Feb. 9, 2024
Congress Report Names Five U.S. VC Firms That Invested in Chinese Tech Firms
BEIJING, February 9 (TMTPOST) -- A U.S. House committee report alleges that five U.S. venture capital companies invested a total of at least $3 billion in Chinese companies that were added to the Entity List. The five firms are Sequoia Capital, Qualcomm’s venture-capital arm, Walden International, GGV Capital and GSR Ventures. The committee started an investigation last year, requesting information from venture-capital investors. The firms invested money in China from U.S. limited partners such as pension funds and university endowments, the report claims. Decades of investment—including funding, knowledge transfer, and other intangible benefits—from U.S. VCs have helped build and strengthen China’s sectors such as artificial intelligence, says the report.
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