Sequoia targeted by US House China tech investment probe

economictimes.indiatimes.com:

Sequoia Capital after starting investigations into several other venture capital firms for their investment in Chinese technology companies.

The House Select Committee on China is seeking information about Sequoia’s investments into artificial intelligence, semiconductor and quantum computing companies in the Asian country, as well as its recently announced split into three firms. In the split, Sequoia China was rebranded as HongShan.

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The lawmakers asked Sequoia and Sequoia Capital China to provide information about each company it had backed based in the country, or with significant operations there, that was engaged in certain technologies. The letter also requested information on dollar amounts, business expertise provided to the companies, investment criteria and the names of Chinese-government investors.
“We’ve received the letter, are reviewing it and will respond,” a spokesperson for US-based Sequoia Capital said in a statement. “Since inception, each entity operating under the Sequoia brand has been independently owned, had separate investment teams, managed their own funds, and made independent investment decisions. As announced in June, we will move to completely independent partnerships and become distinct firms with separate brands no later than March 31, 2024.”

A spokesperson for HongShan did not immediately respond to a request for comment on the letter.

The committee’s move is a setback for Sequoia, which announced its formal