Quick Read
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Leung calls China’s full AI stack overlooked and underpriced, arguing that chips, cloud, and applications alike trade far below their U.S. equivalents among CQQQ components.
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Kling AI’s $2 billion raise at a $3 billion valuation creates a pricing benchmark KWEB investors can use to value China’s private AI sector.
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Analyst Billy Leung used a July 3, 2026 appearance on Bloomberg’s “The China Show” to argue that global investors are underweighting a wide slice of China’s artificial intelligence economy, and that a wave of fundraising and Hong Kong listings will provide the pricing benchmarks needed to close the gap. The segment, titled AI Boom Cements HK’s Role as Gateway to China, framed Hong Kong’s capital markets as the mechanism that could translate operational scale in Chinese AI into visible equity value.
China’s “Full Stack” AI Ecosystem Could Be Deeply Mispriced
Leung’s central claim: “One thing we also cannot overlook is that China has a full stack of AI names which we believe are being overlooked and underpriced as well.” By “full stack,” he means the entire AI value chain, from foundation models and chips to cloud infrastructure and application-layer companies serving consumers and enterprises.
The 2026 AI global trade has so far been dominated by U.S. semiconductor names as well as hyperscaler capex. Leung’s argument is that the Chinese equivalent- language models, data-center infrastructure, and vertical AI applications – has not attracted the proportional global capital that it deserves, in part because so much of the ecosystem sits inside private companies or Hong Kong-listed platforms that trade at valuations disconnected from their U.S. peers.
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The view that Chinese stocks are underpriced lines up with the broader 2026 view from Goldman Sachs Asset Management, which noted that valuations in Chinese equities look attractive relative to global market peers and that light global investor positioning leaves room for potential inflows. Morningstar’s 2026 outlook has similarly framed the region as a “quiet reset” opportunity for patient allocators.
Kling AI Is the Catalyst Leung Points To
Leung’s catalyst for the repricing is capital-markets activity itself. “It’s a function of the lack of capital markets. That’s why I am excited to see the overnight news about Kling raising money. We will also see potentially companies in China listing as well.”
