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US venture capital titan Sequoia to split off China business amid tension with Beijing | CNN Business

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Venture capital titan Sequoia is splitting its business into three independent partnerships, each with separate brands. The Silicon Valley-based firm’s expansive investments in China will become their own unit.

The Silicon Valley-based firm’s expansive investments in China, which have drawn attention from US lawmakers amid growing geopolitical tensions with Beijing, will become their own unit. Sequoia Capital executives briefed investors Tuesday about the plans, which are expected to be completed by March 2024. The firm’s operations in Europe and the United States will retain the current name, Sequoia Capital. Its Chinese unit, Sequoia China, will use its current Chinese name, HongShan.

“It has become increasingly complex to run a decentralized global investment business,” company officials Roelof Botha, Neil Shen and Shailendra Singh said in a news release. “This has made using centralized back-office functions more of a hindrance than an advantage.” Sequoia has invested generously in Chinese startups across growth stages, including food-delivery company Meituan, e-commerce marketplace Pinduoduo and ByteDance, the Chinese parent company of TikTok.

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