On the surface, China’s cutting-edge tech sector – from the algorithmic breakthroughs of DeepSeek and Zhipu AI to the hardware of Unitree Robotics and ChangXin Memory Technologies (CXMT) – mirrors Silicon Valley’s venture capital-backed ecosystem.But a closer look at their financing histories reveals a common investor: the Chinese state.Beijing’s strong presence underscores a more profound structural shift in how China’s frontier technology is being funded. As Western venture capital and...