SIG that presses Byte is gradually shutting down its China venture capital team, but will not withdraw from China.

According to Beating monitoring, U.S. quant trading giant SIG is gradually shutting down its China venture capital team. The head and multiple employees are expected to resign. Gong Ting is preparing to launch a new fund, aiming to raise at least $100 million.

SIG has not fully exited China. The company will keep a small number of employees to continue managing projects that have not yet been exited. Most importantly, it holds ByteDance shares worth at least several hundred billion dollars. SIG is also expanding its China market-making business.

SIG entered the China venture capital market in 2005 and has accumulated investments in more than 350 companies. It became ByteDance’s first institutional investor in 2012. Since 2023, SIG has completed only 9 investments in China.

The U.S. has restricted domestic funds from investing in China’s AI, chip, and quantum technology sectors. China’s tech venture capital is becoming increasingly difficult to operate, but SIG will still continue managing existing assets such as those of ByteDance.
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