Deedy(@deedydas):The craziest phenomena in the Chinese venture ecosystem to me from this article were: – 明股实债, translatable as “ostensibly equity, in reality debt”, referring to how Chinese founders take personal liability and must return capital in a 6-8yr horizon to meet their backers’ hurdle rate – FA (financial advisors) who broker deals between startups and VCs for a 2-5% take, to provide “relationship liquidity” because culturally there are no cold inbounds: people meet mostly through WeChat group intros Bohan doesn’t write much (yet) but he’s extremely knowledgable about the Chinese ecosystem, something we all ought to know more about.

2026.07.28 17:23

The craziest phenomena in the Chinese venture ecosystem to me from this article were: – 明股实债, translatable as “ostensibly equity, in reality debt”, referring to how Chinese founders take personal liability and must return capital in a 6-8yr horizon to meet their backers’ hurdle rate – FA (financial advisors) who broker deals between startups and VCs for a 2-5% take, to provide “relationship liquidity” because culturally there are no cold inbounds: people meet mostly through WeChat group intros Bohan doesn’t write much (yet) but he’s extremely knowledgable about the Chinese ecosystem, something we all ought to know more about.

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