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The era of the “old Deng” days is over.
SMIC’s market value has officially surpassed Kweichow Moutai, touching 1.48 trillion.
One is a “faith asset” from the old Deng era; the other is a Chinese chipmaker that the US keeps repeatedly calling out on its watch list.
For SMIC, ChangXin, and Yangtze Memory—these names are more familiar in the US than for many Chinese retail investors.
Moutai has been overtaken by chips.
There’s a bit of a “turning the page of the times” vibe to this scene.