U.S.-China Venture Capital Ties Weaken Further


美国大型风投红杉资本让中国部门成为一个独立实体的计划反映出，美国风投正日益撤出中国。


红杉资本表示，其2005年成立的中国部门将成为一个独立实体。

中国蓬勃发展的科技市场和庞大的消费者群体曾吸引了美国的风投。但这两个国家分别开展的监管整顿已令投资面临挑战。 6park.com
China’s booming technology market and a huge consumer base once attracted U.S. venture capital. Regulatory crackdowns in both nations have made investing challenging.  6park.com
   
据市场追踪机构PitchBook的数据，市场放缓大势之下，美国风投投资者今年以来在中国参与了68笔交易，投资总额为10亿美元。照此发展，今年的相关活动水平有可能是自2014年以来最低的。PitchBook的数据显示，以交易笔数计，美国在中国的风投活动于2021年达到顶峰，那一年美国投资者参与了572笔交易，投资总额为329亿美元。 6park.com
Amid a general market slowdown, U.S. venture investors participated in 68 deals in China totaling $1 billion so far this year, according to market tracker PitchBook Data. That is on track to be the lowest annual activity since 2014. By deal count, U.S. venture activity in China peaked in 2021, when American investors took part in 572 deals totaling $32.9 billion, according to PitchBook.  6park.com
   
Bling Capital的普通合伙人Kyle Lui说：“这是美国以外唯一有许多获利套现案例的市场，因此对外国投资者来说一度极具吸引力。”他表示：“很多投资者仍然对投资于中国很感兴趣，但现在难度变大了。” Lui以前曾以DCM合伙人的身份进行投资，DCM是一家在中国有较强立足的跨国风投公司。 6park.com
“It’s the only market outside the U.S. that has proven exits at scale and so that was really appealing for foreign investors,” said Kyle Lui, general partner at Bling Capital who previously invested as a partner at DCM, a global firm with a strong China presence. “A lot of investors are still really interested in investing in China, but it’s more difficult right now,” Lui said.  6park.com
   
美国大型风投机构红杉资本(Sequoia Capital)周二表示，其2005年成立的中国部门将成为一个独立实体。红杉资本已因其在中国的投资而面临美国政府的审视。 6park.com
Major American venture firm Sequoia Capital said Tuesday that its China arm, launched in 2005, will become a separate entity. Sequoia has faced scrutiny from the U.S. government over investments in China.  6park.com
    
多年来，很多大型风投公司都在中国开展了业务。一些公司后来关停了相关业务，其他公司则似乎弱化了相关业务。 6park.com
A number of large venture firms have had a presence in China over the years. Some have since shut down those efforts, while others appear to be downplaying them.  6park.com
   
Accel发言人Chantelle Darby说：“我们已经很久没有在中国积极开展业务了。”这家硅谷公司在21世纪头10年中期与总部位于中国的IDG资本(IDG Capital)经营了一家合资企业。该发言人说：“自从我们在中国正式设立一支基金以来已经过去十好几年了，它已经完成了使命。”她未予进一步置评。 6park.com
“We haven’t had an active presence there for a long time,” said Chantelle Darby, spokeswoman for Accel. The Silicon Valley firm had a joint venture with China-based IDG Capital in the mid-2000s. “It’s been well over a decade since we’ve formally had a fund there and it’s run its course,” she said, declining to comment further.  6park.com
   
与此同时，New Enterprise Associates (简称NEA)从2003年开始在中国投资。NEA曾在其官网上用一个单独板块公布其在中国的交易，但该板块后来被删除。一位发言人称该公司不披露在特定地域的投资金额，也没有提供进一步的信息。 6park.com
New Enterprise Associates, meanwhile, had been investing in China since 2003. NEA used to publicize its deals in China on the firm’s website under a separate section, but that section has since been removed. A spokeswoman said the firm doesn’t disclose amounts invested in specific geographies, providing no further information.  6park.com
   
2016年，由Accel前管理合伙人Jim Breyer创办的风投公司Breyer Capital曾与IDG资本设立了一个10亿美元的基金，用来在中国投资处于成长阶段的公司。一位知情人士透露，在那之后，Breyer Capital没有为任何IDG中国的风险基金出过资。这位知情人士说，上述基金已在2019年停止进行新投资。该知情人士表示，Jim Breyer此前曾担任IDG资本的联席董事长，但现在已不再担任这一职务。 6park.com
Breyer Capital, the venture firm launched by Jim Breyer, a former managing partner at Accel, had formed a $1 billion fund with IDG Capital in 2016 to invest in growth-stage companies in China. Breyer Capital hasn’t sponsored any of the IDG China venture funds since then, said a person familiar with the situation. That fund has stopped making new investments in 2019, the person said. Jim Breyer has previously served as a co-chairman of IDG Capital, but doesn’t hold that role any longer, the person said.  6park.com
   
Goodwin律师事务所合伙人兼全球贸易联席主席Jacob Osborn说，美国已经严格限制了中国对美国某些科技领域的投资，并可能针对美国对中国的投资实行新的限制。Osborn说，拜登政府的行政令可能呼之欲出，但范围和具体时间尚不清楚。不过，这种不确定性很可能挫伤投资者的兴致。 6park.com
The U.S. has already severely limited inbound Chinese investments into certain U.S. technology sectors, and may introduce new limits on outbound investments into China, said Jacob Osborn, partner and co-chair of global trade at the law firm Goodwin. Osborn said an executive order from the Biden administration is likely forthcoming, but its scope and timing aren’t known. Yet the uncertainty is likely cooling investor interest.  6park.com
   
Osborn说，考虑到俄罗斯入侵乌克兰和美国对俄罗斯实体实施严厉制裁后企业所经历的困境，他们也对在中国进行投资心存顾虑。 6park.com
Firms are also worried about investing in China given the difficulties they experienced after Russia invaded Ukraine and the U.S. imposed heavy sanctions on Russian entities, Osborn said.  6park.com
   
Osborn说：“很多公司看到了俄罗斯的情况，他们可能判断中国不值得他们冒险。如果你真的必须在两年内完全撤出，会怎样？” 6park.com
“A lot of companies saw what happened with Russia and they may decide with China it’s not worth the risk. What happens if you do have to pull out completely in two years?” Osborn said. 6park.com
   
而中国已经对一些特定的行业进行了整顿，如教培，并限制本土公司在海外交易所上市的能力。最近，Mintz Group北京办事处遭突击检查，工作人员被拘留，这令美国实体更感不安。 6park.com
For its part, China has cracked down on specific sectors, such as education, and limited the ability of its companies to list on foreign exchanges. A recent raid and detention of staff at the Beijing office of Mintz Group further rattled U.S. entities.  6park.com
   
PitchBook的分析师Kaidi Gao说：“有很多例子都表明在中国市场，事情是如何可能在一夜之间就发生改变。” 6park.com
“There are multiple examples that speak to how things can change overnight within the China market,” said Kaidi Gao, an analyst at PitchBook.  6park.com
   
硅谷的一些主要公司仍与中国保持着关联。例如，Lightspeed与另一家名为光速中国(Lightspeed China)、总部位于中国的投资实体合作。经纬创投(Matrix Partners)也有一个相关的实体，叫做经纬中国(Matrix Partners China)。Lightspeed的一位代表不予置评。经纬创投的一位合伙人未回应记者的置评请求。 6park.com
Some major Silicon Valley firms maintain connections to China. Lightspeed, for example, works with a separate China-based investment entity called Lightspeed China. Matrix Partners has a related entity called Matrix Partners China. A Lightspeed representative declined to comment. A partner at Matrix didn’t respond to a request for comment.  6park.com
   
总部位于硅谷的红点创投(Redpoint Ventures)于2005年在中国设立了办事处，并在2016年推出了旗下首支中国基金，该基金由红点中国(Redpoint China)的团队独立管理。红点创投的一位发言人表示，红点中国是一个独立的实体，与红点创投之间没有任何经济联系。这位发言人还称，红点创投在中国没有任何活跃的投资者。 6park.com
Silicon Valley-based Redpoint Ventures opened an office in China in 2005 and launched its first China fund in 2016, which is managed independently by the Redpoint China team. A Redpoint spokesperson said that Redpoint China is a separate entity and the two don’t have any economic ties. Redpoint doesn’t have any active investors in China, the spokesperson added. 6park.com
   
红点创投管理着超过60亿美元的资金。红点中国独立管理着逾10亿美元的资金，根据其网站资讯，红点中国已经投资了100多家消费互联网和企业IT公司。 6park.com
Redpoint manages over $6 billion. Redpoint China independently manages more than $1 billion and has invested in over 100 consumer internet and enterprise IT companies, according to its website.  6park.com
   
SOSV是一家投资于深度技术初创企业的早期项目风投公司，在中国的工业中心深圳有一个名为HAX的加速器项目。SOSV的合伙人Benjamin Joffe说，自新冠疫情以来，该公司的深圳分支机构主要以远程方式与初创企业展开合作，HAX最近在新泽西州的纽瓦克开设了一个实验室空间。 6park.com
SOSV, an early-stage venture firm that invests in deep-tech startups, has had an accelerator called HAX out of China’s industrial center Shenzhen. The firm’s Shenzhen office has been working with startups mostly remotely since the onset of the Covid pandemic, and HAX has recently opened a lab space in Newark, N.J., said Benjamin Joffe, a partner at SOSV. 6park.com
   
Joffe表示：“中国初创公司一直只占我们由1,000多家初创企业组成的投资组合的一小部分。”他还说，中国初创企业占比下降的另一个原因是，SOSV的另一个加速器项目Orbit（以前叫Chinaccelerator）已经在对其他新兴市场进行更多投资。 6park.com
“Chinese startups have always been a small part of our portfolio of more than a thousand startups,” Joffe said. He added that the proportion has been declining because another one of its accelerators, Orbit, formerly called Chinaccelerator, has been investing more in other emerging markets.  6park.com
  
根据PitchBook的数据，总体而言，美国风投企业2022年进行的海外投资出现下降，并且今年出现了继续下降。在美国风投市场降温的情况下，投资者寻求海外交易的理由也减少了。 6park.com
Overall, foreign investment by U.S. venture firms dropped in 2022 and continued declining this year, according to PitchBook data. At a time when the U.S. venture market has cooled, investors have less reason to go abroad to seek deals.  6park.com
  
PitchBook的分析师Kyle Stanford说：“在当前这种风投已经非常迟缓的市场中，投资带来的任何额外压力或风险都会大幅加大风投的难度。” 6park.com
“In a market like this, where it’s really slow already, any extra pressures or risks that come from investing, make it that much more difficult,” said Kyle Stanford, an analyst at PitchBook. 6park.com