China Trip Takeaways: India | Equity Strategy

Research evidence excerpt

China Trip Takeaways: India | Equity Strategy

India | Equity Strategy EquityJulyResearch14, 2026

STRATEGY NOTEChina Trip Takeaways

Our China trip for Indian investors featured company and expert meetings,

and plant visits across the electronics value chain. China's manufacturing Plant visits and management meetings:

advantage is increasingly led by ecosystem depth, talent and technology.

1) Xiaomi (smartphones & EVs)India is seen as complementary for market access and customer needs,

but near-term expansion plans are measured. Indian firms may need to 2) InnoScience (GaN IDM)

accelerate tech investments and reassess growth-margin trade-off to keep 3) Q-Tech (camera module)

pace with global innovation.

4) TCL (display)

China up close: Jefferies organized a week-long trip in China for Indian investors, featuring 5) Lingyi iTech (metal/structural parts)

company meetings and factory visits including: Xiaomi (smartphones & EVs), BYD Electronic

(EMS & components), Beijing YanDong Microelectronics (full stack chip manufacturer), 6) YD Electronics (FPC & connectors)

InnoScience (GaN IDM), Q-Tech (camera module), TCL (display), Lens Technology (glass),

Management interactions:Lingyi iTech (metal/structural components), YD Electronics (flexible circuit boards &

connectors), and Shenzhen Desay Battery (battery & power solutions). We also met five experts 1) BYD Electronic (EMS & components)

across memory, smartphone, PCB, power/cooling and rare-earth magnets.

2) Beijing YanDong Microelectronics (IDM)

India seen as complementary, not a substitute to China: The trip reinforced China's

manufacturing leadership with competitive edge increasingly led by ecosystem depth, 3) Lens Technology (glass)

engineering talent and technology rather than labor costs. Most companies view India as