Before the US cracked down on China’s tech sector, the country’s investors chased deals in California with Maseratis and Michelin-starred food.
fortune in electronics, starting an appliance company right out of college. He rode the astronomical growth of China’s economy in the early 21st century, selling his company to one of the country’s tech giants. In late 2011, he moved to the US—partly motivated, he says, by a huge sandstorm that had affected his children’s health.
And, of course, there were parties. Boat parties, penthouse parties, suites at the Four Seasons Hotel in Los Angeles and fancy Japanese meals in Michelin star restaurants. Parties in mansions in Palo Alto with free-flowing premium wine and cigars, and gourmet food. Rounds of golf at exclusive country clubs. Michael was invited to all sorts of pitch competitions, fundraising events, road shows, and industrial conferences.
One sign of how comfortable the relationship between Chinese capital and the American tech sector was in the late 2010s is the sheer number of state-linked players operating in the US market. One, the ZGC Innovation Center, was based in Santa Clara, California. It is a building with nearly 7,000 square meters and provides an open-space work area for startups to rent, as well as conference rooms and multimedia centers to host events.
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