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☆ Fast-fashion behemoth Shein is preparing for an IPO. Here's an inside look at the challenges it could face.
▼ + stars: | 2024-05-30 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +11 min

Its peak $100 billion valuation once made it the world's third largest privately-held company, behind TikTok owner Bytedance and Elon Musk's SpaceX. Estimates have pegged Shein's IPO valuation at around $90 billion, Bloomberg reported last year. AdvertisementTo gauge what happens to some Shein items once they're returned, BI reporters in the UK put two AirTag trackers on Shein garments and sent them back. Shein is more directly involved in production and focuses on clothes, but Temu's popularity "could affect the valuation," Swartz said. In a November statement following the news of Shein's IPO, chairman Mike Gallagher urged investors and banks underwriting the move to "carefully examine Shein's regulatory and compliance programs."

Persons: —, Bytedance, Sky Xu, Yangtian Xu, Chris, Shein, confidentially, David Swartz, Swartz, Lululemon, JADE GAO, Stephanie Benedetto, Queen, Benedetto, they're, Shein's, Morningstar's Swartz, Temu, Mike Gallagher Organizations: Service, Elon, SpaceX, Business, Reuters, Authentic Brands, Wall Street, CNBC, Bloomberg, Morningstar, Zurich Insurance Group, Guardian, BI, Coventry Airport, SEC, Street, Financial Times, London Stock Exchange, Chinese Communist Party, Nike, Adidas Locations: China, —, Singapore, Sequoia China, London , Hong Kong, York, London, Canary Wharf, Coventry, Walsall, Northern Ireland, England, Kent, Washington, Xinjiang, Dublin, Shein

☆ Inceptio sees big jump in China sales of driver-assist truck tech, plans overseas foray
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A Dongfeng truck with autonomous driving system developed by Inceptio is showcased at Shanghai Centre in Shanghai, China August 29, 2023. REUTERS/Zoey Zhang Acquire Licensing RightsSHANGHAI, Aug 29 (Reuters) - Chinese startup Inceptio expects the number of trucks in China using its driver-assist technology will quadruple by mid-2024 from around 600 currently, and also plans to begin sales overseas next year. "This is a new 'blue ocean' market," he said, using a phrase that describes an underdeveloped market with few competitors. Over the next three to five years, Inceptio is looking at offering services to help manage truck fleets, Ma said. Inceptio eventually hopes that trucks will be eventually allowed to go fully autonomous, enabling it to build a robotruck fleet.

Persons: Zoey Zhang, Inceptio, Julian Ma, China's, Ma, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Inceptio, Shanghai, REUTERS, Rights, Dongfeng Automobile, Nestle, Budweiser, Deppon Express, Reuters, East, Boston Consulting, Thomson Locations: Shanghai, China, U.S, CATL, Sequoia China, East Asia, East, Japan, Inceptio

☆ Tech investors face 'new era' of China restrictions after Biden order limits funding in A.I., chips
▼ + stars: | 2023-08-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

The Biden administration's executive order restricting U.S. private equity and venture capital investments in Chinese technology finally landed on Wednesday. For U.S. tech investors who'd already grown wary of the budding cross-Pacific rivalry, the ruling is the clearest signal yet that the world's second-biggest economy is off limits. Biden is specifically targeting investments in technologies like semiconductors, quantum computing and artificial intelligence on concern that China's advancements in those areas run counter to U.S. national security interests. U.S. investors have been steadily retreating from China due to a combination of a weakening economy and the fraught geopolitical environment. "Most investors want to avoid being seen as acting against U.S. national security interests."

Persons: Joe Biden, Biden, We've, Elena McGovern, Neil Shen helming, Eric Reiner, Adam Hickey, Mayer Brown, Steve Sarracino, that's, Activant, There's Organizations: Biden, Capstone, Chinese Communist Party, Sequoia Capital, Sequoia, Vine Ventures, Justice Department's, who's, U.S, Activant, Investors Locations: Belen , New Mexico, U.S, China, Sequoia China, Israel, Latin America, Germany, South Africa, The U.S, ByteDance

The House Select Committee on the Chinese Communist Party sent letters to four separate U.S. venture capital firms, including Qualcomm's venture arm, expressing "serious concern" about their investments in Chinese tech startups. The letters, which were made public on Wednesday, were sent to GGV Capital, GST Ventures, Qualcomm Ventures, and Walden International. Qualcomm Ventures, for example, made 13 investments in Chinese A.I. Walden, a smaller firm, was identified as a particularly significant backer of Chinese AI companies. He said at the time he found there was "broad support" among venture capitalists and others to keep U.S. asset managers from investing in Chinese AI firms.

Persons: Mike Gallagher, Wisconsin Republican Mike Gallagher, Raja Krishnamoorthi, Janet Yellen, Antony Blinken, Gallagher, Krishnamoorthi, SenseTime, GGV, Didi, Megvii, Abu, Walden, Intellifusion, Neil Shen helming Organizations: U.S, Capitol, Chinese Communist Party, GGV, Ventures, Qualcomm Ventures, Walden International, Wisconsin Republican, Treasury, New York Times, Qualcomm, Tiger Global Management, Tiger Global, Denglin Technology, Georgetown's Center for Security, Emerging Technology, Macquarie Group, GSR Ventures, Center for Security, Horizon Robotics, Silicon Valley, CNBC, U.S . Commerce Department, Street, Sequoia Capital, Sequoia Locations: Illinois, China, U.S, Silver, Denglin, Silicon Valley, San Francisco, Shanghai, Beijing, Singapore, Megvii, Sequoia China

Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns. "It has become increasingly complex to run a decentralized global investment business," Sequoia said in the statement. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. Sequoia started to invest in local companies in China, India and Southeast Asia more than 15 years ago, according to the statement. Sequoia China, founded and led by former entrepreneur and investment banker Shen, has invested in more than 1,200 companies in sectors ranging from technology to healthcare.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Biden, Weiheng Chen, Wilson, Steven Yu, Yu, Trump, we've, Singh, Oyo, Kane Wu, Julie Zhu, Sriram, Roxanne Liu, Krystal Hu, Bernadette Baum, Mark Potter, Paul Simao Organizations: Sequoia Capital, Economic, Investment, Sequoia, XV Partners, HK, PDD Holdings, Reuters, Global Law, China -, Thomson Locations: HONG KONG, China, India, Southeast Asia, COVID, Sequoia China, Sequoia India, Shanghai, U.S, China - U.S, Hong Kong, Mumbai, Beijing, San Francisco

☆ Sequoia to separate China, India and Southeast Asia operations by March 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 6 (Reuters) - Global venture capital giant Sequoia announced Tuesday that it is planning to separate its China, and India and Southeast Asia businesses into two independent firms. The China and India and Southeast Asia businesses will become independent and distinct with separate brands, by March 31, 2024, Sequoia said in a statement signed by managing partners Roelof Botha, China head Neil Shen and India head Shailendra Singh. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. The firm partnered with local leaders in China and India and Southeast Asia over 15 years ago, according to the statement. Singh and his team raised a $2.5 billion India and Southeast Asia fund last year, its biggest yet.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Singh, Kane Wu, Julie Zhu, Sriram, Louise Heavens, Bernadette Baum Organizations: Sequoia, Sequoia Capital, XV Partners, HK, PDD Holdings, Thomson Locations: HONG KONG, China, India, Southeast Asia, Europe, Sequoia China, Sequoia India, Oyo, Mumbai

☆ US venture capital titan Sequoia to split off China business amid tension with Beijing
▼ + stars: | 2023-06-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Venture capital titan Sequoia is splitting its business into three independent partnerships, each with separate brands. Sequoia Capital executives briefed investors Tuesday about the plans, which are expected to be completed by March 2024. The firm’s operations in Europe and the United States will retain the current name, Sequoia Capital. Its Chinese unit, Sequoia China, will use its current Chinese name, HongShan. The company’s business operations in India and Southeast Asia will be spun off into a partnership named Peak XV Partners.

Persons: hyping, Roelof Botha, Neil Shen, Shailendra Singh, Biden, TikTok Organizations: DC CNN — Venture, Sequoia Capital, XV Partners, Apple, Sequoia, Republicans, US, Street Journal Locations: Washington, China, Beijing, Europe, United States, Sequoia China, India, Southeast Asia, Montana

☆ The decision to split Sequoia Capital into 3 entities puts to bed any questions of a power struggle at the VC powerhouse
▼ + stars: | 2023-06-06 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

VC powerhouse Sequoia Capital announced Tuesday that it is splitting into three entities. One of those entities, Sequoia China, known locally as HongShan, will operate as a distinct firm. The mighty Sequoia Capital is dropping branches. The decision puts to bed any question of a power struggle at one of Silicon Valley's most respected firms. And unlike some other global firms that had veto power over investments overseas, according to Bloomberg, Sequoia China had full autonomy to strike its own deals.

Persons: Roelof Botha, Neil Shen, Forbes, Alex Konrad, Doug Leone, Instagram, Bytedance, Botha, Shen, Julian Bek, Elon Musk's Organizations: Sequoia Capital, Sequoia, XV Partners, YouTube, Bloomberg, Shen, Sequoia China, Ventures, Lightspeed Venture Partners, Accel, Elon, Twitter, Fidelity Locations: Sequoia China, China, Europe, HongShan, India, Southeast Asia, Sequoia, Sequoia Capital China, Asia, Silicon Valley, London, FTX

☆ This Sequoia-backed EdTech startup that's bringing NFTs to classrooms just secured an $8.5 million funding round
▼ + stars: | 2023-04-25 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

EdTech startup TinyTap raised $8.5 million for staff expansion and product development, Insider has learned. A cofounder says the round took longer to close because of uncertainty in the crypto space at the end of last year. TinyTap, an educational technology startup and Animoca Brands' subsidiary, has secured an $8.5 million funding round, Insider has learned. Sequoia China, Shima Capital, Polygon, Liberty City Ventures, Kingsway Capital, and GameFi Ventures are among the backers for the company's latest funding round. As a result, the round took a bit longer to close, and we had more to prove."

☆ Hong Kong government announces measures to lure wealthy family offices
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 24 (Reuters) - Hong Kong's government announced a series of measures on Friday to attract wealthy family offices to set up in the financial hub as authorities try to restore business confidence and investor allure after three years of severe COVID-19 rules. "The policy statement demonstrates our determination to develop Hong Kong into a leading global family office hub," Paul Chan, the city's financial secretary said. Chan said this would help bolster Hong Kong's financial sector as well as areas including technology, green, arts and culture and philanthropy. City leader John Lee said last year that he had set a target of attracting 200 large family offices to set up in Hong Kong by 2025. Hong Kong's push to attract wealthy families comes as many wealthy individuals and companies shifted to rival financial hubs such as Singapore after Beijing's imposition of a national security law on Hong Kong in 2020.

☆ China's Shein set to raise $2 billion in new funding round, aims for U.S. IPO later this year, sources say
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: +2 min

Reuters reports the fast fashion retailer is targeting a U.S. IPO in the second half of 2023. Shein cut its valuation to $64 billion in this fundraising, down by a third from a funding round a year ago, according to six sources with knowledge of the matter. All sources declined to be identified as the information was confidential. Shein said it does not currently have plans for an IPO and declined to comment further. Shein, founded by Chinese entrepreneur Chris Xu, has grown into one of the world's largest online fashion marketplaces since its 2008 launch in Nanjing.

A CHINESE COMPANY? Those rules followed a regulatory crackdown that has slowed U.S. listings by Chinese companies to a trickle. Chinese companies raised only around $230 million in U.S. listings last year, a massive drop from $12.9 billion in 2021, according to Refinitiv data. It was not immediately clear if SHEIN is planning to officially seek Chinese regulatory approval for its IPO. The moves were designed so that SHEIN could bypass seeking Chinese regulatory approval for the listing, sources have previously said.

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