Bin went on to explain that while IT firms benefit from these trends, the impact of technology is not just limited to this sector. In fact, technology is having a major influence on other more traditional sectors and that investors can find opportunities as this influence spreads.
Education is one such sector and panelist Julius Luo, CFO of TAL Education, a leading education company in China, explained how his company has developed its business by investing heavily in R&D, developing technology - like a centralized online platform for education content - and using data to refine and improve their services and in-class experience.
One such example is the application of technology in the classroom. Julius explained that 'we use a lot of technology in our classrooms. If you go to some of our learning centers, you'll find two cameras in the front. These cameras record the class, analyse student engagement levels, and provide instant feedback to the teachers, who can then adjust the class and delivery.'
Offline retail is another area where the application of technology is rapidly creating new business models in China - with the recent development of 'New Retail' being one stand-out example.
Yang Fengxue acknowledged the growth of 'New Retail' and explained that investors should look closely into these new models and look to the underlying technology driving the growth, such as customer and product tracking, because that's where there are interesting investment opportunities.
Looking back to the current state of the market, Yang advised attendees that now is an excellent time to look closely into potential investments in the China tech sector saying, 'at the current time, there are many truly valuable companies whose valuations have suffered because of the market, and that means it's an excellent time to look for investment opportunities.'