Invest in China's
Final Tech Frontier

Between 2023 and 2025, the landscape of cross-border venture capital investing in China underwent a structural transformation. Nearly every major Western VC firm with significant China exposure either separated its operations, attempted full portfolio exits, or faced direct regulatory and political scrutiny. The result is a market with fundamentally altered competitive dynamics.

The Timeline of Withdrawal

The catalyst came in June 2023, when Sequoia Capital — arguably the most successful cross-border investor in Chinese tech — announced it would split into three independent entities. The China arm, which had deployed billions into companies like ByteDance and Meituan, was rebranded as HongShan. The entities would no longer share investors, profits, or brand identity. Three months later, GGV Capital followed suit, ending a 23-year cross-border partnership and creating separate US and Asia entities. GGV’s US arm stated explicitly that it would no longer invest in China.

These voluntary separations came in the wake of a July 2023 investigation by the US House Select Committee on the Chinese Communist Party, which probed five firms — GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital China, and Walden International — over their investments in Chinese AI and semiconductor companies. The committee’s February 2024 report documented $1.9 billion in AI company investments and over $1.2 billion across 150 semiconductor companies, several of which were on US government blacklists.

By mid-2025, the pullback had extended beyond the original firms. Eight Roads, Fidelity International’s venture arm, reportedly attempted to sell its entire portfolio of approximately 40 Chinese tech holdings at discounts of 60–80%, though the sale was ultimately shelved after valuations improved. BlueRun Ventures also separated its US and China operations.

The Scale of the Decline

The numbers tell a stark story. According to PitchBook, China VC deal value fell 36.7% in 2024 to $40.2 billion, even as US deal value rose 29.6%. GlobalData reported that VC funding value in the January–November 2024 period fell 22.5% year-on-year to $32.3 billion. By Q1 2025, Dealroom data showed Chinese startups raising just $6.9 billion — down 45% from the same period in 2024. Foreign investor participation in deal count dropped from 18% in 2021 to 8.5% in 2024, the lowest level in over a decade.

Where the Deals Went

Critically, the decline in capital did not correspond to a decline in investable companies. Deal volume actually increased 8% in the January–November 2025 period according to GlobalData, while funding value fell 30%. This divergence — more deals at lower ticket sizes — indicates a market where quality opportunities persist but foreign capital has retreated, compressing valuations and creating better entry points for investors with local access.

The composition of remaining capital has also shifted. Government-guided funds and domestic RMB-denominated vehicles have expanded to fill part of the gap. In 2024, high-tech industries attracted 34.6% of all foreign investment in China, up 6 percentage points from 2020, suggesting that the capital still flowing in is more strategically targeted than before.

Implications for New Entrants

For fund managers with established local networks, domestic partnerships, and on-the-ground due diligence capabilities, the current environment represents an unusual structural opportunity. Series A valuations in Chinese deep tech have compressed 30–40% from 2021 peaks while the underlying technology base has continued to strengthen. The competitive set for deals has thinned considerably — fewer foreign VCs means less competition for the same pipeline, better pricing, and more favorable deal terms.

The situation is unlikely to reverse quickly. US outbound investment restrictions, political pressure on pension funds and endowments, and the reputational risk associated with China exposure all create persistent headwinds for Western institutional capital returning to Chinese tech. This structural gap between the quality of available deals and the quantity of competing capital is precisely the dynamic that historically generates outsized venture returns.

A recurring challenge for limited partners in emerging market funds is the J-curve: capital is deployed over years, returns are illiquid, and NAV transparency is limited until exits materialize. The 30/30/40 allocation — 30% public equities, 30% convertible bonds, 40% venture capital — is designed specifically to address this by combining three asset classes with distinct risk-return profiles and liquidity characteristics.

The Rationale for Multi-Asset Exposure

Each bucket in the allocation serves a distinct portfolio function. Public equities (30%) provide daily liquidity, mark-to-market NAV transparency, and direct exposure to the re-rating thesis in Chinese tech. Convertible bonds (30%) generate recurring coupon income (4–5% YTM on recent issuances from investment-grade names) while embedding equity upside through conversion features. Venture capital (40%) captures the full growth premium in early-stage deep tech, where the most asymmetric returns are concentrated.

The structural advantage of this blend is low cross-asset correlation. Venture capital returns show only 0.38–0.45 correlation with public equities and convertible bonds based on Cambridge Associates and Refinitiv data from 2015–2025. This means VC positions move largely independently during market stress, reducing portfolio-level drawdowns when public markets sell off.

Backtest Results: US Tech 2016–2025

To test the framework, we applied the 30/30/40 allocation to US tech markets over the 2016–2025 period — a decade that included the 2018 correction, the 2020 COVID crash, and the severe 2022 tech drawdown. The results demonstrate that the blended approach consistently delivered the best risk-adjusted returns as measured by Sharpe ratio.

During the 2022 tech crash specifically, the Nasdaq fell 32.6% peak-to-trough. The blended portfolio would have declined only 19.2% — a 41% reduction in drawdown. Convertible bond income (4–5% yield) partially offset equity losses, while VC marks lagged, providing NAV stability when LPs needed it most.

The Asymmetric Capture Profile

The blend captures approximately 71% of public equity upside in positive years but absorbs only 59% of the downside in negative years. This asymmetry — sometimes called convexity — is the core structural advantage. Convertible bonds contribute significantly to this profile: research from CAIA and State Street SSGA shows that investment-grade convertibles historically capture 93% of equity upside while experiencing only 58% of equity downside.

Application to China

Chinese tech valuations today sit at levels comparable to where US tech traded in 2015 at the start of the backtest period. The MSCI China Index trades at a forward P/E of approximately 14.6× versus the S&P 500 at roughly 22× — a ~34% discount. Applying the same blended discipline to this starting point, with the additional tailwind of depressed VC entry valuations and reduced foreign competition, suggests the risk-adjusted return opportunity may be even more compelling than what the US backtest delivered.

In 2011–2012, the companies that would become America’s “Magnificent Seven” traded at price-to-earnings multiples of 12–18×. Apple was at 14×. Google at 18×. Microsoft at 15×. Over the subsequent decade, these companies delivered 10–20× returns as earnings growth was compounded by multiple expansion — the same companies that traded at 14× in 2012 now trade at 28–40×.

Today, China’s most profitable technology leaders trade at strikingly similar multiples. As of April 2026, the MSCI China Index has a trailing P/E of approximately 14.6× according to MacroMicro, while the Shanghai Stock Exchange composite sits at roughly 16.4×. The Hang Seng Tech index trades at the low end of this range. Meanwhile, the S&P 500 commands a forward P/E of approximately 22×.

The Discount in Context

Invesco’s 2026 Chinese Equities Outlook notes that the MSCI China Index still trades at approximately 40% discount to developed markets despite the strong 2025 rebound. The report attributes this to persistent geopolitical uncertainty but notes that corporate earnings have shown clear signs of recovery, with EPS levels likely having bottomed and poised to improve further.

Siblis Research’s comprehensive analysis of emerging market valuations found that Greater China saw the most dramatic valuation expansion in the 2022–2025 period. Hong Kong’s trailing P/E more than doubled from a heavily depressed 8.05 in 2022 to over 17 by late 2025. Mainland China followed a similar trajectory, particularly in the second half of 2025. Critically, forward P/E ratios remain well below trailing figures across the board, indicating that analysts expect a meaningful earnings recovery in 2026.

What Drives a Re-Rating?

The 2025 rebound was significant — Siblis documents Hong Kong’s P/E expansion from single digits to 17× — but the gap to developed markets remains wide. For the re-rating to continue, several conditions would need to hold: sustained corporate earnings recovery (J.P. Morgan forecasts 13–14% EPS growth for 2026–27), stabilization in US-China trade dynamics, and continued domestic policy support for technology sectors.

The risk, of course, is that geopolitical tensions escalate further, keeping the discount persistent or widening it. But for investors who can tolerate this risk, the arithmetic is compelling: buying profitable, globally competitive technology companies at 14–18× earnings — the same multiples that preceded a decade of extraordinary returns in US tech — represents one of the more asymmetric opportunities in public markets today.

The global AI narrative is dominated by infrastructure spending. In 2026 alone, the five largest US cloud and AI providers — Microsoft, Alphabet, Amazon, Meta, and Oracle — have collectively committed between $660 billion and $690 billion in capital expenditure, according to Futurum Group. This is nearly double 2025 levels. The assumption embedded in these commitments is that building the largest AI compute clusters will translate into durable competitive advantage.

China’s AI industry operates on a fundamentally different logic. Rather than competing on raw infrastructure spend, Chinese companies have prioritized model efficiency, applied deployment, and product commercialization. The results are striking.

90% Performance at 18% of the Cost

Jefferies published a landmark analysis in November 2025 documenting that combined capex by Chinese hyperscalers — Alibaba, Baidu, Tencent, and ByteDance — totaled $124 billion from 2023 to 2025, which is 82% lower than the $694 billion spent by US peers including AWS, Microsoft, Google, and Meta. Yet the performance of China’s leading models reached 90% of the top US frontier model scores. Jefferies concluded that China’s AI sector demonstrates substantially more efficient investment, achieving nearly equivalent capability with a fraction of the capital.

This efficiency advantage has practical consequences. DeepSeek cut its API prices by 62% in late 2025 following gains in training and inference efficiency, making China’s AI API pricing the lowest in the world. The Brookings Institution noted in April 2026 that Chinese AI development represents a fundamentally different strategic approach: rather than competing on scale, China is competing on cost-efficiency and deployment speed.

The Investment Acceleration

Despite spending less than US peers in absolute terms, Chinese AI investment is accelerating rapidly. Bank of America projected China’s total AI capex would reach 600–700 billion yuan ($84–98 billion) in 2025, a 48% increase from 2024. Government investment accounts for approximately 400 billion yuan of this total, with major internet companies contributing up to 172 billion yuan.

Individual commitments are substantial: Alibaba pledged over $53 billion across three years for AI and cloud infrastructure, with CEO Eddie Wu indicating an even larger plan is forthcoming. ByteDance is targeting $22.7 billion in 2026 capex, with roughly $13 billion earmarked for AI processors. Tencent’s Q4 2025 capex ran at approximately 4× year-on-year levels.

Products, Not Platforms

The most important distinction may be where the money goes. US AI spending is concentrated on training infrastructure — data centers, GPU clusters, and power generation. Chinese AI spending is increasingly directed toward product development and commercial deployment. China’s AI industry scaled to $126.7 billion in revenue in 2024 with 24% year-on-year growth, housing 15% of global AI companies and 26% of the world’s AI unicorns, according to DataGlobeHub. The country’s AI foundational infrastructure grew 54% year-on-year in 2024, outpacing model architecture growth (18%) and applications growth (13%).

For investors, this distinction matters. The returns from AI will ultimately accrue to companies that convert capability into revenue — products that customers pay for, deployed at scale, with clear unit economics. China’s applied AI ecosystem is building exactly these kinds of companies.

China’s state investment in deep technology operates at a scale without parallel in any other country. Across national IC funds, venture guidance funds, AI-specific vehicles, and annual R&D budgets, total government-directed capital into frontier technology sectors exceeds $275 billion — more than five times the US CHIPS and Science Act’s $52 billion allocation.

The National IC Fund: Three Phases, $75B+

The China Integrated Circuit Industry Investment Fund — known as the “Big Fund” — was established in September 2014 under the Ministry of Industry and Information Technology (MIIT) to advance semiconductor self-sufficiency as part of “Made in China 2025.” It has operated across three phases, each larger than the last.

Phase I (2014–2019) deployed approximately 139 billion yuan (~$19B), primarily into semiconductor manufacturing. Phase II (2019–2024) operated with 200 billion yuan (~$28B) and broadened its focus to equipment, materials, and design. Phase III, officially established in May 2024 with registered capital of 344 billion yuan ($47.5 billion), is the largest single semiconductor investment vehicle ever created. Six major state-owned banks committed 114 billion yuan (roughly one-third of the total) within the fund’s first days.

The $138 Billion National VC Guidance Fund

In March 2025, China launched the National Venture Capital Guidance Fund with approximately 100 billion yuan ($138 billion at announced exchange rates) — the largest government-backed VC fund in history. The fund targets hard technology sectors including quantum computing, artificial intelligence, semiconductors, and hydrogen energy storage. The Quantum Insider reported that the inclusion of these fields signals China’s intent to lead in multiple frontier technologies simultaneously.

The DeepSeek Signal

In May 2026, Bloomberg reported that the Big Fund’s investment arm was in talks to lead a significant funding round for DeepSeek, the AI company whose models have repeatedly matched or approached the performance of the best US systems at dramatically lower cost. This development signals that Beijing now treats AI software and domestic silicon as a unified strategic priority — with the same state capital vehicles backing both.

Impact on Portfolio Companies

The practical implications for deep tech portfolio companies are substantial. China offers a 200% R&D super-deduction — companies can deduct double their qualifying R&D spending from taxable income, directly improving unit economics. Beyond national vehicles, provincial and municipal governments operate their own technology guidance funds, collectively estimated at over $200 billion. Shenzhen, Beijing, and Shanghai each run multi-billion dollar programs targeting local technology clusters.

For venture-backed companies in our target sectors — AI, robotics, semiconductors, new energy — this government co-investment creates several advantages: reduced capital costs through matching funds, guaranteed domestic demand through government procurement, and a regulatory environment that actively prioritizes technology self-sufficiency.

China’s equity markets have experienced three major drawdowns in the past decade: the 2015 stock market crash, the 2018 trade war correction, and the 2021–2022 regulatory reset. Each triggered significant investor panic and capital withdrawal. Each was followed by meaningful recovery. The pattern is not a guarantee, but it is consistent enough to warrant examination.

The 2021–2022 Correction in Detail

The most recent drawdown was the most severe. Beginning in February 2021, Chinese tech stocks entered a prolonged decline driven by a series of regulatory actions: the cancellation of Ant Group’s IPO, antitrust enforcement against internet platforms, restrictions on the private tutoring industry, and new data security requirements that complicated US listings. The cumulative MSCI China decline across 2021 and 2022 reached approximately 39%. Didi Global was forced to delist from the New York Stock Exchange in 2022, becoming a symbol of the regulatory crackdown.

The 2025 recovery was driven by a combination of policy reversal (regulatory easing for tech companies), DeepSeek’s AI breakthrough demonstrating continued Chinese tech competitiveness, and Invesco notes that improving corporate fundamentals supported a more sustained growth cycle. Siblis Research documented that Hong Kong’s market P/E more than doubled from 8.05 in 2022 to over 17 by late 2025.

The Current Valuation Context

Despite the recovery, Invesco’s 2026 outlook observes that MSCI China still trades at approximately 40% discount to developed markets. Inbound FDI fell 27.1% in 2024 according to MOFCOM — the sharpest decline since 2008. In the first ten months of 2025, actual foreign investment declined a further 10.3% year-on-year. Cross-border VC funding has declined over 70% since 2021.

Reading the Data Carefully

The picture is not uniformly negative. While aggregate FDI has declined, its composition has shifted toward high-technology sectors. High-tech industries attracted 34.6% of foreign investment in 2024, up from 28.6% in 2020. In the first half of 2025, e-commerce services FDI surged 127%, chemical pharma rose 53%, and aerospace equipment manufacturing increased 36%. The number of newly established foreign enterprises also increased 14.7% year-on-year, even as total invested capital fell — suggesting more entities entering at smaller ticket sizes, consistent with the early stages of a recovery cycle.

For investors, the question is not whether geopolitical risk exists — it clearly does — but whether it is appropriately priced. At a 40% discount to developed markets, with corporate earnings recovering and government policy supportive, the market appears to be pricing in a significant amount of risk already. History suggests that entering Chinese tech at points of maximum pessimism has been the highest-returning strategy, even if the timing of recovery is unpredictable.

Singularity Dynamics Investment Management Co., Ltd. (“Singularity Dynamics,” “we,” “us,” or “our”) is committed to protecting the privacy of individuals who visit our website, submit enquiries, or otherwise interact with us. This Privacy Policy explains how we collect, use, store, and disclose personal information in accordance with the Personal Data (Privacy) Ordinance (Cap. 486) of Hong Kong (“PDPO”) and, where applicable, the General Data Protection Regulation (“GDPR”) of the European Union.

1. Information We Collect

We may collect the following categories of personal information when you interact with our website, submit a contact form, or communicate with us directly:

Identity and Contact Data: First name, last name, email address, telephone number, job title, and company or organisational affiliation.

Investor Profile Data: Investor type classification (e.g., family office, institutional investor, sovereign wealth fund), investment interests, and any information voluntarily provided in free-text message fields.

Uploaded Documents: Any files you choose to upload through our contact form, which may include pitch decks, investment summaries, or other materials.

Technical Data: IP address, browser type and version, device identifiers, time zone, operating system, and browsing behaviour on our website, collected via cookies and similar technologies (see our Cookie Policy).

2. How We Use Your Information

We process personal information for the following purposes:

• To respond to your enquiries and provide information about our fund, investment strategy, and opportunities.

• To assess your suitability as a prospective investor in accordance with applicable securities regulations and anti-money laundering (“AML”) and know-your-customer (“KYC”) requirements.

• To send you fund updates, research publications, and market commentary, where you have consented to receive such communications.

• To comply with legal and regulatory obligations, including those imposed by the Securities and Futures Commission (“SFC”) of Hong Kong, the Cayman Islands Monetary Authority (“CIMA”), and applicable anti-money laundering legislation.

• To improve our website, analyse usage patterns, and enhance user experience.

3. Legal Basis for Processing

Where the GDPR applies, we rely on the following legal bases: (a) your consent, where you have provided it; (b) the performance of a contract or pre-contractual steps at your request; (c) our legitimate interests in operating and marketing our fund management business, provided these do not override your rights; and (d) compliance with legal obligations.

4. Data Sharing and Transfers

We do not sell, rent, or trade your personal information to third parties for marketing purposes. We may share your information with:

• Service providers: Including fund administrators, legal counsel, compliance consultants, IT service providers, and cloud hosting providers who assist in our operations, subject to contractual data protection obligations.

• Regulatory authorities: Where required by law or regulation, including the SFC, CIMA, and relevant tax authorities under the Common Reporting Standard (“CRS”) and Automatic Exchange of Information (“AEOI”) frameworks.

• Joint GPs and fund vehicles: Information relevant to investor onboarding may be shared with our joint general partners and fund entities within the Singularity Dynamics group structure.

Where personal data is transferred outside Hong Kong, we ensure appropriate safeguards are in place, including standard contractual clauses or reliance on adequacy determinations.

5. Data Retention

We retain personal information for as long as necessary to fulfil the purposes for which it was collected, or as required by applicable law. Enquiry data is typically retained for 24 months following your last interaction. Investor data is retained for the life of the fund plus seven years in accordance with regulatory record-keeping requirements.

6. Your Rights

Under the PDPO and, where applicable, the GDPR, you have the right to: access the personal data we hold about you; request correction of inaccurate data; request deletion of your data (subject to legal retention obligations); object to or restrict processing; withdraw consent at any time; and lodge a complaint with the Privacy Commissioner for Personal Data (Hong Kong) or your local data protection authority.

7. Security

We implement appropriate technical and organisational measures to protect personal information against unauthorised access, alteration, disclosure, or destruction. These include encrypted data transmission (TLS/SSL), access controls, and regular security assessments. However, no method of internet transmission is completely secure, and we cannot guarantee absolute security.

8. Contact

For questions about this Privacy Policy or to exercise your data rights, contact our Data Protection Officer at: privacy@singularitydynamics.com, or write to: Singularity Dynamics Investment Management Co., Ltd., Unit 804, 8F, Far East Consortium Building, 121 Des Voeux Rd, Central, Hong Kong.

1. Acceptance of Terms

By accessing or using the website operated by Singularity Dynamics Investment Management Co., Ltd. (“Singularity Dynamics,” “we,” or “us”) at singularitydynamics.com (the “Website”), you agree to be bound by these Terms of Use. If you do not agree, you should not access or use the Website.

2. Nature of Content

The content on this Website is provided for general informational purposes only. Nothing on this Website constitutes an offer to sell, or a solicitation of an offer to purchase, any securities, fund interests, or investment products. Any such offer will be made solely pursuant to a confidential private placement memorandum and related subscription documents.

The information presented does not constitute investment advice, financial advice, legal advice, or tax advice. Prospective investors should consult their own professional advisors before making any investment decision.

3. No Representations or Warranties

While we endeavour to ensure that the information on the Website is accurate and up to date, we make no representations or warranties, express or implied, regarding the accuracy, completeness, reliability, suitability, or availability of the Website or the information, products, services, or graphics contained therein. All information is provided on an “as is” basis without warranty of any kind.

4. Forward-Looking Statements

The Website may contain forward-looking statements, including projections, targets, and estimates of future performance. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. We undertake no obligation to update any forward-looking statements.

5. Past Performance

Any references to past performance, track records, or historical returns are not indicative of future results. Investments in venture capital, private equity, and emerging market securities carry significant risks, including the potential loss of the entire amount invested.

6. Intellectual Property

All content on this Website, including text, graphics, logos, images, data compilations, research, and analysis, is the property of Singularity Dynamics or its licensors and is protected by applicable intellectual property laws. You may not reproduce, distribute, modify, or create derivative works from any content without our prior written consent.

7. Jurisdictional Restrictions

This Website is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation. Users are responsible for ensuring compliance with all applicable laws and regulations in their jurisdiction. In particular, this Website is not directed at persons in the United States, and no securities described herein have been or will be registered under the US Securities Act of 1933.

8. Limitation of Liability

To the maximum extent permitted by law, Singularity Dynamics, its affiliates, directors, officers, employees, and agents shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from your access to or use of (or inability to access or use) this Website, including any errors or omissions in content.

9. Third-Party Links

The Website may contain links to third-party websites. These links are provided for convenience only and do not imply endorsement. We have no control over and accept no responsibility for the content, privacy practices, or availability of third-party websites.

10. Governing Law

These Terms of Use are governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region. Any disputes arising from or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Hong Kong.

11. Amendments

We reserve the right to modify these Terms of Use at any time. Changes will be effective upon posting to the Website. Your continued use of the Website after any changes constitutes acceptance of the revised terms.

12. Contact

For questions regarding these Terms of Use, contact: legal@singularitydynamics.com

Confidentiality and Distribution

The information on this website has been prepared by Singularity Dynamics Investment Management Co., Ltd. (“Singularity Dynamics”) and is intended for informational purposes only. It is directed at professional investors, accredited investors, and qualified purchasers as defined under applicable securities laws and may not be suitable for retail investors.

No Offer or Solicitation

Nothing on this website constitutes an offer to sell, or a solicitation of an offer to purchase, any securities or interests in any fund or investment vehicle managed or advised by Singularity Dynamics. Any such offer will be made solely pursuant to a confidential private placement memorandum (“PPM”) and related subscription documents, which will contain additional information about the terms, risks, and conditions of an investment. Prospective investors should review those documents carefully before making any investment decision.

Risk Factors

An investment in any fund managed by Singularity Dynamics involves significant risks, including but not limited to:

• Loss of Capital: Investors may lose the entire amount of their investment. There is no guarantee that any investment objective will be achieved.

• Emerging Market Risk: Investments in Greater China carry additional risks including political instability, currency fluctuations, capital controls, regulatory changes, and limited liquidity.

• Illiquidity: Venture capital and private investments are inherently illiquid. There may be no secondary market for fund interests, and investors should be prepared to hold their investment for the full life of the fund.

• Geopolitical Risk: US-China tensions, trade restrictions, sanctions, and regulatory changes may adversely affect portfolio companies, exit opportunities, and fund returns.

• Currency Risk: The fund is denominated in USD but invests in RMB-denominated assets. Exchange rate fluctuations may impact returns.

• Concentration Risk: The fund’s focus on China deep tech may result in concentrated exposure to specific sectors, geographies, or regulatory environments.

• Regulatory Risk: Changes in Chinese, Hong Kong, Cayman Islands, or other applicable laws and regulations may adversely affect the fund, its investments, or its investors.

Target Returns and Projections

Target returns, projected performance, scenario analyses, and illustrative examples presented on this website are hypothetical and may not be achieved. Actual results may differ materially from those presented. These projections are based on assumptions and estimates that are inherently uncertain and subject to significant business, economic, and competitive risks.

Past Performance

Past performance, including the track record of the general partners and any references to prior fund performance, is not indicative of future results. The investment conditions, market environment, and deal flow that produced historical returns may not recur.

Third-Party Data

Certain information and data presented on this website have been obtained from third-party sources believed to be reliable, including research reports, industry publications, and public filings. Singularity Dynamics has not independently verified all such information and makes no representation or warranty as to its accuracy or completeness.

Regulatory Status

This website has not been reviewed or approved by the Securities and Futures Commission of Hong Kong, the Cayman Islands Monetary Authority, or any other regulatory authority. The fund manager is a BVI-domiciled entity with Hong Kong-licensed operations. Nothing herein should be construed as regulatory approval or endorsement of any investment product.

Professional Advice

Prospective investors should consult their own legal, tax, financial, and other professional advisors before making any investment decision. Singularity Dynamics does not purport to provide legal, tax, or accounting advice.

Contact

For questions regarding this disclaimer, contact: legal@singularitydynamics.com

1. What Are Cookies

Cookies are small text files placed on your device when you visit a website. They are widely used to make websites function efficiently, provide a better user experience, and supply information to website operators. This Cookie Policy explains how Singularity Dynamics Investment Management Co., Ltd. (“we” or “us”) uses cookies and similar technologies on our website.

2. Cookies We Use

Strictly Necessary Cookies: These are essential for the website to function and cannot be switched off. They are typically set in response to actions you take, such as setting privacy preferences, logging in, or completing forms. Without these cookies, certain services cannot be provided.

Analytics Cookies: These cookies allow us to measure and analyse how visitors use our website so we can improve its performance. They help us understand which pages are the most and least popular and see how visitors navigate the site. All information these cookies collect is aggregated and therefore anonymous. We may use services such as Google Analytics for this purpose.

Functional Cookies: These cookies enable enhanced functionality and personalisation, such as remembering your language preference or the region you are in. If you do not allow these cookies, some or all of these features may not function properly.

3. Third-Party Cookies

Our website may include content or features from third-party services (for example, embedded videos or web fonts from Google). These third parties may set their own cookies when you interact with their content. We do not control these cookies and recommend you review the relevant third party’s cookie policy for further information.

4. Managing Cookies

Most web browsers allow you to control cookies through their settings. You can set your browser to refuse all cookies, accept only certain cookies, or notify you when a cookie is set. Please note that disabling cookies may affect the functionality of this website.

To manage cookies in common browsers:

• Chrome: Settings → Privacy and Security → Cookies and other site data

• Firefox: Settings → Privacy & Security → Cookies and Site Data

• Safari: Preferences → Privacy → Manage Website Data

• Edge: Settings → Cookies and site permissions

5. Data Collected via Cookies

Information collected through analytics cookies may include: pages visited, time spent on each page, referral source, browser type and version, device type, and approximate geographic location (city/country level, not precise). This data is processed in aggregate form and is not used to identify individual visitors.

6. Retention

Cookie retention periods vary by type. Strictly necessary cookies are session-based and expire when you close your browser. Analytics cookies are typically retained for up to 26 months. You may delete cookies at any time through your browser settings.

7. Updates to This Policy

We may update this Cookie Policy from time to time to reflect changes in our practices or applicable regulations. The effective date at the top of this page indicates when the policy was last revised.

8. Contact

For questions about our use of cookies, contact: privacy@singularitydynamics.com