What lessons can we learn from the capital market? Nvidia becomes the world's most valuable listed company

Release time:Jun 19, 2024 16:29 PM

At midnight on June 19th, Beijing time, Nvidia officially surpassed Microsoft to become the world's most valuable listed company. The capital myth created by this AI company was also hotly discussed at the Lujiazui Forum held on the same day.

At the 2024 Lujiazui Forum's plenary session on "Scientific and Technological Innovation and High-Quality Development of the Capital Market", many key figures from the global capital market discussed the topic of how scientific and technological innovation can interact with the capital market in a two-way manner.

It is a consensus among all that technological innovation will drive economic growth. Seth P. BERNSTEIN, President and CEO of AllianceBernstein Group, said that technology and data science can improve transparency, reduce friction and increase efficiency. In China, people have the opportunity to use modern technology and digital infrastructure to serve the market, which is a great advantage over developed countries, including the United States, North America and Europe.

Kevin DSNEADER, president of Goldman Sachs Asia Pacific, said: "We should not focus on the success stories of very individual companies, but should expand the pattern and see the large-scale promotion of scientific and technological innovation." He believes that China has very rich resource endowments, which ensures that China is a highly innovative country from the starting point. However, the financing model is different in different periods of scientific and technological innovation. He cited data that 47% of China's R&D projects only received 4% of financing in the early stage, so Goldman Sachs believes that China has very good potential for initial financing.

Regarding long-term capital, Zhao Haiying, deputy general manager and chief strategy officer of China Investment Corporation, also expressed a similar view. She used soil as an analogy, saying that if the soil is too acidic or too alkaline, or if it is saline-alkali land, no matter how carefully it is cultivated, the seedlings will not grow well.

For the capital market, the soil environment is the investor structure. There are small and medium-sized investors, large investors, short-term trading investors and long-term institutional investors in the market. Investors are not completely good or bad, and each has its own function. However, for the country, China lacks patient long-term institutional investors. "What everyone knows more is the National Social Security Fund, China Investment Corporation and others. The overall types are relatively small and the quantity is relatively small."

But in fact, China does not lack financing funds. Fang Xinghai, vice chairman of the China Securities Regulatory Commission, also said at the forum that the bottlenecks currently faced by private equity funds and venture capital funds are mainly "raising funds" and "withdrawing funds". Among them, "withdrawing funds" are more difficult, while "raising funds" is not a big problem in China, as China has a lot of savings.

"After more than 40 years of reform and opening up, our economy has achieved tremendous development, and we have accumulated a large amount of funds, which can be converted into capital. Capital plays a very important role in economic development and innovation." Fang Xinghai pointed out that only the capital market can combine the risk characteristics of innovation with the risk tolerance of funds. The capital market has a very important responsibility in the innovation process, and the high-quality development of the capital market can only be achieved through in-depth integration with innovation.

It is worth noting that on the same day that the 2024 Lujiazui Forum opened, the China Securities Regulatory Commission issued the "Eight Measures on Deepening the Reform of the Science and Technology Innovation Board to Serve Technological Innovation and the Development of New Productivity", which is committed to enhancing the inclusiveness of new industries, new business models and new technologies, and giving full play to the functions of the capital market to serve the overall situation of China's modernization.

Qiu Yong, chairman of the Shanghai Stock Exchange, said that there are two aspects that the exchange needs to further implement in the future. The first is to enhance the inclusiveness of the market and support technological innovation; the second is to increase supervision and protect the legitimate rights and interests of investors, especially to combat counterfeiting and promote the construction of the capital market ecosystem.

What lessons can we learn from the capital market? Nvidia becomes the world's most valuable listed company

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