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

📆 2023/09/22 17:18:00
📰 CNN

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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.

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