Another top Silicon Valley investor is splitting off its China business as pressure mounts

📆 9/22/2023 3:18 PM
📰 CNN

⏱ Reading Time:
20 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 95%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

GGV Capital, a prominent Silicon Valley venture capital firm, has become the latest big investor to break up its US and China operations into separate companies as tensions between the two countries over tech and geopolitics continue to rise.

The firm announced Thursday that it would divide its business into two “completely independent” firms with separate new brands, which have not been revealed. According to the company, one side will concentrate on North America, Latin America, Europe, Israel and cross-border US-India deals, led by teams in California and New York by managing partners Glenn Solomon, Hans Tung, Jeff Richards and Oren Yunger.

The executive order will exacerbate a slump in deals between the United States and China, and deliver a “major blow” to Chinese startups, analysts and investors previously told CNN. Asked whether the US order or wider geopolitical tensions had factored into its decision, GGV Capital declined to comment. The firm has recently come under greater scrutiny from US lawmakers.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ahwatukee man gifted two wheelchairs from Valley business after original is stolenLast week, ABC15 introduced you to Steven Bendowski. His custom $7,000 wheelchair was stolen outside his Ahwatukee home.
Source: abc15 - 🏆 263. / 63 Read more »