China's GSR Ventures Closes $400 Million Fund Amid Funding Squeeze
Sep.19 -- Chinese venture capitalist James Ding says his firm has closed a new $400 million fund to invest in technology startups. GSR Ventures was an early backer of Didi, and other investment include Ofo and Ele.me. The move comes at a time when China's VC market is experiencing a cooling down and qualms over potential tax hikes are making local funds nervous about new investment. Ding tells Bloomberg's David Ramli that the funding squeeze could force startups to either shut down operations or set up shops outside the country.