China Deep Tech · Research & Investment

Full-stack access to China deep tech.

Primary research at the bottom of the stack, invested capital at the top. Twelve frontier sectors covered on the ground from Hong Kong, Shenzhen and Beijing, in Mandarin, since 2004.

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Humanoid robots on an assembly line in a Chinese factory

The stack, bottom to top.

Most China tech investing is done from the outside. We work from primary sources, and own what that research finds in three ways.

Layer 01 · Research

Primary research on twelve frontier sectors

Built from company visits, supply-chain checks and filings read in the original Mandarin, not translated headlines. 115 live topics, every one cited to source.

Browse the library →
Layer 02 · Listed

Three rules-based indices on listed China tech

The same research as a measurable universe: mega-cap technology, deep-tech growth, convertible bonds. Built by formula from reported filings, with no analyst opinion.

See the indices →
Layer 03 · Private

Venture capital in private deep-tech companies

Where the research leads earliest. Direct venture, growth and secondary positions across the same twelve sectors.

Talk to the team →
12
Frontier deep-tech sectors under continuous coverage
2004
Working together in China’s technology sector since
115
Live research topics in the library, refreshed continuously
3
Offices — Hong Kong, Shenzhen and Beijing, working in Mandarin, Cantonese and English
Our Focus

The forefront of global technology
is being built in China.

#1
Science output

First in the Nature Index, with 8 of the world’s top 10 research institutions. Nature Index 2025 Research Leaders

#1
Patent filings

More international patent applications than any other country. WIPO, 2024 PCT filings

100+
Countries served

China’s deep-tech champions already sell worldwide: drones, EVs, telecoms, AI.

12
Sectors covered

From applied AI and robotics to space and quantum.

What Is China Deep Tech?
The Team

The people behind the research,
the indices and the capital.

Nine people across Hong Kong, Shenzhen and Beijing. The founding partners have worked China’s tech sector together since 2004.

Team Profiles
Wang Qi, Managing Partner Wang Qi Managing Partner Joe Wang, Managing Partner Joe Wang Managing Partner Mark Kooijman, Venture Partner Mark Kooijman Venture Partner Stanley Sieh, Partner Stanley Sieh Partner Miguel Villenas, Investment Manager Miguel Villenas Investment Manager Tina Wong, Operations Manager Tina Wong Operations Manager Amelia Rocos, Editor in Chief Amelia Rocos Editor in Chief Lihang Wang, Research Analyst Lihang Wang Research Analyst Felicia Perez, Research Analyst Felicia Perez Research Analyst
From the Library

China deep-tech research topics.

115 topics, each grounded in primary sources and cited.

Artificial Intelligence
The DeepSeek Moment

A Chinese lab trained a frontier-grade model for a rounding error of a US training run — then erased $600 billion of Nvidia in a single day. What actually happened, and what didn’t.

Read the brief →
 Cloud & Platforms
Cloud Without Nvidia

Huawei’s CloudMatrix 384 wires 384 Ascend chips into a system that beats Nvidia’s GB200 NVL72 on total compute — using 5x the chips and 4x the power. China’s answer to being cut off from Nvidia: brute force.

Read the brief →
 Cloud & Platforms
The Big Three

Three firms — Alibaba (33%), Huawei (18%), Tencent (10%) — hold ~61% of China’s cloud market. AI has reignited it: Alibaba Cloud grew 26% last quarter, backed by a $53bn build-out.

Read the brief →
Browse the Full Library
Work With Us

Intelligence first.
Investment where it leads.

Research briefings and bespoke mandates for institutions. Fund strategies and co-investment for qualified investors. Capital and networks for founders.

Get in Touch Browse the Library
Our Focus
China deep tech.

The technologies that come from fundamental science and engineering, and the country building and deploying them at unmatched scale. A short explanation of where we invest, and why.

The Asset Class

What is deep tech?

01
Built on science, not business models

Deep tech companies are built on advances in fundamental science and engineering — artificial intelligence, robotics, semiconductors, quantum computing, new energy, space. Their edge is a capability others cannot easily copy, not a clever go-to-market.

02
Hard to build, hard to displace

The barriers that make deep tech slow and capital-intensive to develop — research talent, patents, manufacturing know-how, regulatory approvals — are the same barriers that protect it once it works.

03
Long compounding curves

Deep tech tends to reward patience: years of engineering, then decades of adoption. The companies that reach scale often define their categories for a generation.

04
A physical-world advantage

Unlike pure software, deep tech lives close to manufacturing. Proximity to supply chains, factories and engineering talent decides who ships — which is why geography matters so much in this asset class.

Why China

The world’s deepest deep-tech ecosystem.

China combines the four things deep tech needs: leading science, engineering talent at scale, the world’s densest manufacturing base, and long-horizon policy support. The results are visible in any independent measure of research output, and on shelves and roads worldwide.

#1
Science output

China ranks first in the Nature Index of high-quality research, with 8 of the world’s top 10 research institutions. Nature Index 2025 Research Leaders

#1
Patent filings

Chinese residents file more international PCT patent applications than any other country. WIPO, 2024 PCT filings

100+
Countries served

Chinese deep-tech champions — in drones, EVs, telecoms and AI — already sell in over a hundred countries.

12
Sectors we cover

From applied AI and robotics to space and quantum — the full breadth of the ecosystem, not one theme.

The short version: the same playbook that made China the world’s factory — scale, speed and relentless cost engineering — is now being applied to the technologies of the next decade. Many of the resulting companies earn most of their revenue outside China.
Semiconductor fabrication line in China Semiconductor fabrication
Where We Invest

Twelve deep-tech sectors.

Applied technology built to sell globally. We follow the full landscape so we can move where the opportunity is, rather than being anchored to a single theme.

01
Artificial IntelligenceApplied AI & infrastructure

Foundation models, inference silicon and the enterprise tooling above them. China’s open-weight models have collapsed the cost of frontier capability — we track where that edge becomes deployed product and durable margin.

02
Robotics & AutomationHumanoids & industrial systems

Humanoids, industrial arms and the actuators, sensors and motors beneath them. China builds robots where the components are made, and we watch which makers reach working unit economics first.

03
Quantum ComputingSensing, comms & computing

Quantum sensing, secure communications and computing hardware. China leads in quantum communication links and satellites; we follow the labs and spin-outs moving from state programmes toward commercial systems.

04
SemiconductorsChips & the tools that make them

Chips and the lithography, materials, EDA and packaging that make them. Under export controls, China is building a parallel supply chain — we map where domestic substitution is real, not aspirational.

05
Autonomous VehiclesRobotaxis & AV systems

Robotaxis, autonomous trucking and full-stack AV systems. China runs some of the world’s largest driverless fleets in live traffic; we track approvals, cost-per-kilometre and the road to profitability.

06
Smart ManufacturingIndustrial IoT & precision tools

Industrial IoT, precision machine tools and factory automation. The world’s densest manufacturing base is digitising itself; we back the firms exporting that capability, not only the goods it produces.

07
Nuclear & Clean EnergyReactors & grid storage

Advanced reactors, SMRs, fusion research and grid-scale storage. China is commissioning next-generation reactors and storage at unmatched pace; we watch the technologies reshaping the cost and shape of the grid.

08
Smart Hardware & IoTWearables & connected devices

Wearables, connected devices and the edge silicon inside them. China’s ecosystem turns a prototype into a shipped product faster than anywhere; we back teams designing globally competitive devices, not commodity clones.

09
Renewable EnergySolar, wind & electric propulsion

Solar, wind, batteries and electric propulsion. China dominates the energy transition’s supply chain end to end; we look past the incumbents to the cells, chemistries and systems redefining cost curves.

10
Healthcare & Life SciencesAI drug discovery & devices

AI-driven drug discovery, medical devices and diagnostics. Chinese biotech is moving from fast-follower to originator, licensing novel assets to global pharma; we track platforms and devices with defensible science.

11
Cloud & PlatformsHyperscale AI platforms

Hyperscale AI cloud, data infrastructure and the platforms enterprises build on. As China’s AI capex cycle and cloud migration accelerate under local data rules, we follow who captures compute demand and enterprise spend.

12
Space & Rocket TechnologyLaunch, satellites & LEO

Commercial launch, satellites and low-Earth-orbit constellations. A wave of private Chinese launch firms is driving reusable rockets and LEO networks; we watch cadence, cost-to-orbit and the constellations filling the sky.

Quadruped robots on a factory floor Quadruped robotics production
Our Approach

How we invest in it.

On the ground

We work in Mandarin, visit the factories, and have built relationships across China’s tech ecosystem since 2004. Our conviction comes from primary work, not translated headlines.

Research first

Every investment starts in our research library: sector maps, company diligence and proprietary index lenses on the listed deep-tech universe, maintained continuously across all twelve sectors.

Disciplined & long-term

Deep tech rewards patience and punishes tourism. We invest with a long horizon, sized and structured for the realities of the asset class — and we put our own capital alongside our investors’.

Go Deeper

The detail lives in our research.

Browse the topics we cover, or talk to the team about our current views and strategies.

Browse the Library Get in Touch
The Team
Bilingual, bicultural,
and on the ground.

Nine people across Hong Kong, Shenzhen and Beijing. The founding partners have worked China’s technology sector together since 2004; around them sit the research, investment and operations staff who run the library, the indices and the fund day to day.

9
People across research, investment and operations
2004
The founding partners have worked together since
3
Offices — Hong Kong, Shenzhen and Beijing
3
Working languages — Mandarin, Cantonese and English
The Team

Research, investment and operations, in one team.

Wang Qi, Managing Partner
Wang Qi
Managing Partner

Co-leads the firm and directs the research programme. Co-founded the team in 2004. Led China research at Deutsche Morgan Grenfell and ING Barings; research fellow at the China Center for International Studies. BA, Beijing University.

Joe Wang, Managing Partner
Joe Wang
Managing Partner

Co-leads the firm and oversees investment across both sleeves. 20+ years in global portfolio management and PE/VC; led CMSC’s technology investment team. Deal experience across China’s AI chain: Zhipu AI, Innoscience, xFusion, CXMT.

Mark Kooijman, Venture Partner
Mark Kooijman
Venture Partner

Venture sourcing and international investor relationships. M.Sc. Finance, Erasmus University. VP Global Markets at Deutsche Bank in London; Investment Officer Asia at FMO, investing across China. Co-founded Foxmont Capital and AHG Lab.

Stanley Sieh, Partner
Stanley Sieh
Partner

Deal execution, due diligence and financial modelling across both sleeves, and the structuring work behind them. Risk management at Standard Chartered; direct investment at Caltex and CITIC Pacific. BSc, CUHK; MBA.

Miguel Villenas, Investment Manager
Miguel Villenas
Investment Manager

Deal execution across the Innovation Sleeve — sourcing, diligence and portfolio monitoring on venture, growth and secondary positions. Investments at AHG Lab, the Manila venture studio; began his career at Foxmont Capital.

Tina Wong, Operations Manager
Tina Wong
Operations Manager

Operations, compliance and fund administration, and the running of the Hong Kong office. Ran group operations at SGX-listed Titan Petrochemicals across China. Economics, Fudan University; MBA, University of Iowa.

Amelia Rocos, Editor in Chief
Amelia Rocos
Editor in Chief

Owns the research library and the house sourcing standard across the twelve sectors. Senior Risk Management Analyst at Diaplous Group, publishing on energy and maritime security. MSc with distinction, King’s College London.

Lihang Wang, Research Analyst
Lihang Wang
Research Analyst

Investment analysis and due diligence, and the company screening behind the onshore coverage. BA Finance, University of Denver; MBA, Peking University. Experienced across the New Third Board and Beijing Stock Exchange.

Felicia Perez, Research Analyst
Felicia Perez
Research Analyst

Sector research and company screening across the library, and the data work behind the index eligibility and scoring tests. Co-founder and CPO of GoGym Philippines; previously Chief Product Officer at AHG Lab.

Work With Us

Talk to the people
who do the work.

Research briefings, investor enquiries and partnerships.

Get in Touch Browse the Library
Contact Us
Talk to us about
China deep tech.

Investor enquiries, research briefings and partnerships. Singularity Dynamics Investment Management Limited, Hong Kong, with research offices in Shenzhen and Beijing.

Email
info@singularity-dynamics.com
Phone
+852 6911 9710
Offices

Hong Kong
Unit 804, 8/F, Far East Consortium Building,
121 Des Voeux Road Central

Shenzhen  ·  Beijing
Mainland research offices

Email the Team

Research content is provided for informational purposes only and does not constitute investment advice. Information on investment solutions is available to professional, qualified or accredited investors on request. Past performance is not indicative of future returns. Investment involves risks.

Proprietary Indices
Three rules-based lenses
on China’s listed deep tech.

A mega-cap anchor, a deep-tech engine and a convertible-bond ballast. The Singularity Mag 15™, Singularity Deep Tech 30™ and Singularity Tech CB™ turn twelve sectors of primary research into a defined, measurable universe; built entirely by formula from reported filings, with no analyst opinion at any stage.

3
Proprietary indices, each with a published rulebook
45
Listed equity constituents across the two equity tiers, with no overlap
70%
Baseline target share of the Fund held through the three indices; the liquid share rises as the Fund scales and the Innovation Sleeve baseline steps down
12
Deep-tech sectors defining the eligible universe
The Family

Scale, science, and a floor under both.

The two equity tiers do different jobs and cannot overlap. The Mag 15 holds China’s largest listed technology companies, the platform giants and the biggest hard-tech names, for liquidity and capacity. The Deep Tech 30 excludes all fifteen of them and holds the deep-tech opportunity set proper, across all twelve sectors. The Tech CB sits underneath both as the defensive component.

20% of the Fund · Mega cap Singularity Mag 15™

China’s fifteen largest listed technology companies — platform giants alongside the biggest foundry, battery and device names. Ranked and weighted by size, held passively. Liquidity and capacity, not thesis.

Methodology & composition → 30% of the Fund · Deep tech Singularity Deep Tech 30™

Thirty companies built on hard science and engineering — robotics, semiconductors, quantum, space, nuclear, autonomy. All twelve sectors, mega caps excluded, scored and weighted by the Singularity Score™. The thesis, expressed.

Methodology & composition → 20% of the Fund · Defensive Singularity Tech CB™

Technology convertible bonds on A-share underlyings that clear the same equity gates. A four-tier filter, AA minimum, held 70% core / 30% trading. Deep-tech exposure with a bond floor under it.

Methodology & criteria →
Side by side

How the three rulebooks differ. Allocations are baseline targets and vary by AUM tier and market conditions.

 Singularity Mag 15™Singularity Deep Tech 30™Singularity Tech CB™
RoleChina mega-cap tech anchorDeep-tech growth engineDefensive ballast
Target share of Fund20%30%20%
Constituents15 equities30 equitiesA-share convertible bonds
Sectors represented8 of 1212 of 12Up to 12, 30% sector cap
Selected byFree-float market capSingularity Score™ plus momentumFour-tier rules filter
Weighted byFree-float market cap60% market cap / 40% ScoreCore & trading tiers
Concentration caps12% per name, 3% floor5% per name, 25% per sector8% per bond, 30% per sector
RebalanceSemi-annualQuarterlyQuarterly
Discretionary overlayNoneUp to 20% of the allocationNone
Why They Exist

We built them because nothing we could buy tracked this.

China’s listed deep-tech leaders are spread across three exchanges and two currencies, and no widely used benchmark is defined by deep-tech revenue. So we defined one, then two more.

01
Existing benchmarks are defined by venue, not by technology

The familiar China technology indices are constructed around where a company lists or how large it is. None screens on the share of revenue a company actually earns from deep technology — so none of them is a map of the opportunity set we research.

02
Broad China funds are dominated by banks and state-owned enterprises

An investor who buys “China” largely buys financials, energy and consumer staples. The deep-tech companies driving the country’s export strength sit in the tail of those products, if they appear at all.

03
Our research needed an instrument

The library maintains continuous coverage of twelve deep-tech sectors. The indices convert that coverage into something measurable and investable: a defined universe, a repeatable score, and weights that can be replicated by anyone holding the rulebook.

04
Rules, so the result does not depend on who is looking

Every input is a reported number, a market price or a public list. Selection, weighting and rebalancing are formula-driven end to end. The Index Committee verifies data and applies the published rules; it cannot add, remove or re-weight a constituent at its discretion.

The Engine

The Singularity Score™

One score, computed from nine factors, drives the quality gate in the Singularity Mag 15 and both selection and weighting in the Singularity Deep Tech 30. Each factor is standardised against its peer group, sector peers where sector norms matter, the full universe where they do not, so a semiconductor company is not penalised for having semiconductor margins.

Innovation · 40%

Revenue growth, R&D intensity and patent quality. Patent quality is built from granted-patent counts, forward citations and patent-family size — hard counts from patent databases, never a judgement about how good the research looks.

Market Leadership · 35%

Market share within the company’s own sector, export leadership measured as international revenue as a share of the total, and absolute revenue scale. This is where a globally-selling champion separates from a domestic one.

Quality · 25%

Gross margin, return on capital and balance-sheet strength. For companies not yet profitable, margin and return are scored on their two-year trajectory rather than the level — so a business improving quickly is not confused with one that is not improving at all.

No analyst inputs. Every factor is calculated from audited filings, exchange data, patent databases or public lists, taken as point-in-time snapshots at each rebalance reference date — so the indices are free of look-ahead and survivorship bias. The full formulas, thresholds, data-vendor hierarchy and rebalance calendar are set out in the Index Rulebook, available to qualified investors on request.
Deployment

Rules choose the holdings. A separate layer chooses the pace.

Index construction and capital deployment are deliberately kept apart. Constituent selection and weighting are 100% rules-based in all three indices. A single Dynamic Exposure Layer then governs how quickly capital enters them, and it never touches what the indices hold.

Subscriptions are not deployed in one tranche
→
Capital enters in phased tranches against proprietary indicators of market valuation, sentiment and risk, to smooth volatility and control drawdown on entry.
The liquid / innovation split moves with scale
→
The Innovation Sleeve baseline steps down as the Fund grows — 30% below US$100 million, 25% from US$100–500 million, 20% above US$500 million — so the liquid indices carry a larger share at scale.
Market heat adjusts the split, within limits
→
An adjustment of up to ±5% applies to the split. Ratio changes govern fresh capital only; existing private positions are never force-liquidated to hit a target.
Two limits bind at all times
→
A 35% hard cap on the Innovation Sleeve and a minimum 50% liquid-asset rule. The liquid indices are also the buffer from which redemptions are met.

Allocation figures are baseline targets, indicative, and qualified in their entirety by the Private Placement Memorandum, which prevails in the event of any inconsistency.

The Rulebook

Every threshold, formula
and calendar is written down.

Qualified investors can request the full Index Rulebook, eligibility tests, factor formulas, capping procedures, buffer rules, data sources and the governance process for any methodology change.

Request the Index Rulebook Browse the Library

The Singularity Mag 15™, Singularity Deep Tech 30™ and Singularity Tech CB™ indices are proprietary benchmarks maintained by Singularity Dynamics. They are not directly investable and are not offered as index products. Any constituent lists, scores and weights shown on this website are illustrative and hypothetical, are presented solely to demonstrate methodology, and do not represent actual portfolios, holdings, recommendations or performance. Index construction involves modelling assumptions and actual results will differ. Nothing on this page is investment advice, a recommendation, or an offer to sell or a solicitation to buy any interest in any fund. Information on investment solutions is available to professional, qualified or accredited investors on request. Past performance is not indicative of future returns. Investment involves risks.

Proprietary Index · 01
The Singularity Mag 15™

China’s mega-cap technology complex, the fifteen largest and most liquid listed technology companies, from the platform giants to the biggest semiconductor and battery names. Selected by size, weighted by size, held passively. This is the Fund’s liquid anchor, not its deep-tech expression.

20%
Target share of the Fund
15
Constituents, selected by free-float market capitalisation
12%
Single-name cap, with a 3% floor
2×
Rebalanced semi-annually — 30 June and 31 December
Composition

What ranking by size produces.

The shape of this tier follows directly from ranking by size. Eight of the twelve sectors are filled and four are empty, the platform mega-caps carry the largest block, and the ladder is deliberately top-heavy. Read alongside the Deep Tech 30, the contrast is the point: this tier is where the Fund holds scale and liquidity, the other is where it holds the technology thesis.

Sector weights

All twelve target sectors, with the four that have no eligible large-cap constituent shown at zero. Cloud & Platforms leads at 43.5% — under the Fund’s classification this sector carries the digital-platform mega-caps alongside cloud infrastructure.

Cloud & Platforms
43.5%
Semiconductors
14.5%
Smart Hardware & IoT
12.0%
Renewable Energy
10.0%
Autonomous Vehicles
8.5%
Artificial Intelligence
5.0%
Smart Manufacturing
3.5%
Healthcare & Life Sciences
3.0%
Robotics & Automation
0.0%
Quantum Computing
0.0%
Nuclear & Clean Energy
0.0%
Space & Rocket Technology
0.0%
Show sector weights as a table
SectorIndex weightConstituents
Cloud & Platforms43.5%5
Semiconductors14.5%3
Smart Hardware & IoT12.0%2
Renewable Energy10.0%1
Autonomous Vehicles8.5%1
Artificial Intelligence5.0%1
Smart Manufacturing3.5%1
Healthcare & Life Sciences3.0%1
Robotics & Automation0.0%0
Quantum Computing0.0%0
Nuclear & Clean Energy0.0%0
Space & Rocket Technology0.0%0
Total100.0%15

Robotics & Automation, Quantum Computing, Nuclear & Clean Energy and Space & Rocket Technology are absent from this tier: no company in those sectors clears the US$10 billion free-float and US$50 million daily-turnover gates. All twelve are represented in the Singularity Deep Tech 30, which is where the Fund holds them.

Where the constituents list

By index weight. Eight of the fifteen carry a Shanghai or Shenzhen listing; the platform names list in Hong Kong.

A-share listed (Shanghai or Shenzhen) — 8 names Hong Kong listed only — 7 names
Show listing split as a table
ListingIndex weightConstituents
A-share listed (Shanghai or Shenzhen)42.5%8
Hong Kong listed only57.5%7
Total100.0%15
Weight ladder

Constituents in rank order. Two names sit at the 12% cap and two at the 3% floor — the top five carry 51.5% of the tier.

Largest weight15 constituents in rank orderSmallest
Show the weight distribution as a table
WeightConstituents at this weightShare of index
12.0%224.0%
10.0%110.0%
9.0%19.0%
8.5%18.5%
7.5%17.5%
7.0%17.0%
6.5%16.5%
5.5%15.5%
5.0%15.0%
4.0%14.0%
3.5%27.0%
3.0%26.0%

Illustrative and hypothetical composition as at June 2026, shown solely to demonstrate methodology. Not holdings, not a recommendation and not a forecast. Constituent identities are not published; they are set out in the Index Rulebook, available to qualified investors on request.

What It Is

China’s tech mega caps, and why they sit here.

01
Mega caps, not deep-tech specialists

Size is the only selection criterion above the quality gate, so this tier fills with what is largest: the digital platforms, the biggest foundries, the battery and device champions. Four of the twelve sectors — robotics, quantum, nuclear and space — have no company big enough to qualify, and are held in the Singularity Deep Tech 30 instead. The name says what it is.

02
Size-ranked, not score-ranked

The Singularity Score™ still applies — as a quality gate, at a minimum of 60, so constituents are large and good rather than merely large. But once a company clears the gates, inclusion is decided by free-float market capitalisation alone. At this end of the market, size is the honest measure.

03
Built for capacity and low turnover

Market-cap weighting and a semi-annual review keep the tier liquid, cheap to hold and high-capacity. These are the most tradeable listed names in China: the component that can absorb size without moving prices, and the pool from which annual redemptions are met.

04
No discretionary overlay

Unlike the Singularity Deep Tech 30 allocation, this tier carries no discretionary stock selection at all. What the rules pick is what the Fund holds. The Fund’s timing overlay governs the pace of deployment into it, never its contents.

Main Criteria

The gates a company must clear.

Every test is pass or fail on a reported number or a public list. A company enters the universe only if it meets every Singularity Deep Tech 30 eligibility test as well, the twelve sectors, audited accounts, market access, and the binary sanctions and audit-opinion exclusions, and then clears the higher large-cap bar below.

TestThreshold
Core eligibilityMeets every Singularity Deep Tech 30 eligibility test, including the twelve target sectors and the binary exclusions
SizeFree-float market capitalisation of at least US$10 billion
LiquidityThree-month average daily turnover of at least US$50 million
Quality gateSingularity Score™ of at least 60
SelectionThe 15 largest by free-float market capitalisation among the names clearing the gates
Entry bufferA non-member joins only if it ranks in the top 12 by size
Exit bufferA member leaves only if it falls below the top 18 by size, or fails a gate
WeightingFree-float market capitalisation, capped at 12% and floored at 3%, redistributed pro-rata and rescaled to 100%
RebalanceSemi-annual review, 30 June and 31 December
Why a cap and a floor. Left uncapped, two platform mega-caps would dominate the tier and the index would stop being a deep-tech benchmark. The 12% cap holds them back; the 3% floor keeps all fifteen constituents meaningful rather than decorative.
Governance

Nobody gets a vote on the constituents.

Selection, weighting and rebalancing contain no discretionary judgement. Data sources, fields, thresholds and the rebalance calendar are documented, version-controlled and applied identically each period. The Index Committee verifies input data and applies the published rules; it cannot add, remove or re-weight a constituent, and ties and corporate actions are resolved by fixed rules. Any methodology change follows a documented governance process and is announced in advance.

The family All three indices

How the two equity tiers and the convertible-bond tier fit together, and the Singularity Score™ that drives them.

Read more → 30% of the Fund Singularity Deep Tech 30™

The thirty leading mid- and large-cap deep-tech names below the mega-cap tier, selected and weighted by the Singularity Score™.

Read more → 20% of the Fund Singularity Tech CB™

Deep-tech A-share convertible bonds behind a four-tier filter, held 70% core / 30% trading as the defensive component.

Read more →

The Singularity Mag 15™, Singularity Deep Tech 30™ and Singularity Tech CB™ indices are proprietary benchmarks maintained by Singularity Dynamics. They are not directly investable and are not offered as index products. Constituent counts, scores and weights shown are illustrative and hypothetical, are presented solely to demonstrate methodology, and do not represent actual portfolios, holdings, recommendations or performance. Index construction involves modelling assumptions and actual results will differ. Nothing on this page is investment advice, a recommendation, or an offer to sell or a solicitation to buy any interest in any fund. Information on investment solutions is available to professional, qualified or accredited investors on request. Past performance is not indicative of future returns. Investment involves risks. This page is qualified in its entirety by the Private Placement Memorandum, which prevails in the event of any inconsistency.

Proprietary Index · 02
The Singularity Deep Tech 30™

The deep-tech book. Thirty listed Chinese companies built on hard science and engineering, robotics, semiconductors, quantum, space, nuclear, autonomy, scored on nine reported factors and reconstituted quarterly. Every one of the twelve target sectors is represented here, and the mega caps are excluded by rule.

30%
Target share of the Fund — the largest single allocation
30
Constituents, selected by Singularity Score™ and momentum
5%
Single-name cap, with a 25% sector cap
4×
Reconstituted quarterly on a fixed published calendar
Composition

What score-weighting produces.

The contrast with the mega-cap tier is the point. All twelve sectors are represented rather than eight, no single name reaches the 5% cap, and three quarters of the tier by weight sits onshore in Shanghai and Shenzhen. This is what the Fund’s deep-tech exposure actually looks like.

Sector weights

All twelve sectors represented, and the largest at 14.8% — well inside the 25% sector cap. Robotics & Automation and Artificial Intelligence, both absent or marginal in the mega-cap tier, carry 10.6% and 9.1% here.

Renewable Energy
14.8%
Semiconductors
14.7%
Healthcare & Life Sciences
13.5%
Autonomous Vehicles
12.5%
Robotics & Automation
10.6%
Artificial Intelligence
9.1%
Nuclear & Clean Energy
7.7%
Smart Hardware & IoT
5.5%
Cloud & Platforms
3.5%
Quantum Computing
3.0%
Space & Rocket Technology
2.6%
Smart Manufacturing
2.5%
Show sector weights as a table
SectorIndex weightConstituents
Renewable Energy14.8%4
Semiconductors14.7%4
Healthcare & Life Sciences13.5%3
Autonomous Vehicles12.5%4
Robotics & Automation10.6%4
Artificial Intelligence9.1%3
Nuclear & Clean Energy7.7%2
Smart Hardware & IoT5.5%2
Cloud & Platforms3.5%1
Quantum Computing3.0%1
Space & Rocket Technology2.6%1
Smart Manufacturing2.5%1
Total100.0%30
Where the constituents list

By index weight. 22 of the 30 carry an A-share listing, spanning the STAR Market and ChiNext as well as the main boards.

A-share listed (Shanghai or Shenzhen) — 22 names Hong Kong listed only — 6 names US ADR — 2 names
Show listing split as a table
ListingIndex weightConstituents
A-share listed (Shanghai or Shenzhen)75.9%22
Hong Kong listed only19.1%6
US ADR5.0%2
Total100.0%30
Weight ladder

Constituents in rank order. Nothing reaches the 5% cap and the top five carry just 22.2% — a flat tier by design, where the large-cap one is deliberately top-heavy.

Largest weight30 constituents in rank orderSmallest
Show the weight distribution as a table
WeightConstituents at this weightShare of index
4.5%418.0%
4.2%28.4%
4.0%28.0%
3.8%13.8%
3.7%13.7%
3.5%621.0%
3.2%13.2%
3.0%39.0%
2.9%12.9%
2.6%25.2%
2.5%615.0%
1.8%11.8%

Illustrative and hypothetical composition as at June 2026, shown solely to demonstrate methodology. Not holdings, not a recommendation and not a forecast. Constituent identities are not published; they are set out in the Index Rulebook, available to qualified investors on request.

What It Is

Where the deep-tech thesis actually sits.

01
The mega caps are excluded by rule

Every Singularity Mag 15 constituent is barred from this universe outright, so the two tiers never overlap. Strip out the platform giants and what remains is the deep-tech field proper: robotics and automation, quantum, semiconductor equipment, autonomy, nuclear, space. Sector leadership here is still being decided, which is why a scoring system earns more than a size ranking would.

02
Score-driven, so small innovators are not crowded out

Weights blend 60% free-float market capitalisation with 40% Singularity Score™. A smaller company with an exceptional innovation and leadership profile earns a meaningful weight it would never reach on size alone — while the market-cap half keeps the tier tradeable.

03
Momentum decides the timing, not the thesis

Ranking blends 80% fundamental Score with 20% momentum — earnings revisions, revenue acceleration, price momentum and R&D growth, each a hard number. Fundamentals choose the universe; momentum chooses when a name is ripe within it.

04
A promotion ladder into the Singularity Mag 15

If a constituent grows into the large-cap tier, it leaves this index at the next rebalance and the next eligible name takes its place. The two tiers are one pipeline: this is where the Fund owns a company before it becomes a blue chip.

Main Criteria

The gates, the ranking and the buffers.

Every eligibility test is pass or fail on reported numbers or public lists; there is no qualitative assessment at any stage. Exclusions are binary and narrow: a sanctions listing, or a latest audit opinion that is adverse, disclaimed or going-concern qualified.

TestThreshold
Deep-tech revenueAt least 50% of reported segment revenue maps to the twelve target sectors under a fixed classification table
Listing & accessHong Kong, or Shanghai and Shenzhen A-shares accessible via Northbound Stock Connect or QFII, or a US-listed ADR
Free-float sizeFree-float market capitalisation of at least US$500 million
LiquidityThree-month average daily turnover of at least US$10 million
Track recordAt least two years of audited financial statements
ExclusionsBinary only — a sanctions listing, or an adverse, disclaimed or going-concern qualified audit opinion
Tier exclusionThe fifteen Singularity Mag 15 constituents are excluded, so the two indices do not overlap
Ranking80% Singularity Score™ plus 20% momentum, recomputed each quarter
Entry bufferA company joins only if it ranks 25 or better
Exit bufferA member leaves only if its rank falls past 35, or it fails an eligibility test
Weighting60% free-float market cap and 40% Score, capped at 5% per name and 25% per sector, redistributed and rescaled to 100%
SmoothingWeights move halfway toward their new target each quarter, so entries and exits phase in over time
RebalanceQuarterly reconstitution on a fixed published calendar
Why buffers and smoothing matter. A rank-based index without buffers churns every time a company drifts a place or two, and pays for it in trading costs. Entry at rank 25 and exit past rank 35 mean a constituent has to genuinely deteriorate to leave; halfway weight smoothing then phases the change in rather than dropping a name in a single day.
Implementation

An 80% rules-based core, and one deliberately active fifth.

The Index itself is 100% formula-driven. The allocation that tracks it is implemented as a core that replicates the Index, plus a bounded discretionary overlay, the only place in the liquid sleeve where judgement is permitted, and the reason it is fenced this tightly.

80%Rules-based core replicating the Index exactly
20%Maximum aggregate discretionary overlay
3%Maximum single discretionary position
0Leverage permitted in the overlay
Off-index conviction
→
Emerging deep-tech names that do not yet meet the Index size or liquidity tests, so the Fund can build exposure before Index inclusion — and before the rebalance bids the price up.
Tactical tilts
→
Over- or under-weighting Index constituents on grounds a formula cannot see: governance, regulatory exposure, valuation, near-term catalysts.
Risk management
→
Hedging and exposure control within the same twelve sectors, with no leverage at any point.
The guardrails
→
Every position passes the same eligibility tests, stays inside the twelve sectors, and is approved by the Investment Committee under the conflicts policy with a documented rationale. Positions and their performance contribution are disclosed quarterly.
Governance & Data

Audited filings first, vendors only to standardise.

Financial inputs come from audited annual and interim statements filed with the Hong Kong, Shanghai and Shenzhen exchanges and the SEC. Market data comes from the exchanges. Patent inputs come from CNIPA and WIPO PATSTAT with a commercial patent-analytics source. Sanctions screening runs against the consolidated OFAC, EU, UN and UK lists. Vendors are used only to standardise and aggregate, under a documented hierarchy with defined fallbacks. Every input is a point-in-time snapshot as at the rebalance reference date, so the Index is free of look-ahead and survivorship bias.

The family All three indices

How the two equity tiers and the convertible-bond tier fit together, and the Singularity Score™ that drives them.

Read more → 20% of the Fund Singularity Mag 15™

The fifteen largest, most liquid listed Chinese deep-tech and platform leaders. Selected by size, market-cap weighted, held passively.

Read more → 20% of the Fund Singularity Tech CB™

Deep-tech A-share convertible bonds behind a four-tier filter, held 70% core / 30% trading as the defensive component.

Read more →

The Singularity Mag 15™, Singularity Deep Tech 30™ and Singularity Tech CB™ indices are proprietary benchmarks maintained by Singularity Dynamics. They are not directly investable and are not offered as index products. Constituent counts, scores and weights shown are illustrative and hypothetical, are presented solely to demonstrate methodology, and do not represent actual portfolios, holdings, recommendations or performance. Index construction involves modelling assumptions and actual results will differ. Nothing on this page is investment advice, a recommendation, or an offer to sell or a solicitation to buy any interest in any fund. Information on investment solutions is available to professional, qualified or accredited investors on request. Past performance is not indicative of future returns. Investment involves risks. This page is qualified in its entirety by the Private Placement Memorandum, which prevails in the event of any inconsistency.

Proprietary Index · 03
The Singularity Tech CB™

Technology convertible bonds on A-share underlyings that clear the same gates as the equity indices, the Mag 15 or the Deep Tech 30. Four tiers of rules, an AA credit minimum, and a fixed 70% core / 30% trading split. The defensive component of the liquid sleeve.

20%
Target share of the Fund
AA
Minimum issuer credit rating
70/30
Fixed core-defensive to trading-enhancement split
4×
Reconstituted quarterly on a fixed published calendar
Structure

How the tier is held.

Core and trading split

A fixed allocation, not a range — the ratio is maintained at each quarterly reconstitution.

Core defensive — bonds at or below RMB 120 Trading enhancement — bonds between RMB 120 and RMB 140
35%Maximum conversion premium
8%Maximum weight in any single bond
30%Maximum weight in any one sector
>0Yield to maturity must be positive

Illustrative holdings for this index are set out in the offering materials rather than on this website. Selection, weighting and rebalancing are 100% rules-based and contain no discretionary judgement.

What It Is

Deep-tech exposure with a bond’s floor under it.

A convertible bond pays a coupon and repays at maturity, while converting into equity if the underlying share rises. Applied to a deep-tech universe, that asymmetry is the point: the Fund keeps exposure to the companies it researches without carrying the full drawdown of holding their equity outright.

01
Why this market, and not another

China’s A-share convertible market is deep, liquid and heavily retail-traded, which leaves structural pricing quirks a rules-based process can exploit. It is also almost entirely onshore — exposure most offshore allocators have no practical route into.

02
The same universe, a different instrument

This is not a separate strategy bolted on. An issuer’s underlying share must clear every Singularity Mag 15 or Singularity Deep Tech 30 eligibility gate; if the underlying leaves the equity index, its convertible leaves this one. One research universe, expressed three ways.

03
Credit quality is a gate, not a preference

Only issuers rated AA or higher qualify. Special-treatment, distressed and speculative issuers are blacklisted outright. In a market where the yield on offer usually reflects the credit taken to get it, that exclusion is most of the risk control.

04
Its job is to hold up when the equity tiers do not

Held 70% core defensive and 30% trading enhancement, this tier is what gives the liquid sleeve a floor. It is the component that makes daily-priced deep-tech exposure survivable across a full cycle rather than only a rising one.

Main Criteria

Four tiers of filter, applied in order.

A bond has to survive all four to enter the index. Each test is mechanical, a rating, a reported revenue share, a price, a turnover threshold.

TierTest
01 · Issuer & sectorA-share convertible bonds only, issuer in the twelve deep-technology sectors, at least 50% deep-technology revenue, issuer credit rating of AA or higher. Special-treatment, distressed and speculative issuers excluded.
02 · Underlying matchThe underlying A-share must itself clear every Singularity Mag 15 or Singularity Deep Tech 30 eligibility gate. If the underlying exits the equity index, the bond exits this index. An R&D-intensity floor also applies to the underlying.
03 · Valuation & price tierConversion premium capped at 35%, with a positive yield to maturity. A price-tier rule then sets the bond’s role in the index.
04 · Liquidity & concentrationMinimum daily-turnover thresholds, an 8% cap on any single bond and a 30% cap per sector. The index holds a fixed 70% core-defensive and 30% trading-enhancement split.
The Price-Tier Rule

Price decides the job a bond does.

Rather than judging when a convertible has run too far, the index fixes it by price band. The same bond changes role, and eventually leaves, purely as a function of where it trades.

At or below RMB 120
→
Anchors the core. Close to its bond floor, so the coupon and redemption do the work and the equity option is nearly free.
Between RMB 120 and RMB 140
→
Forms the trading enhancement. The bond is tracking its underlying more closely and is managed as the active 30% of the tier.
Above RMB 140
→
Liquidated. At that price the instrument is equity with a worse payoff than the share itself — the defensive purpose is gone, so the position goes.
Why fix it by rule. The temptation with a convertible that has performed is to hold it for the equity upside — at which point the sleeve quietly stops being defensive and the Fund owns the same risk twice. A hard liquidation band removes that decision from anyone’s hands.
The Family

The rest of the liquid sleeve.

This tier is one of three. The two equity indices carry the growth side of the same twelve-sector universe.

The family All three indices

How the two equity tiers and the convertible-bond tier fit together, and the Singularity Score™ that drives them.

Read more → 20% of the Fund Singularity Mag 15™

The fifteen largest, most liquid listed Chinese deep-tech and platform leaders. Selected by size, market-cap weighted, held passively.

Read more → 30% of the Fund Singularity Deep Tech 30™

The thirty leading mid- and large-cap deep-tech names below the mega-cap tier, selected and weighted by the Singularity Score™.

Read more →

The Singularity Mag 15™, Singularity Deep Tech 30™ and Singularity Tech CB™ indices are proprietary benchmarks maintained by Singularity Dynamics. They are not directly investable and are not offered as index products. Thresholds and structural figures shown are indicative and are presented solely to describe methodology; they do not represent actual portfolios, holdings, recommendations or performance. Convertible bonds carry credit, interest-rate, liquidity and equity risk, and a bond floor is not a guarantee of principal. Nothing on this page is investment advice, a recommendation, or an offer to sell or a solicitation to buy any interest in any fund. Information on investment solutions is available to professional, qualified or accredited investors on request. Past performance is not indicative of future returns. Investment involves risks. This page is qualified in its entirety by the Private Placement Memorandum, which prevails in the event of any inconsistency.