An early Xiaomi investor said Wednesday that "old-economy stocks" might be suffering in China today, but tech start-ups continue to show promise.
Hans Tung, of GGV Capital, told CNBC's "Squawk on the Street" that most stocks in Asian markets are old-economy stocks in commodity production, brick-and-mortar retail and distribution.
"For us institutional investors who invest in start-ups, we are actually very bullish in China. We've been investing in them for over 15 years; we went through three cycles, so we are more experienced in dealing with the ups and downs. I think it is actually the best time to invest in start-ups in China," he said.