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however, in 2023, this light gradually dimmed, just like the setting sun, leaving behind endless afterglow. the us interest rate hike and economic uncertainty swept the global market like a tide, silicon valley banks collapsed, investment institutions' activities stagnated, and the source of funds was weakened. unicorns encountered new challenges. the us dollar fund, once a "hot commodity", is now despised because of changes in policies and ipo environment, which means that many projects can only accept rmb investment, which has become a break in the era.
some company founders recalled their past glory. they had experienced investment from us dollar funds, and then joined rmb funds in order to obtain local industrial resources more quickly. they were also forced to buy back shares from these us dollar funds. this seemed to be an intersection of "attribution", causing a conflict between the interests of investors and the founding team.
the change in the market environment is also reflected in the listing of unicorn companies. in the past, the listing of unicorns was the best opportunity for institutions to make profits, but now, valuation inversion and listing below the issue price have become the norm, which has deprived institutions of the opportunity to make money.
dollar funds have entered the chinese market for more than 20 years, driving the booming development of china's venture capital industry, but are now experiencing a "decline". their layoffs, salary cuts and budget control have become a reality. even the new fund managed by tiger global has only raised us$2.2 billion, far below the target of us$6 billion, which shows the huge pressure brought by the changes in the market environment.
the global private equity investment market is going through cycles and pains, and the decoupling between us funds and chinese technology startups is further expanding.
in the "dawn and dusk of dreams", entrepreneurs need to re-examine their directions and strategies, explore new financing models, and seek new ways of cooperation in order to survive and develop in the changing market environment.
