China Accounts For More Than A Fifth Of New Forbes Midas List, Underscoring Growing Tech Clout

20-Apr-2021 Intellasia | Forbes | 5:02 AM Print This Post

China may have lost the top spot on the new Forbes Midas List on Tuesday, but the country still had a bigger overall presence on this year’s rankings of the world’s top venture capitalists compared with a year ago.

China-based investors accounted for 21 spots on the new list, an increase of one from last year, buoyed by big returns on technology companies such as ByteDance, Kuaishou and Xiaomi.

The growth of venture capital funding and venture talent in the country underscores the larger strides China has been making in technology businesses and the global economy in the past two decades. US President Joe Biden has said the country faces “extreme competition” with China, today the world’s second-largest economy. US-based members of the new list continue to far outnumber China, accounting for more than two-thirds of the 100 spots this year.

Last year’s No. 1 Neil Shen, the Hong Kong-based founding partner of Sequoia Capital China, came in this year at No. 2, with successful investments in ByteDance best known in the US for its TikTok social platform, Kuaishou and Pinduoduo (see earlier profile here).

Shen was one of three China-based investors in the top 10. The others were No. 4, Richard Liu, a founding partner at 5Y Capital (formerly known as Morningside Ventures), and No. 8 Zhen Zhang, a founding partner at Gaorong Capital (see 2020 profile here).

Other China listees that appeared last year and returned in 2021 included JP Gan, a founding partner at INCE Capital (see earlier profile here), Tuck Lye Koh, founding partner and CEO at Shunwei Capital (see earlier profile here), and James Mi, a founding partner at Lightspeed Venture Partners, along with Duane Kuang and Nisa Leung, both managing partners at Qiming Venture Partners (see earlier profiles here and here).

First-time list members this year based in the country are Jing Hong, a founding partner at Gaocheng Capital, David Chang, a founding partner at Matrix Partners China, and Fischer Zhang, also of 5Y, where he is a partner.


Category: China

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