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Sequoia's China Portfolio Hits Speed Bump After Tech Crackdown

The venture firm has exposure to the online education sector that regulators have choked, and investors worry its other holdings could be next.

Neil Shen has run Sequoia’s China presence since 2005

Neil Shen has run Sequoia’s China presence since 2005

Photographer: Jason Alden

Sequoia Capital and its Beijing affiliate have spent over a decade scattering more than $10 billion across China's multitude of startups, backing the likes of ByteDance Ltd. and JD.com Inc. while becoming a powerhouse brand among the venture firms aiming to strike it rich there.

Now, the prospects for investments in that country are mired in uncertainty, as regulatory actions on both sides of the Pacific squeeze China’s technology industry and create unpredictability for its financial backers.