James Shen, managing director of Qualcomm Ventures in Greater China, talks with chinadaily.com.cn in Hangzhou, Sept 21, 2016. [Photo/chinadaily.com.cn]

What Qualcomm is looking forward to is VR on smartphones, hoping that the calculation and display systems could be integrated and not separated. The thinner the gear is, the better. They even envision a gear like contact lenses.

"Our investment focus will depend on what technology barriers are needed to be broken," Shen said. "We will try to find a good company in the arena with barriers, companies that could solve different problems in the VR/AR industry chain are the focus of our attention."

In July 2014 Qualcomm Inc announced a commitment to invest up to $150 million in Chinese startup companies across all stages. Since founding in 2000, Qualcomm Ventures has established foothold in seven countries, with those in China the most active. The number of projects that Qualcomm Ventures has invested in China only lags the United States.

The opportunities for Chinese companies in the VR/AR field lie in the possibility to produce a gear priced around 1,000 yuan, Shen suggested, adding that such an inexpensive but viable solution must be found in China.

In terms of drones, Qualcomm Ventures invested in industrial UAVs in India. In China the company would focus on small and portable drones for civilian use, Shen said.

No matter what kinds of frontier technologies, Qualcomm Ventures seeks small, high-function, low-cost versions in China.

The emphasis on frontier technologies was echoed almost everywhere during the meetings.