Sequoia China Says Reuters Article is Nonsense and an Attempt for Defamation
Following the release of a Reuters article on Sequoia Capital China’s 20 percent cut of investment staff, Sequoia China has dismissed the report firmly, claiming that the published article is “nonsense” and a malicious attempt for defamation.
“For the false claims made by Reuters in its article, we reserve the right to pursue legal responsibility for the relevant media,” said Sequoia China to Pandaily.
The Reuters article in question has stated that Sequoia Capital’s Chinese arm is looking to cut the number of venture investment professionals from about 70, according to two people familiar with the matter. Two other insiders have indicated that the cut would be at least 10 percent.
Sequoia China’s official response came within an hour after the Reuters article was published online. The company told Pandaily that it had hired 13 new investment professionals throughout the past 12 months, bringing about a raise the number of total employees instead of a dip.
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Sequoia Capital was established in Silicon Valley in the U.S. in 1972 and has invested in innovative companies such as Apple, Google, and other localized funds in the United States, China, and India. Renowned Chinese companies it has invested in include JD.com, Alibaba Group, Ant Financial, Jinri Toutiao, Mobike, Didi Chuxing, NIO, VIPKID, DJI and many more.
Sequoia Capital’s Chinese arm was established in September 2005, and has invested in more than 500 companies. It is widely regarded as the leader in China’s investment in science and technology, focusing on investment opportunities in technology and media, medical health, consumer goods and services, and industrial technology.