(Yicai Global) June 1 -- Around 100 Israeli tech firms flocked to the 2018 GoforIsrael conference in China as they sought local investors to help them explore the Chinese market.
The event, held from May 29 through yesterday in Hong Kong and Foshan, Guangdong province, was the second time the conference had taken place outside of the Middle Eastern nation. Technology, media, telecommunications and biotech firms made up the bulk, with a handful given a three-minute elevator pitch to present their products to potential investors.
Israel is becoming a major technology source for China and is climbing up the list of global smart manufacturers, ranking sixth last year according to a report by the China Economic Information Service. Trade conflicts with the United States are also limiting China's access to American technology, forcing the Asian nation to seek alternative sources.
Fan Shengyan, managing director of China Everbright's CEL Catalyst China Israel Fund, warned that Chinese investors will need to avoid their tendency to chase short-term returns and go long on Israeli tech startups, many of which are still in the early development stages. Their cash flow performance at initial stages may not be ideal, so investors should be prepared to take a risk, he added.
Israel's tech firms cover a range of fields using cloud computing and big data, such as hotel room management apps, online retail, voice-based social networks, high-end manufacturing and sensors to measure how fresh food is. The nation's biotech firms research treatments for cardiac failure, diabetes and cancer, among others.
Editor: James Boynton