Connect with us

World

Sequoia China raises $9 billion amid hopes crackdown is easing -source

Published

on

Sequoia China raises $9 billion amid hopes crackdown is easing -source

HONG KONG, July 6 (Reuters) – Sequoia Capital China has raised a complete of almost $9 billion for 4 new funds amid investor hopes that the authorities are easing a regulatory crackdown on the tech sector, stated an individual with direct data of the matter.

The newest fundraising by Sequoia China, which in response to the individual initially focused no less than $8 billion and was 50% oversubscribed, underscores how world buyers are relying on main funding managers to chop offers in China’s new economic system industries following the unprecedented crackdown.

Sequoia China, extensively considered as a bellwether for Chinese language tech funding, launched the fundraising early this yr and has attracted commitments from buyers in the USA, Europe, the Center East and Asia, together with pension funds, sovereign wealth funds and college endowments.

Register now for FREE limitless entry to Reuters.com

Sequoia China declined to remark. The individual with direct data of the matter declined to be recognized as the data isn’t public. Information of the fundraising was first reported by information web site The Data.

The 4 funds will primarily spend money on Chinese language start-ups at totally different levels of their life cycle, with a concentrate on the know-how, healthcare and shopper sectors, stated the individual.

Authorities in late 2020 began to rein within the homegrown know-how sector with a marketing campaign that unfold to different industries, which wiped billions off market capitalisations and stalled start-ups’ abroad listings.

The crackdown additionally compelled world buyers to drag again or put commitments to China-focused funding managers on maintain, leaving many struggling to boost new funds.

China-focused enterprise capital and personal fairness companies raised solely $4.3 billion in U.S. dollar-denominated funds within the first half of 2022, a far cry from the $26 billion in the identical interval final yr, in response to information supplier Preqin.

Advertisement

However the authorities have in latest months modified their tone and tack in the direction of the regulatory crackdown campaigns, as they search to spice up an economic system damage by COVID-19 lockdowns.

The shift in messaging has raised hopes for firms and buyers that the worst is over, although jitters stay. learn extra

Sequoia China was based in 2005 by former banker and entrepreneur Neil Shen, now one among China’s best-known enterprise capitalists.

As an early investor in prime Chinese language tech companies akin to Alibaba, Sequoia China has greater than 900 portfolio investments together with TikTok proprietor ByteDance, ride-hailing main Didi International and meals supply large Meituan.

Register now for FREE limitless entry to Reuters.com

Reporting by Julie Zhu; Modifying by Robert Birsel

Our Requirements: The Thomson Reuters Belief Rules.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

World

The toll of Beijing's security law on Hong Kong's activists

Published

on

The toll of Beijing's security law on Hong Kong's activists

HONG KONG (AP) — Activist Chan Po-ying is permitted only 15-minute daily visits to see her husband, Leung Kwok-hung, separated by a plexiglass barrier in a highly guarded Hong Kong jail.

Leung, 68, is one of 47 activists who were prosecuted in the largest national security law case to date in the former British colony. Most of them have been separated from their loved ones for years, uncertain when they might reunite. On Thursday, 16 activists who pleaded not guilty — including Leung — will begin hearing their verdict.

The government had warned there might be legal consequences, but Chan didn’t stop former pro-democracy legislator Leung from participating in an unofficial 2020 primary election that would lead to his prosecution under a national security law that Beijing imposed on the semi-autonomous city.

“Maybe we were too naive,” Chan, 68, said with a laugh.

Charged with conspiracy to commit subversion, Leung and other defendants are accused of attempting to paralyze Hong Kong’s government and topple the city’s leader by securing the legislative majority necessary to veto budgets. The charge carries a maximum sentence of life imprisonment. Those who pleaded guilty have a better chance at shorter prison terms and will be sentenced at a later date.

Advertisement

“I guess almost none can be acquitted,” said Chan, who chairs the League of Social Democrats, one of the city’s few remaining pro-democracy parties. “I am not optimistic. But I also hope someone can get away from it.”

ACTIVISM IN HONG KONG

Chan was part of a wave of youth activism spreading through Hong Kong when she met Leung in a Marxist group around 1975, when the city was still under British rule.

At first, Chan viewed Leung as a “troublesome guy,” being adamant about winning every debate. Despite this, they fell in love, and their bond transcended mere romance, Chan said; they are “comrades-in-arms.”

A 2005 protest solidified their bond. The two were some of the only Hong Kongers who stayed steadfast with the overseas demonstrators, even after police deployed tear gas and threatened arrest.

“Among those who stood with us in our youth, only the two of us stayed at the site,” she said.

Advertisement

Activism in Hong Kong reached a peak in 2014 with the so-called Umbrella Movement, in which demonstrators used umbrellas to fend off police pepper spray in a nearly 80-day face-off. When Beijing didn’t budge, some young activists began advocating for Hong Kong’s independence.

Suppression was swift. Several pro-independence activists were blocked from joining elections, and in 2018, Hong Kong authorities banned a small pro-independence party.

Ventus Lau was among those caught in the crackdown. He was barred from running in an election in 2018, even though he renounced his pro-independence stance. But that didn’t deter him from becoming more politically active, helping organize protests in 2019 that saw generations of Hong Kongers rallying against a now-withdrawn bill that would have allowed people in the city to be extradited to mainland China.

The largest protest drew an estimated 2 million people — more than a quarter of the city’s population.

Lau, now 30, is one of the defendants who decided to plead guilty in the subversion case related to the 2020 primary. Emilia Wong, a 29-year-old feminist influencer and longtime girlfriend of Lau, supported his activism.

Advertisement

In those years after the Umbrella Movement was stifled, Wong remembered feeling hopeful for a more democratic Hong Kong, despite the somber mood in the city.

“2019 represented a peak of such hopes,” she said. But the high hopes were short-lived.

THE PRIMARY VOTE AND THE CLAMPDOWN

As protests waned due to mass arrests and COVID-19 restrictions, Beijing intensified its control. On June 30, 2020, the sweeping national security law was imposed. Both the Chinese and Hong Kong governments deemed it necessary to restore the city’s stability. Several political groups dissolved on the same day.

Just a week later, a city official warned that the pro-democracy primaries might violate the security law. They held the vote anyway, resulting in an unexpectedly high turnout of 610,000.

The poll, organized within the pro-democracy camp, was meant to shortlist candidates who would then run in the official election for the legislature, typically dominated by the pro-Beijing camp. They hoped that, with a legislative majority, the government would listen to their demands.

Advertisement

But things didn’t go as planned.

After the primary, Beijing said the vote challenged the security law that critics argue has been broadly applied to anything the government claims could threaten stability.

When police officers arrived at Wong’s home in January 2021 to arrest Lau for participating in the election, she recalled, “It felt so absurd that I had to laugh.”

That month, over 50 former lawmakers and democracy proponents were arrested under the national security law. Authorities accused them of planning to get enough people into office to indiscriminately veto budgets, grinding governmental functions to a halt, and to force the city leader to step down.

Of those arrested, 47 were charged and brought to court for days of bail hearings, during which time some were hospitalized due to fatigue and others weren’t able to shower for days. Most of the defendants were denied bail.

Advertisement

LIVES UPENDED

After Lau was taken into custody, Wong devoted her time to arranging food and book deliveries for him, handling media interviews about the case, organizing visits from his friends, and assisting him with his application to restart university studies while detained.

Each day left Wong feeling utterly drained as she also grappled with the shock of Lau’s prosecution. One day, upon receiving clothes worn by Lau during his detention that still carried his scent, she burst into tears.

“It was a blow to me, specifically to my personal vision of Hong Kong,” she said.

Even for veteran activists like Chan, the situation was painful. To her, 2021 was suffocating. After Leung was denied bail, Chan would find herself crying without any particular reason during her commutes.

Months after the 47 activists were prosecuted, arrests of top management at Apple Daily and Stand News — prominent media outlets known for their critical reports on the government — forced them to shut down. Dozens of civil society groups disbanded. Some of Chan’s League of Social Democrats members were also jailed.

Advertisement

That year, Chan wondered daily what would happen next. “I felt lonely, but I had to handle so many things,” she said.

LIFE IN DETENTION

To maintain their relationship between the limited visits, Lau has been writing Wong a letter every day since 2021, sometimes penning Canto-pop song lyrics to express his love. In return, Wong dedicated a love song to Lau on the radio for his birthday.

To Wong, staying with Lau is a natural choice. Lau signed an agreement granting her control over his affairs — a document she described as more powerful than a marriage certificate. She said she would do her best to support him.

Even behind bars, Wong said, Lau drives her to become a better person — when he picked up his reading pace, Wong followed suit. In turn, Wong offered critiques of Lau’s lyrics. Lau pursued his translation degree and Wong became a regular at the gym.

“I’m not just standing still waiting; I’ve been running all along, and so has he,” she said.

Advertisement

Chan said life in detention has left Leung visibly thinner and downhearted. Despite their fiery temperaments, Leung sometimes avoids arguments during their brief visits.

“He cherishes our 15 minutes together,” Chan said. “But I also feel very upset because this isn’t the real him.”

In the most optimistic scenario, it might take three to four more years to see Leung free again, Chan said. In the meantime, she continues to organize small-scale street demonstrations, despite the threat of the new national security law that critics fear will further constrict civil liberties.

Chan knows her actions might not make a significant impact, but she says persistence in their respective roles is still meaningful.

“It’s not like nothing has been achieved,” she said.

Advertisement

Continue Reading

World

Ukraine's Zelenskyy is expected in Normandy for commemorations of 80 years since D-Day, Macron says

Published

on

Ukraine's Zelenskyy is expected in Normandy for commemorations of 80 years since D-Day, Macron says

French President Emmanuel Macron said Tuesday he will greet Ukrainian President Volodymyr Zelenskyy along with other world leaders in Normandy for the 80th anniversary commemorations of D-Day.

President Joe Biden is also scheduled to attend this year’s commemorations of the landings that led to the liberation of France and Europe from Nazi Germany’s occupation.

BIDEN MISSING UPCOMING UKRAINE TALKS WOULD BE ‘APPLAUDED’ BY PUTIN, ZELENSKYY SAYS

Dozens of World War II veterans are expected to return, many perhaps for the last time, to Normandy’s beaches.

French President Emmanuel Macron shows a map during a press conference at the German government guest house in Meseberg, north of Berlin, Germany, Tuesday, May 28, 2024. (AP Photo/Ebrahim Noroozi)

Advertisement

An international ceremony at Omaha Beach will honor the nearly 160,000 troops from Britain, the United States, Canada and other nations that landed in Normandy on June 6, 1944.

Macron said during a visit to Meseberg, Germany, on Tuesday that he will elaborate on Paris’ support for Ukraine next week, when Zelenskyy visits for the D-Day events.

France will “do whatever is necessary for as long as it is necessary” to support Ukraine, he said.

Canada’s Prime Minister Justin Trudeau is also to attend the D-Day commemorations.

Advertisement

Britain’s King Charles III, who continues to be treated for cancer, also plans to travel to France for the British ceremonies, while skipping the international ceremony. The Prince of Wales will instead stand in for the king at Omaha Beach.

Continue Reading

World

Former spy chief expected to be new prime minister of the Netherlands

Published

on

Former spy chief expected to be new prime minister of the Netherlands

It has taken months of post-election negotiations to form a right-wing government.

ADVERTISEMENT

A former spy chief was tipped as the new Prime Minister of the Netherlands.

Former head of the Dutch spy agency and counter-terrorism office Dick Schoof was tipped on Tuesday to become the nation’s new Prime Minister.

The 67-year-old will lead a coalition dominated by Geert Wilders’ radical right-wing Freedom Party.

The coalition is also made up of the centre-right People’s Party for Freedom and Democracy, centrist New Social Contract and the Farmer-Citizen Movement.

Schoof is currently the top civil servant at the Ministry of Security and Justice.

Advertisement

Wilders congratulated him in a post on X, saying he “has a great track record, is non-partisan and therefore above the parites, has integrity and is also very likeable.”

Anti-Islam firebrand Wilders, who topped the polls in last year’s elections, struck a deal with the other party leaders earlier this month – capping months of negotiations that left it unclear who would become the new Dutch prime minister.

The new agreement, framed with the slogan “Hope, courage and pride”, includes plans to impose strict measures on asylum seekers, scrap family reunification for refugees and reduce the number of international students studying in the country.

At one point, the 26-page document says the government will seek to “deport people without a valid residence permit as much as possible, even forcibly”.

Wilders’s preferred candidate for prime minister withdrew last week following allegations he had been involved in medical patent fraud.

Advertisement
Continue Reading

Trending