A US congressional report has slammed three prominent venture capital companies of supporting Chinese military-linked firms. According to a report in news agency Reuters, these VC companies plowed at least $3 billion into Chinese tech companies that support Beijing’s military and its repression of minorities in Xinjiang.
Companies named in the report
The three VC companies named in the US congressional report are: Sequoia Capital China, Qualcomm Ventures, GGV Capital, GSR Ventures and Walden International plowed at least $3 billion into Chinese tech companies that support Beijing’s military and its repression of minorities in Xinjiang.
The report has been released by the House of Representatives’ select committee on China, led by Republican Congressman Mike Gallagher. The also scrutinizes investments made these VC companies in Chinese artificial intelligence and semiconductor firms with unsavory ties.
The Committee called on the Biden administration to restrict US investment in Chinese companies sanctioned by the US government over ties to China’s military or it repression of minorities and urged it to bolster recent US curbs on US investment in China to include more sectors.
“The status quo is untenable… Decades of investment-including funding, knowledge transfer, and other intangible benefits-from U.S. VCs have helped build and strengthen the PRC’s (People’s Republic of China) priority sectors,” the report said.
Companies named in the report
The three VC companies named in the US congressional report are: Sequoia Capital China, Qualcomm Ventures, GGV Capital, GSR Ventures and Walden International plowed at least $3 billion into Chinese tech companies that support Beijing’s military and its repression of minorities in Xinjiang.
The report has been released by the House of Representatives’ select committee on China, led by Republican Congressman Mike Gallagher. The also scrutinizes investments made these VC companies in Chinese artificial intelligence and semiconductor firms with unsavory ties.
The Committee called on the Biden administration to restrict US investment in Chinese companies sanctioned by the US government over ties to China’s military or it repression of minorities and urged it to bolster recent US curbs on US investment in China to include more sectors.
“The status quo is untenable… Decades of investment-including funding, knowledge transfer, and other intangible benefits-from U.S. VCs have helped build and strengthen the PRC’s (People’s Republic of China) priority sectors,” the report said.
