EghtesadOnline: Isaac Ho and several investors were watching a pitch from a cancer-detection startup in Singapore when one of the Chinese billionaires present got up and -- without a word -- scrawled “Speed x Market Share” in Chinese characters on a whiteboard. It was a simple formula that meant: be first and be largest, no matter the cost. But that’s when Ho understood how the Southeast Asian tech scene was about to change.

EghtesadOnline: In ancient mythology, Chinese unicorns are lucky, rare creatures that appear to mark the arrival or death of a great leader, like Confucius. Today, China's tech unicorns -- private companies valued at $1 billion or more -- are far more commonplace and look increasingly cursed.

EghtesadOnline: When it comes to web businesses, China has created its own versions of a search engine (Baidu), e-commerce platform (Alibaba) and video-streaming service (iQiyi) with resounding success. Yet there’s a conspicuous absence of smart speakers such as the Amazon Echo or Google Home.

EghtesadOnline: Tencent Holdings Ltd.’s Chairman Ma Huateng proposed to build China’s own Bay Area equivalent with a technology zone in southern China that would include the financial center of Hong Kong and gambling city of Macau.

EghtesadOnline: It was supposed to be the face of new China -- a stock market in the technology hub of Shenzhen designed to nurture future stars like Alibaba Group Holding Ltd. and Tencent Holdings Ltd.