Investors eye localization for better returns
为获得更好的回报，投资者目光锁定本地化
Global investment players reexamine biz strategies amid US-China tension
在中美紧张关系背景下，全球投资者重新审视业务战略
Global investors are reexamining their business layouts amid the economic tension between the United States and China, and will likely bank on more localized strategies for better investment returns in the coming years, industry experts said.
在中美经济紧张关系背景下，全球投资者正在重新审视其业务布局，并且未来几年可能会采取更本地化的策略以获得更好的投资回报，行业专家表示。
They made the comments after leading US venture capital firm Sequoia Capital announced plans on Tuesday to have its businesses in China and those in Indian and Southeast Asian markets shouldered by two independent companies.
此前，美国领先的风险投资公司红杉资本于周二宣布计划将其在中国、印度和东南亚市场的业务由两家独立公司承担。
According to a statement to China Daily provided by the VC firm, which is known for its early backing of many leading Chinese internet companies like Alibaba Group Holding, JD and ByteDance, it will brand its Chinese arm as Hongshan, China's equivalent of Sequoia.
红杉资本早期曾支持阿里巴巴集团、京东和字节跳动等许多中国领先互联网公司，并因此闻名。根据其提供给《中国日报》的声明，红杉资本将其将其中国业务分支命名为“Hongshan”，作为红杉中国。
Its brand covering Indian and Southeast Asian businesses will be named Peak XV Partners, while the US and European units will remain Sequoia Capital.
覆盖印度和东南亚业务的品牌将命名为Peak XV Partners，而美国和欧洲部门将继续使用红杉资本这个品牌。
The split will be completed by March 31, 2024, said the statement signed by Roelof Botha, a Sequoia managing partner; Neil Shen, head of China; and Shailendra Singh, chief of Indian and Southeast Asian businesses.
该声明由红杉资本管理合伙人罗洛夫·博塔、中国区负责人沈南鹏和印度与东南亚业务主管谢伦德拉·辛格签署，并表示该分割将在2024年3月31日前完成。
In an interview with Forbes, the three executives cited conflict between the funds' respective startup portfolios and brand confusion as factors while acknowledging but attempting to downplay the frostier geopolitical environment.
在接受《福布斯》杂志采访时，三位高管提到了基金各自在初创企业投资组合之间存在的冲突和品牌混淆等因素。尽管也认同地缘政治冷淡造成的影响，他们在采访中试图淡化这一点。
Wang Peng, a researcher at the Beijing Academy of Social Sciences, said: "The globalization of investment has been going on for decades. However, due to changing geopolitical situations, especially between the world's two largest economies, leading global investment firms, including VCs and private equity firms, began to rethink their layout to better mitigate potential risks."
北京社科院研究员王鹏表示：“投资全球化已经几十年之久。然而，由于地缘政治形势的变化，尤其是世界上两个最大经济体之间的关系，诸如风险投资和私募股权投资公司等全球领先投资公司开始重新思考其布局，以更好地规避潜在风险。”
Wang said that it is especially the case as some US politicians vowed to restrict US capital from flowing into China. They aim to leverage political power to suppress the latter's rising prowess in technology and other emerging fields.
王鹏表示，随着一些美国政客决心要限制美国资本流入中国，这种风险尤为显著。他们试图利用政治权力压制中国在技术和其他新兴领域的崛起。
For instance, Paul Rosen, a senior US Treasury official, said at a recent hearing that outbound investment review will be narrowed, especially in sectors like advanced semiconductors, artificial intelligence and quantum computing.
例如，美国财政部高级官员保罗·罗森在最近一次听证会上表示，将增强对境外投资审查的针对性，特别是在先进半导体、人工智能和量子计算等领域。
In the first quarter, a total of eight foreign currency funds in China closed their deals, which was only 28.6 percent of the same period last year, according to capital market research firm Zero2IPO Research.
根据资本市场研究公司清科研究中心的数据，今年第一季度，中国共有八家外币基金完成交易，仅相当于去年同期的28.6%。
" It has been a trend for global investment firms to localize. For instance, no matter if it is Sequoia or IDG Capital, their trading team, investment and management have been quite localized, and this trend will become more obvious in the future," Wang added.
王鹏补充道：“全球投资公司本地化已经成为一种趋势。例如，无论是红杉资本还是IDG资本，它们的交易团队、投资和管理都非常本地化，这种趋势在未来将变得更加明显。”
