[Betting on ByteDance, SIG Gradually Shuts Down China Venture Capital Team but Does Not Exit China] According to monitoring by Beating, U.S. quantitative trading giant SIG is gradually shutting down its China venture capital team. The head and several employees are expected to leave. Gong Ting is preparing to launch a new fund, aiming to raise at least $100 million. SIG is not fully withdrawing from China. The company will retain a small number of employees to continue managing projects that have not yet exited. Most importantly, it will manage ByteDance shares valued at least in the tens of billions of dollars. SIG is also expanding its market-making business in China. SIG entered China's venture capital market in 2005 and has invested in over 350 companies. In 2012, it became the first institutional investor in ByteDance. Since 2023, SIG has only completed nine investments in China. The U.S. has imposed restrictions on domestic funds investing in certain Chinese AI, chip, and quantum technology sectors. China's tech venture capital landscape is becoming increasingly challenging, but SIG will continue to manage existing assets such as ByteDance. [Original Link]