Gary Rieschel, a US venture capitalist who founded Qiming Venture Partners in Shanghai, said, "I look at TikTok again, (and) there's no real history of turning data over to the Chinese government".

In an open letter issued on the eve of the listing, Lei Jun revealed that Xiaomi's first venture capitalist has recouped its early investment of $5 million 866 times over after the listing.

Guo Guangchang, founder and chairman of Fosun International, reiterated that the conglomerate is not a money-burning venture capitalist.

Second, in terms of institutional vitality, under the framework of the socialist system with Chinese characteristics, policy selection and implementation are more efficient, because as long as the policies are in line with the reform measures to maximize social welfare, they will be supported and embraced by the masses and can be implemented quickly, unlike some capitalist societies that face problems such as partisan disputes, interference by interest groups, and lack of policy tools.

The report, by market consultancy Visual Capitalist, said Chinese smartphone makers held the largest share of the global smartphone market, accounting for over 50 percent of total shipments in the second quarter of the year.

The Visual Capitalist report also noted that Huawei, together with South Korea's Samsung Electronics, led the global market share with both of them commanding 20 percent.

Famous venture capitalist Peter Thiel, who was a co-founder of Pay-Pal and Palantir and a very early investor in Facebook, recently argued that high housing prices in Silicon Valley are killing entrepreneurship there.

"NetEase Yaotai, an immersive virtual event platform, is an epitome of this exploration," Hu said in an online discussion about the metaverse with Matthew Ball, a venture capitalist and veteran metaverse luminary.

Given favorable external and internal conditions, Hong Kong is likely to become a vibrant center for use of the digital yuan in international trade due to its competitive advantages as the world's largest offshore renminbi center and the "one country, two systems" principle — the cornerstone of the city's capitalist system.

While sometimes unknown in the US, these businesses can become globally significant, such as with Bytedance, the owner of popular app TikTok (known as Douyin in China), and they generate returns any venture capitalist would desire," added Konrad.

"A record number of international investors, particularly from China, and women investors are gradually changing the image of the Silicon Valley venture capitalist," said Alex Konrad, associate editor at Forbes, in an editor's pick.

(The term unicorn was coined by American venture capitalist Aileen Lee to describe a startup valued at $1 billion or more. )