TLDR:
- A US congressional report has accused three prominent venture capital companies – Sequoia Capital China, Qualcomm Ventures, and GGV Capital – of funding Chinese tech firms that have ties to the Chinese military and are involved in the repression of minorities in Xinjiang.
- The report also highlights the decades of investment by US VC companies in China, including funding and knowledge transfer, which have contributed to the growth of key sectors in the People’s Republic of China.
A US congressional report has slammed three prominent venture capital companies for supporting Chinese military-linked firms. Sequoia Capital China, Qualcomm Ventures, and GGV Capital are accused of investing at least $3 billion into Chinese tech companies that support Beijing’s military and its repression of minorities in Xinjiang. This report was released by the House of Representatives’ select committee on China, led by Republican Congressman Mike Gallagher, which also scrutinized investments made by these VC companies in Chinese artificial intelligence and semiconductor firms with unsavory ties. The report calls on the Biden administration to restrict US investment in Chinese companies sanctioned by the US government and to include additional sectors in recent curbs on US investment in China.
