CKGSB Knowledge - China Business and Economy

Unicorn Factory

Hans Tung knows how to spot a unicorn. During his career, he has invested in 11 startups that have gone on to attain billion-dollar valuations, including Airbnb, Bytedance, Slack, Wish and Xiaomi.

As that list suggests, Tung is also one of the few venture capitalists that feels equally at home on both sides of the Pacific. A native of Taiwan, he moved to California aged 13 and began his career in Silicon Valley, before becoming one of the first VCs at a US firm to move to China full-time in 2005. Since moving back to the United States in 2013, he has continued to invest in both markets.

Tung explains why US and Chinese founders can learn a lot from each other and how his approach to investing differs for each country.

Q. What do you look for in a startup?

A. As background, GGV Capital started in 2000 in Silicon Valley, and then we opened our first office in Shanghai in 2005. Since then, we have added offices in Beijing and San Francisco, we are opening up in Singapore, and in a couple of years probably in New York as well. In our portfolio we have

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