Earlier this month Sequoia, the Silicon Valley venture capital group, said it would spin off its China business and run it as a “completely independent” entity from its US operations. Neil Shen, the billionaire founder of Sequoia China, said there was “much less in common now” between the Sequoia entities.
“Every multinational with a strong China business” seems to have considered a similar move, one senior Asia-based banker said. “Even if it’s just the option to give you flexibility in the future, it’s worth thinking about.” One consultant to pharmaceutical companies added that pursuing a domestic listing could help AstraZeneca court Beijing’s support for drug innovation and win faster approvals for therapies developed in China.
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