VC Gary Rieschel:
"China is going to eat our lunch."
VC Hans Tung:
"China does make Silicon Valley look sleepy."
University of Toronto
MIT Enterprise Forum
VC talk: Hurst Lin, DCM partner, pioneer in China's Internet and investor in several
NYC Club Talks
Sept. 10, 18, 19, 24
NW China Council
US-China Business Council
How To Academy
Silicon Dragon Circle
US-China Tech Cold War Leads to Funding Void, Venture Firm Splits
China venture firms that have been investing in the U.S. for several years are restructuring because new regulations require the leading general partner in the fund to be a U.S. citizen. The new laws passed under the U.S. government agency CFIUS (the U.S Committee on Foreign Investment in the U.S.) also requires that foreign investor limited partners can't veto investment decisions and can't see non-public information. This means these foreign LPs can't hold board seats.
You can hear the full transcript here at
Wei Jiang, a venture partner at China-based ZhenFund, (see photo with me) has recently set up his own fund, Momentor, to continue investing directly in U.S. technology startups. He sees a void in financing for investing in U.S. tech startups going to China, a good opportunity for his new fund. Read my
Will major IPOs be postponed and valuations drop as a result of worsening trade tensions with China?
Tencent-backed livestreaming platform for gamers, Douyin (most like Amazon's Twitch), began trading on Nasdaq and the biggest Wall Street debut by a Chinese company so far this year.
A Chinese cloud-based robotics company, CloudMinds, has filed for an IPO on the NYSE, seeking to raise $500 million.
China's Wanda Sports went public on Nasdaq in a disappointing IPO where its shares fell 36%.
China prepares to allow investors to buy shares in some of the hottest Chinese startups Meituan, Xiaomi (profiled in my new book) via the Hong Kong Stock Exchange. Bloomberg
Threshold Ventures (previously known as DFJ) has filed to raise a $250 million. No sign of China plans since DFJ has stopped investing in the market.
Hedge fund manager Coatue is launching a $700 million fund for early venture investing, targeting new FAANGs in AI, cloud, payments. This likely means some Asia deals.
Sequoia Capital India is planning to raise an additional $200 million to add to its 6th fund, as the Indian market booms with tech startups.
US-based sales assistant startup Vymo raises $18 million in a second series, led by Emergence Capital with Sequoia Capital India.
Sequoia-backed electric vehicle maker LeapMotor in Hangzhou raises $51 million to speed production. China's EV market is over-crowded but the opportunity to get it right is huge. There's a chapter in Tech Titans of China about how China is getting ahead in electric vehicles.
China's ride-hailing leader Didi (the one that beat Uber) has formed a joint venture with British Petroleum to build electric vehicle charging infrastructure in China.
Silicon Dragon will explore China-UK connections in London, at our annual forum, October 22.
You can order Tech Titans of China at Hachette UK
Rebel Foods, which operates about 250 Internet restaurants in India, has nabbed $125 million from Goldman Sachs, Coatue Management and initial investor Sequoia Capital India for the chain founded by a McKinsey consultant. The business model originated in China - Panda Selected, profiled in my new book (my prior book Startup Asia predicted this trend) and invested in by Hurst Lin of DCM, is an example.
An Alibaba JV in India, Paytm Games, is raising $25 million.
Pocket Aces, a Netflix of India, has raised $12.5 million from Sequoia and several local venture firms, aiming to shake up Bollywood.
Peter Thiel objects to Google's AI project in China. Goes patriotic, fears military ties. NY Times.
Alibaba visionary Jack Ma says the difference between Chinese and Americans is that Chinese actually do something for humanity and the world, while the U.S. say what they do is for humanity but it's actually for themselves. H/T to Matthew Brennan on Twitter. Video he posted is in Chinese with English subtitles.
Tech Titans of China
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