China's Tech Boom Fueling `Reverse Brain Drain,' Hillhouse Says

The technology-led transformation sweeping through China has inspired its scientists to come back in droves, Hillhouse Capital Management Ltd. Chairman Zhang Lei said at the New Economy Forum sponsored by Bloomberg.

“Look at how many scientists are coming back to China,” said Zhang, who founded Hillhouse with money from a Yale University endowment. The fund, which backed Chinese e-commerce giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd., raised more than $10 billion for its third and largest buyout fund in September.