"The situation is already very bad for dollar-based funds to invest in China's tech sector.
There isn't much room for things to get worse," said Beijing-based China Growth Capital partner Wayne Shiong.
Biden's move will likely make China-focussed venture capital firms feel more urgency to raise yuan funds from Chinese investors, he said.
In response to Biden's executive order, China's commerce ministry said it was "gravely concerned" and reserved the right to take countermeasures.
But the executive order is barely going to do anything, and China escalating would risk turning a molehill into a mountain."
Persons:
Florence Lo, Joe Biden's, Donald Trump, Weiheng Chen, Wilson Sonsini, Biden, Chen, Wayne Shiong, Biden's, Yuan, Pan, Trump, Derek Scissors, Kane Wu, Michael Martina, Roxanne Liu, Ziyi Tang, Yantoultra, Sumeet Chatterjee, William Mallard
Organizations:
REUTERS, U.S, Reuters Graphics Reuters, China Growth Capital, Chinese Academy of Social Sciences, TECH, Hua Hong Semiconductor, Analysts, American Enterprise Institute, Thomson
Locations:
China, U.S, HONG KONG, WASHINGTON, Beijing, Washington, Shanghai, Hong Kong, Singapore, Bengaluru