Susquehanna, an Early Backer of ByteDance, Is Stepping Back From China Venture Deals

U.S. investment firm Susquehanna International Group, one of ByteDance’s biggest shareholders, is winding down its China-based venture investment team, another sign of the challenges facing U.S. venture investors operating in China.

SIG China’s managing director, Tim Gong, who ran the team, is expected to leave the firm, according to four people with knowledge of the situation. Other venture employees are expected to leave as well. Gong is expected to launch his own fund, three of the people said, and some of his employees may join him.