US venture firm GGV Capital to separate China business amid geopolitical tension

U.S. venture capital firm GGV Capital said on Thursday it plans to split its business into two, with one focused on Asia and the other on the U.S., as political pressure mounts on American companies to limit investments in Chinese technology.

This comes after Sequoia Capital in June said it is splitting its businesses in China as well as India and Southeast Asia into two independent firms. The split, which will see the two new firms adopt their own brands, is expected to finalise by March 31, 2024.