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2015.12.30
Golden-purple Buddhi represents the highest level of self-reflection and the wisdom ones can use to perform well in the workplace and live an aloft life. This book is a collection of contemporary proses. Lin Qingxuan explains Dharma from the perspective of the Buddhist Scriptures, and expresses the concept of open, spatial and temporal wisdom with literary language.
Lin Qingxuan is indifferent to fame and wealth in life. This attitude toward life is reflected in his proses. Elegant and illuminating written, his proses always give readers inner peace and clear away anxiety. He is a sage, insightful and silent. But his words are powerful and illuminating.
If Emerson aims at rousing Americans and urging them to set free from the past cultural hinderance and to seek for independent thinking, Thoreau wants people to get rid of the past lifestyle and be free of choosing their way of living. He is basically making a philosophical statement that people are not living deliberately and meaningfully due to modern technology. He is delivering the message of simplicity, which means reducing material desire and pursuing spiritual satisfaction.
Feng Tang’s writing often starts from nowhere and ends without a reason. He often writes for nothing but always arouses readers’ imagination. You can randomly choose one page to read and it will not hinder you following his imagination and philosophy of life. Living Alive and Getting Old records the illuminating proses that Feng tang sent with feelings, expressing his free, trendy, avant-garde thoughts, sharp but humorous writing, both ridiculous and profound, illuminating and amazing, which can make readers laugh and render them new enlightenment.
Professor Zheng Yongnian, a Chinese political scientist and commentator who has studied and written on the contemporary China, offers his sharp and objective comments, analyses and solutions for every problem on China’s reforms. He points out several dilemmas and provides possible answers to the hard questions like what should vested interests do to overcome the impediment in the new round of reforms, what kind of logics can get benefits, where we can find the new drivers for reforms and what the positive outcomes can institutional innovation bring to the world.
Arnold Toynbee’s A Study of History has been acknowledged as one of the greatest achievements of modern scholarship. He probed into the history and civilization of mankind as a philosopher and historian. He relates himself to 26 civilization in the world and the ultimate future of mankind. A Study of History is a veritable masterpiece of erudition and one of the most suggestive, stimulating and inspiring studies of this age. This abridgement version receives positive response from Toynbee. Toynbee believes that it is made by a clear mind that has not only mastered the contents but has entered
Rewritten by: Luo Xinying, Edited by: Du Zhixin, Wei Yiyi
Over the past year, the bull market returned, with technology leading the way.
As I said back in October 2024, the rally that began on September 24 was not merely a rebound, but a reversal. Since then, China's capital markets have undergone a broad revaluation, moving from undervaluation toward fair value.
The Shanghai Composite Index reached its highest level in a decade. The "Yi-Zhong-Tian" trio—Eoptolink, Zhongji Innolight and TFC Communication, three prominent Chinese optical communications stocks—saw their share prices multiply severalfold in a single year. Cambricon's market capitalization briefly exceeded RMB 600 billion. Elsewhere in the technology sector, triple-digit price-to-earnings ratios and valuations exceeding RMB 10 billion became commonplace.
Some investors were greedy; others, fearful. Still others asked me: Are technology stocks in a valuation bubble?
My answer is that what we are witnessing is the hunger and anxiety of an era, reflected in the capital markets. Once you understand this, the current fervor for technology investing is no longer difficult to explain.
Investment has nothing to do with macroeconomics, but everything to do with geopolitics.
China-US relations will shape the investment landscape for decades to come. Geopolitics has played a major role in shaping the hunger and anxiety of our times, fundamentally reshaping the way we invest.
What, then, lies at the heart of China's hunger and anxiety?
The Fourth Industrial Revolution is already underway, yet China has not fully overcome the technological shortcomings left by the Third. There is no time to lose.
This is why some people wonder: Why do Chinese computing chip companies command such high valuations when their technologies still lag so far behind NVIDIA's? Why does NVIDIA trade at just 50 times earnings, while a company hailed as "China's answer to NVIDIA" commands a multiple of 300?
To me, this gets the logic exactly backward.
It is precisely because these companies cannot catch up with NVIDIA in the near term that they command a higher strategic premium. The wider the technological gap, the greater the strategic value.
The further something lies beyond our reach, the stronger our hunger. The harder it is to catch up, the deeper our anxiety. If China were to achieve a complete breakthrough in computing chips one day, valuations might actually come down.
Where can one find China's most spectacular natural landscapes?
Much of the answer, I believe, lies in and around the Hengduan Mountains: the Meili Snow Mountains, Jade Dragon Snow Mountain, Mount Gongga, Mount Siguniang, Jiuzhaigou, and many others. Vast differences in elevation and deep fault lines have given rise to landscapes of extraordinary grandeur.
Hard-tech investing follows a similar logic.
Technological gaps, discontinuities in capabilities, and missing links in industrial systems: a leap in difficulty brings a leap in valuation, and a successful breakthrough can, in turn, bring a leap in returns.
This logic extends well beyond computing chips. It is equally evident in memory semiconductors, commercial spaceflight, and other sectors where China still faces substantial technological gaps with other countries.
It was precisely this conviction that led CoStone Capital, starting in 2016, to decisively focus its investments on three areas: hard tech, emerging industries, and life sciences and healthcare. In this context, "hard tech" refers specifically to important industries in which China faces a technological gap with the United States.
Thanks to this forward-looking strategy, CoStone Capital established an early presence across the full value chains of key sectors, including semiconductors, artificial intelligence, and robotics.
Looking ahead, the frontiers of technological progress and industrial upgrading are boundless. Nor can the gaps in hard technology be closed overnight. The twin windows of opportunity presented by technological innovation and the development of homegrown alternatives to foreign technologies have only just begun to open.
The road ahead is long, but the future holds immense promise.
As an investment firm, CoStone Capital will continue to invest where the hunger and anxiety of each era run deepest, move forward with the tensions that shape our times, and extend our reach toward the most challenging—and most important—frontiers.
Spring 2026