中文导读
外资风投：黯然离场？上世纪90年代开始,“copy to China”风潮涌起，外资在中国这块赚钱的风水宝地如鱼得水。
如今，中国市场的魅力依然吸引着众多外资入局，但他们日子并不好过。
中国本土孵化器遍地开花、本土企业不断崛起，对外资风投形成了强有力的挤压。
当下中国科技大爆发、政策逐渐健全,“copy from China”的时代已经
开启。未来，外资还会青睐中国市场吗？
less where that came from 与文章最后一句呼应，改用习语More
Where that Came from:A greater number of similar things can be pro-
vided in the future 陆续有来
very rious and with ideas and feelings that keep
changing 轻浮的；易变的；反复无常的
venture capitalist n.someone who makes money by investing in
high risk projects 风险投资者demo (=demostration)n.an act of showing or explaining how sth
works or is done 示范；示范表演；演示
Y Combinator 美国著名创业孵化器,Y Combinator 扶持初创企业并
为其提供创业指南
startup n.a small business that has recently been started by someone
新创办的小公司
vie (with sb)(for sth)与某人争夺某物SYN contend with sb for sth
iving or involving a lot of attention and discus-
sion on television,in newspapers,etc.经常出镜/见报的；高姿态的accelerator a company that helps new companies get started by giving them such things as office space,legal help and marketing rvices in
exchange for payment 企业加速器/孵化器SYN incubator
the like of sb/sth (also sb’s/sth’s like )something similar to someone
or a particular person or thing,or of equal importance or value 像某
人(物)一样的人/物SYN equivalent ,match
Dropbox 一款网络文件同步工具，提供在线存储服务，类似于百度云
眉毛连在一起的男人pull out of to move away from sth or stop being involved in it 脱离，退中国姓氏人口数量排名
出
help sb/sth to develop and be successful 扶持；帮助；支
持SYN foster It’s important to nurture a good working relationship.维持良好的
快捷键截图是哪个键
工作关系非常重要。
localid adj.地方化的，本土化的incarnation n.化身，代表in the context of 在⋯情况下；在⋯背景下
rift a rious disagreement between people that stops their relation-ship from continuing 分裂；分歧；严重不和SYN rupture
ominous suggesting that sth bad is going to happen in the future 预兆的；恶兆的；不吉利的SYN foreboding
By China,For China,Of China 建于中国、为了中国、属于中国，陆奇
加入YC 时提的条件arm a ction of a large organization that deals with one particular
activity 分部；职能部门
at odds with to be different from sth,when the two things should be
the same (与⋯)有差异，相矛盾SYN conflict with
venture capital money that is invested in a new company to help it develop,which may involve a lot of risk 风险资本(投入新公司的资金,
风险很大)
w,exciting and of great interest to people 热门的，火爆
的SYN sizzling
operation n.a business organization;a company 商业机构；公司Sand Hill Road 沙山路，硅谷一个普通地名，被称为“西海岸华尔街”，上百家声名如雷贯耳的风险投资公司在这里汇集，与华尔街不同，这里以
投资高新技术产业为主
heavyweight n.a very important person,organization or thing that
influences others 有影响力的人(或组织、事物) want sth very much,especially sth that belongs to sb el
渴望；贪求(尤指别人的东西)；觊觎exchange n.a building where business people met in the past to buy and ll a particular type of goods 交易所
Investing in Chine technology Less where that came from
暖场活动
Homegrown rivals and skittish American investors are making life harder for foreign venture capitalists in China T HE FIRST “demo day”in Beijing last November of Y Combinator (YC)hosted two dozen local startups vying for the attention of high-profile investors.It marked the entrance into China of Silicon Valley’s most famous accelerator ,which has helped launch the likes of Airbnb and Dropbox .Then,days later,YC abruptly announced it was pulling out of the country.In a statement YC said that it was returning,under a new boss,to in-vesting in startups from its Californian ba.Its Chine startups will be nurtured by MiraclePlus,YC China’s new,fully localid incarna-
tion .Yet in the context of a deepening Sino-American rift ,the retreat looks ominous .“Under the current global environment,to reali our mission—By China,For China,Of China —we must have the ability to master our own destiny,”wrote MiraclePlus in a social-media post,citing Lu Qi,its boss,w
hom YC had hired to t up its Chine arm in 2018.(Mr Lu declined to be interviewed for this article.)At first glance,YC’s fate ems at odds with the broader health of foreign venture capital (VC)in China,with its red-hot tech indus-try.The Chine operations of Sand Hill Road heavyweights such as
Lightspeed Venture Partners and Sequoia Capital—who fifth Chine growth-stage fund raid $1.8bn,twice as much as its last—are thriv-ing.Chine founders have coveted attention from foreign funds,en as the best route to listing on American exchanges and keener than Chine counterparts to back ideas that take longer to make money.
denominate to express an amount of money using a particular unit
以(某种货币)为单位dollar-denominated n.以美元计价的duration 指理财产品的存续期间experti expert
knowledge or skill in a particular subject,activity or job 专门知识；专门技能；专长on top of 此外；除⋯外(还有)in addition to ,besides cheque 支票，这里指代投资公司给予新企业的资金支持be a be very easy 容易，轻松be a piece of cake
Don’t think that learning Dutch will be a breeze.不要以为学荷兰语
是件轻松的事。
parachute in/into If a person parachutes into an organization or if they are parachuted into it,they are brought in suddenly in order to
help it.突然派到(某机构以帮助该机构)
rosy adj.likely to be good or successful 美好的；乐观的hopeful
plush very comfortable;expensive and of good quality 舒适的；豪华
的
current return 本期收益率
incubator n.an organization which helps new business to develop by giving them office space,rvices,and equipment,and providing
them with business and technical advice 创业培育机构，孵化器
-a high-tech incubator on the East coast 东海岸的高科技创业中心
dole out to give out an amount of food, a number of
people in a group 发放，发给(食物、钱等)dig a room that you pay rent to live in 租住的房间lodgings budding (only before noun)beginning to develop or become success-ful 开始发展的；崭露头角的fledgling -a budding artist/writer 一位艺术界/文坛新秀voracious adj.If you describe a person,or their appetite for some-thing,as voracious,you mean that they want a lot of something.贪婪的；如饥似渴的insatiable
dealmaking n.交易
stint n.a period of time that you spend working somewhere or doing
a particular activity 从事某项工作(或活动)的时间
turn down to reject or refu to consider an offer,a the person who makes it 拒绝imprimatur official approval of sth,given by a person in a position of authority 正式批准；认可；同意
deep-pocketed 有钱的
rounding error 舍入误差，即可以忽略不计envelop to wrap sb/sth up or cover them or it completely 包住；裹住;
笼罩shroud take and u sb/sth that belongs to sb/sth el,especially in a cret,dishonest or unfair way 盗用；挖走(人员等)savvy adj.having practical knowledge and understanding of sth;hav-ing common n 有见识的；懂实际知识的talent people or a person with a natural ability to do sth well 有才能
的人；人才；天才
施工技术措施
flow of talent 人才流动
ailing adj.having problems and getting weaker 处境困难的；每况愈下
的peeled off 脱离
Their dollar-denominated funds have durations of ten years or more,whereas yuan investors usually want a return in five.(Most foreign VCs now also rai yuan funds,which enable exits on mainland stockmar-
kets and investments in more industries.)Foreigners offer experti
on top of cheques ,especially to startups keen to expand overas.
For venture capitalists,China ud to be a breeze ,notes one bad in Shanghai.“You were dealing with the entrepreneurs directly,not with the state.Partners could parachute in ,do some deals and leave.”Zhou Wei,who worked for Kleiner Perkins,says that life was especially rosy in the “copy to China”years after the first firms arrived around 2005.But it remained pretty plush for longer.In 2018China overtook Amer-ica as the top country for VC returns (measured by current return on investment),according to eFront,a data firm.That year ven of the world’s ten largest VC deals involved Chine startups.YC called China “an important missing piece of our puzzle”and dreamed of combining
“the best of Silicon Valley and China”.
For many foreign firms the glory days are over.They must contend with homegrown rivals,a few thousand government-funded incuba-tors doling out cash and free digs to budding entrepreneurs,and China’s internet giants,with their voracious appetite for dealmaking .In an interview with local media,Mr Lu recalled from his stint at YC that many Chine entrepreneurs put themlves through tough inter-views only to turn down foreign funds and go,with YC’s imprimatur ,
to deeper-pocketed Chine investors.William Bao Bean,a Shanghai-
bad partner at SOSV,an American firm,says the kind of sums that the
likes of YC help rai are “a rounding error ”in the world’s most com-
petitive VC market—even in the midst of a “capital winter”that has en-
veloped China in the past 18months and caud activity in 2019to sink
to its lowest level in four years (e chart).
Poaching savvy Chine partners has become harder,says Kuantai Yeh
of Qiming Venture Partners,a big Chine VC firm.The flow of talent
may have reverd.In 2017Mr Zhou and others left the ailing Chine
arm of Kleiner Perkins to form China Creation Ventures.The previous year the team at New Enterpri Associates peeled off to build Long Hill Capital.(New Enterpri now invests in Chine startups from Silicon
cater to to provide the things that a particular type of person wants,especially things that you do not
approve of 满足需要；迎合ac-
commodate
They only publish novels which cater to the mass market.他们只出
版适销大众市场的小说。
idiosyncratic adj.somewhat unusual 特别的，不寻常的，有特质的private equity 私募股本downturn n.a fall in the amount of business that is done;a time when the economy becomes weaker (商业经济的)衰退，下降，衰退期，低迷
flipside n.a rever or opposite side,aspect,or result 反面
edge n.If someone or something has an edge,they have an advantage that makes them stronger or more likely to be successful than another
thing or person.优势kryptonite n.a chemical element that exists only in stories,es-pecially in stories about Superman ,a character with special powers which he los when he is near to kryptonite 氪(仅存在于超人等故事中的化学元素，超人若接近此元素即丧失超常能力)
cross-border investor 跨境投资者
brace (sb/yourlf)for to prepare sb/yourlf for sth difficult or un-pleasant that is going to happen (为困难或坏事)使作准备；使防备
crunch n.a situation in which there is suddenly not enough of sth,猪手汤
especially money (突发的)不足，短缺;(尤指)缺钱veteran n.a person who has a lot of experience in a particular area or
rumoursactivity 经验丰富的人；老手
roots (pl.)family,ethnic,or cultural origins,especially as the reasons for one’s long-standing emotional attachment to a place or commu-nity (尤指培育了个人对某一地点或地区居民长期深厚感情的家庭、民族及文化的)根，根子,a firm with foreign roots 意思就是外资企业
Valley.)And Chine startups increasingly cater to idiosyncratic local tastes—good luck explaining the value of a “mobile karaoke social net-work”to the head office in California,says Mr Zhou.No wonder 19of
China’s 30best-performing VC and private-equity firms in 2018were local,according to Forbes ,a magazine.
The recent funding downturn has a flipside .By squeezing smaller do-mestic rivals it may give an edge to giant cash-rich funds,including foreign ones.It is unclear they will ize the opportunity.China has become “kryptonite ”in Silicon Valley,says Mr Bean.Silicon Dragon,a
VC news tracker bad in the valley,predicts that this year VC will flow
into parate Chine and American pots.Startups backed by cross-border investors are bracing for a cash crunch .One veteran venture capitalist at a firm with foreign roots says that American investors are asking their VC firms’investment committees:“Do we need to invest in China?”For some,the answer will increasingly be “no”.
上山打老虎儿歌They must contend with homegrown rivals,a few thousand gov-
ernmentfunded incubators doling out cash and free digs to budding
entrepreneurs,and China’s internet giants,with their voracious ap-
petite for dealmaking.
1.去年,Sanders 与党内许多人意见相左——那时他拒绝称Maduro
为独裁者，尽管他曾批判过这位极权的社会主义领导人。(at odds
with 与⋯相左)
2.比方说，一所中学需要招到至少7200名学生，政府才会拨款聘请
一名全职护士。(dole out 拨款)
