How the Didi Crackdown Threatens Trust in China’s Stock Markets

China’s crackdown on ride-hailing giant Didi just days after its New York listing has shaken global confidence in the Chinese technology sector and raised questions about the future of foreign investment in the country’s startups.

Now that China has grown wealthy and is deploying vast sums of venture capital, it’s often forgotten that foreign investors, particularly those in the U.S., largely funded and incubated the first wave of Chinese tech firms. Among the most successful of these angels is Gary Rieschel, the founding managing partner of Qiming Venture Partners, which has invested college endowment funds in a number of Chinese unicorns, including Xiaomi, Meituan Dianping and WeDoctor Group.