TechFlow news, according to The Information citing an anonymous person directly familiar with the matter, Sequoia Capital's China firm is currently in talks with domestic backers including the Hangzhou municipal government to raise a new RMB technology innovation fund of about 2 billion yuan (approximately $280 million). If the target is reached, it would become one of the largest local-currency venture funds in China this year. The report noted that the firm had announced the establishment of this fund last year, though the size was unspecified at that time.
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