the death of unicorns: the withdrawal of us dollar funds and the new pattern of the chinese market

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"dollar funds have entered the chinese market for more than 20 years, driving the development of chinese venture capital." chen fei, a leading pe partner, described the past in this way. however, the current market environment presents a new reality: the withdrawal of dollar funds. policy bias and difficulty in obtaining new financing have made it difficult for many high-quality projects to obtain sufficient financial support.

the plight of unicorns is becoming more and more obvious. many projects are forced to turn to hong kong listing due to valuation inversion or listing failure. the conflict of interests between institutional investors and founding teams is particularly fierce, and quarrels are common. some investors even began to demand drag-along clauses in order to protect their rights.

changes in the market environment have prompted more companies to turn to rmb funds, but this has also led to new challenges. the rmb market is also facing a shortage of funds and experience. investors need to re-examine the market environment and look for new opportunities.

some institutions have adjusted to market changes. for example, tiger global management's new fund only raised us$2.2 billion, far below the target of us$6 billion and the smallest amount raised in the past decade.

the tightening policy of china's a-share market has further exacerbated the plight of unicorns. some traditional enterprises choose to go public in hong kong to seek new development directions.

the decoupling between american money and chinese tech startups is widening further.

how to be consistent with the times is a new proposition for all investors and entrepreneurs.