Chinese technology investors in Silicon Valley are being thwarted by the country’s capital controls, in a sign of the unintended consequences of Beijing’s move last year to curb cash outflows.
Despite Beijing’s official policy of encouraging tech investments, several venture funds and companies in the Bay Area have been caught in the crosshairs of a policy that made it harder to move money out of China and into US dollars.
“It continues to be a challenge for us,” says Veronica Wu, managing partner at Hone Capital, a venture firm in Silicon Valley that is a subsidiary of CSC Group, a Chinese private equity firm.
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