not precaution—it's strategy. [camera shakes] WORF: HULL BREACHES ON NINE DECKS DATA: Here's what happened: you told me to raise shields, and I didn't
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