高瓴等投資基金正在做全面去中國化嘗試

随着幾家全球性中國公司的總部遷出中國，高瓴投資和GGV等領先的私募股權和風險投資公司，紛紛擴大其亞洲業務。它們進行這一戰略轉移的目的，似乎是為了降低中美之間日益緊張的地緣政治局勢所帶來的風險。

但這也引發了一個關鍵問題：由于這些公司在中國仍有大量資産和投資，這種“舍棄中國戰略”能否充分應對它們所面臨的複雜挑戰，亦或會導緻意想不到的後果？現在，與中國有着深厚淵源的大型基金，也開始尋找其中國業務以外的機會。多年來，這些基金在幫助美國股東進入中國最成功的新晉“全球公司”方面，取得了巨大成功。但在地緣政治緊張局勢下，它們也在重新考慮中國戰略。

多條腿走路

在位元組跳動的投資者名單中，紅杉資本、GGV和高瓴投資等巨頭，在過去二十年通過對中國科技和電子商務公司的投資，利用中國顯著的經濟增長實作了蓬勃發展。去年紅杉資本将三個地區業務分離完全獨立營運後，紅杉中國公開承諾将繼續專注于中國國内投資，支援中國創始人，包括他們走向世界的努力。

與此同時，以投資京東(9618.HK)、騰訊(0700.HK)和阿裡巴巴(BABA.US, 9988.HK)等公司而聞名的GGV和高瓴投資，也重新審視了它們以中國為中心的投資理念。GGV于2023年9月重組為獨立的GGV Capital U.S.(專注于在美國的投資)和GGV Capital Asia(專注于該地區，總部設在新加坡)。自 2022 年以來，高瓴投資的HH Capital Investment也在新加坡注冊了基金，遷移了進階管理人員，并擴大了在新加坡的辦事處。

這一轉變反映了他們的目标，即應對地緣政治格局以及美國對投資中國科技公司日益增長的擔憂，特别是考慮到GGV和高瓴投資龐大而重要的美國有限合夥企業基礎，其中包括養老基金、捐贈基金和其他公共機構投資者。尤其是高瓴投資，自從2005年從耶魯大學捐贈基金獲得 2,000萬美元的種子投資開始，至今已發展成為市值1,000億美元的巨頭。

被迫“撤出中國”

GGV和高瓴投資都對亞洲業務進行了重組。

高瓴投資和GGV的大多數有限合夥人是養老基金、捐贈基金和其他機構投資者。這些大型資産管理公司正在重新考慮中國的風險敞口，并停止在中國進行新的投資，以降低風險，化解經濟不确定性造成的影響。拜登政府對美國在華先進技術産業的投資采取新的限制，進一步強化了大型投資者撤離中國的理由。

GGV一直是人工智能領域的積極投資者，投資了曠視科技等中國企業，曠視科技是一家人工智能人臉識别軟體公司，現已列入美國實體名單。包括GGV在内的幾家基金公司收到了美中戰略競争特别委員會的信函，要求它們提供在中國人工智能、晶片和量子計算領域投資的詳細資訊。再加上拜登政府的新規，GGV重組成了兩家獨立公司，一家總部位于美國，另一家總部在亞洲。

高瓴投資重新定位的時機與其融資周期相吻合。自四年前創紀錄的私募股權融資以來，其公共股權表現一直受到更廣泛的宏觀和市場因素的影響。由于IPO流程的演變，以及從公共資本向私人資本的根本性轉變，公開市場作為主要退出政策的吸引力正在減弱。來自美國監管機構的檔案顯示，去年高瓴投資的公共投資部門HHLR Advisors資産暴跌三分之一。專注于流動性較低投資的高瓴投資管理有限公司的資産同期僅增長2.2%，至447億美元。投資活動也有所放緩：2022年高瓴的風險投資和私募股權交易下降至61筆，較前一年的238筆大幅減少。

面臨十字路口

不過，當這些中國企業試圖改變自己在美國的形象時，由于嘗試跟中國身份劃清界限，它們在中國政府那裡可能也會面臨危及長期聲譽的潛在風險。

高瓴投資正在采取防範措施。在将兩家于美國證券交易委員會注冊的公司遷往新加坡之前，它完成了一隻以人民币計價的碳中和産業投資基金的首次關賬，基金總規模逾40億元。這可以視作其為了與中國更廣泛的目标保持一緻，并表明對中國的持續承諾而做出的努力。

高瓴投資兩邊都不撒手的新嘗試，對于它未來的成功究竟是助力還是拖累？

該公司還完成了一些引人注目的國際投資，包括以37億美元收購荷蘭電子巨頭飛利浦的家電部門。據The Information報道，高瓴投資還與美國醫療服務提供商妙佑醫療國際，以及美國咖啡連鎖品牌皮爺咖啡等外國公司達成了在中國成立合資企業的協定，為它們拓展中國市場提供幫助。

即便取得了這些“勝利”，高瓴投資仍在憑借其在中國市場的專長籌集資金。它目前正在籌集一隻數十億美元的基金，目标是被低估的中國股票，這一機會主義舉動與中國政府振興實體經濟的努力背道而馳。此舉也表明，高瓴投資還沒有準備好将重心完全從中國轉移出去。

在中美地緣政治緊張局勢和全球化格局不斷變化的背景下，GGV和高瓴投資這樣的基金，将會發現自己身處一個十字路口，需要兼顧截然不同的優先事項。它們必須想辦法在與中國的聯系和全球抱負之間取得平衡，在滿足監管要求的同時兼顧投資者的期待。

它們創造新的業績記錄和獲得核心優勢的能力将至關重要，這樣就能確定它們在目标市場的成功，重新定義它們的企業形象，并為全球商業和投資實踐樹立新的标準。（文章轉載自詠竹坊，内容有删減）

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#3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) 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59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 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.05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){filter:brightness(.8)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) :root{--appmsgPageGap: 20px;--appmsgPageBottomGap: 40px}}:root{--articleFontsize: 17px}:root{--sab: env(safe-area-inset-bottom)}:root{--wxBorderAvatarRatio: 3}:root{--discussPageGap: 20px}:root{--immersive-safe-bottom: env(safe-area-inset-bottom)}:root{--appmsgPageGap: 20px;--appmsgPageBottomGap: 40px}*{margin:0;padding:0}.rich_media_content *{max-width:100%!important;box-sizing:border-box!important;-webkit-box-sizing:border-box!important;word-wrap:break-word!important}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}