Deals
China's Local Governments Are Getting Into Venture Capital
- Hubei government taps Sequoia, TCL to help modernize economy
- China’s regions armed with $445 billion for VC investments
This article is for subscribers only.
China’s next billion-dollar startup could have backing from an investor with more money than Warren Buffett and a knack for promoting spicy duck-neck delicacies.
The Hubei provincial government is armed with 547 billion yuan ($81 billion) earmarked for investments that can diversify a job base dependent on steel, mining and cars. And the bureaucrats in the heartland region along the Yangtze River are letting professionals do the work -- allocating the money to investment houses Sequoia Capital LLP, TCL Capital and CBC Capital.