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<blockquote data-quote="al97" data-source="post: 151038" data-attributes="member: 29424"><p>14 Oct - Commercial Awareness - Tech </p><p>Topic: Sequoia’s Split in the APAC region</p><p><a href="https://www.ft.com/content/6e3b6905-0b0f-4215-80a4-4082cb899966" target="_blank">https://www.ft.com/content/6e3b6905-0b0f-4215-80a4-4082cb899966</a></p><p><a href="https://www.bloomberg.com/press-releases/2023-10-10/co-led-by-legend-capital-leadrive-completes-series-d-financing-lnjx8dki" target="_blank">https://www.bloomberg.com/press-releases/2023-10-10/co-led-by-legend-capital-leadrive-completes-series-d-financing-lnjx8dki</a></p><p><a href="https://www.ft.com/content/e007ce22-9763-4c9b-969f-ff4e97f320e1" target="_blank">https://www.ft.com/content/e007ce22-9763-4c9b-969f-ff4e97f320e1</a></p><p><a href="https://www.ft.com/content/a37c6b7c-bec1-457b-8125-a3dbe2a8a275" target="_blank">https://www.ft.com/content/a37c6b7c-bec1-457b-8125-a3dbe2a8a275</a></p><p></p><p>Background; </p><ul> <li data-xf-list-type="ul">Following Sequoia’s split with its Chinese arm, there are currently three arms in the APAC regions: China, India, and Singapore. </li> <li data-xf-list-type="ul">Sequoia China, aka HongShan, manages $56 billion, they planned to open an office in SG. </li> <li data-xf-list-type="ul">Sequoia India aka Peak XV already has an office in SG. </li> <li data-xf-list-type="ul">Although operating as different entities, they did not sign non-compete provisions. Though the two entities expressed that they orient towards collaboration > competition.</li> </ul><p></p><p>Singapore: </p><ul> <li data-xf-list-type="ul">It appears that SG is pulling both arms, but HS actually stepped in when PX was debilitating. </li> <li data-xf-list-type="ul">Zilingo went into liquidation following complaints and the high-profile firing of its co-founder and CEO.</li> <li data-xf-list-type="ul">Byju’s value was written down by their investors, their auditors resigned, and a series of high-profile departures. </li> </ul><p></p><p>Hong Shan in China:</p><ul> <li data-xf-list-type="ul">The Chinese VC fund plans to focus on EV and clean energy - a sector dominated by China with their exclusive to raw minerals required to manufacture battery. A recent deal to accentuate its growth is Leadrive’s series D financing, which raised RMB 600mn.</li> <li data-xf-list-type="ul">It is currently managed by Neil Shen, who was famous for his early bet on Alibaba and TikTok’s owner Bytedance. </li> <li data-xf-list-type="ul">Within China’s VC space, a recent news that I noticed is the IPO of Tiantu Capital, $144mn on the HKSE. The IPO was assisted by LA-based law firm O’Melveny. </li> </ul><p></p><p>US vs China</p><ul> <li data-xf-list-type="ul">The split was described by FT to be a result of the tension between Washington and Beijing. US prohibits investment into China, especially in critical sectors (military and technology), and vice versa.</li> <li data-xf-list-type="ul">However, VC funds and PE funds are still taking risks. For example, California and Massachusetts pension funds are among HS’s investors. In fact, about 50% of its investment comes from the US. </li> <li data-xf-list-type="ul">This may not be related to VC but I saw yesterday that Vanguard is investing in China military group indirectly. </li> </ul><p></p><p>In my personal view, I think this signifies great potential in the APAC region as private capital is flowing in. I’m not entirely sure about the start-up scenes in Asia – eg how many promising start-ups there are – but currently, there is a high amount of dry powder in the EU. I wonder if the capital will find the ideal start-ups to invest in.</p></blockquote><p></p>
[QUOTE="al97, post: 151038, member: 29424"] 14 Oct - Commercial Awareness - Tech Topic: Sequoia’s Split in the APAC region [URL]https://www.ft.com/content/6e3b6905-0b0f-4215-80a4-4082cb899966[/URL] [URL]https://www.bloomberg.com/press-releases/2023-10-10/co-led-by-legend-capital-leadrive-completes-series-d-financing-lnjx8dki[/URL] [URL]https://www.ft.com/content/e007ce22-9763-4c9b-969f-ff4e97f320e1[/URL] [URL]https://www.ft.com/content/a37c6b7c-bec1-457b-8125-a3dbe2a8a275[/URL] Background; [LIST] [*]Following Sequoia’s split with its Chinese arm, there are currently three arms in the APAC regions: China, India, and Singapore. [*]Sequoia China, aka HongShan, manages $56 billion, they planned to open an office in SG. [*]Sequoia India aka Peak XV already has an office in SG. [*]Although operating as different entities, they did not sign non-compete provisions. Though the two entities expressed that they orient towards collaboration > competition. [/LIST] Singapore: [LIST] [*]It appears that SG is pulling both arms, but HS actually stepped in when PX was debilitating. [*]Zilingo went into liquidation following complaints and the high-profile firing of its co-founder and CEO. [*]Byju’s value was written down by their investors, their auditors resigned, and a series of high-profile departures. [/LIST] Hong Shan in China: [LIST] [*]The Chinese VC fund plans to focus on EV and clean energy - a sector dominated by China with their exclusive to raw minerals required to manufacture battery. A recent deal to accentuate its growth is Leadrive’s series D financing, which raised RMB 600mn. [*]It is currently managed by Neil Shen, who was famous for his early bet on Alibaba and TikTok’s owner Bytedance. [*]Within China’s VC space, a recent news that I noticed is the IPO of Tiantu Capital, $144mn on the HKSE. The IPO was assisted by LA-based law firm O’Melveny. [/LIST] US vs China [LIST] [*]The split was described by FT to be a result of the tension between Washington and Beijing. US prohibits investment into China, especially in critical sectors (military and technology), and vice versa. [*]However, VC funds and PE funds are still taking risks. For example, California and Massachusetts pension funds are among HS’s investors. In fact, about 50% of its investment comes from the US. [*]This may not be related to VC but I saw yesterday that Vanguard is investing in China military group indirectly. [/LIST] In my personal view, I think this signifies great potential in the APAC region as private capital is flowing in. I’m not entirely sure about the start-up scenes in Asia – eg how many promising start-ups there are – but currently, there is a high amount of dry powder in the EU. I wonder if the capital will find the ideal start-ups to invest in. [/QUOTE]
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