Can China Tech Find a Home in Silicon Valley?
东南亚、中东和非洲都有机会。但只有一个市场的规模和潜力可以与中国相比。那就是美国。
另一位在过去10年里很少来美国的投资者告诉我，她将在两国之间来回跑，同时寻找机会，支持美国的初创企业。
A third person, who relocated to Silicon Valley this year, was the most determined to settle down. He said he was selling his investments or dissolving his companies in China.
第三位投资者是今年搬到硅谷的，他最有决心安顿下来。他说，他正在出售自己在中国的投资，或者解散他在中国的公司。
He said most of his peers were reluctant to leave China completely and start over in a foreign country with a foreign language and a foreign culture. It has been tough for him, he added.
他说，大多数跟他情况差不多的人都不愿意完全离开中国，到语言和文化完全陌生的外国重新开始。他还说，这对他来说很困难。
Tom Zhang, a well-connected human resources expert who has worked at several big tech companies in Silicon Valley, said he had met with many investors from China since last year.
人脉广泛的人力资源专家汤姆·张（音）曾在硅谷的几家大型科技公司工作，他表示，自去年以来，他会见了许多来自中国的投资者。
“They have completely lost their direction, buzzing around like flies, not knowing what to invest in next,” he told me.
“他们完全失去了方向，像苍蝇一样飞来飞去，不知道下一步该投资什么，”他告诉我。
There’s no doubt that these people belong to the privileged class. To meet with them, I visited quite a few fancy mansions. One home sat atop the Los Gatos hills; my Uber driver whistled in awe when he turned onto the long driveway. Then he chuckled when he stopped his modest S.U.V. in front of a red Ferrari, a Tesla Cybertruck and a few Audis and BMWs. And there was Mr. Wei’s party, which one partygoer described to me as Gatsbyesque.
毫无疑问，这些人属于特权阶层。为了与他们见面，我参观了不少豪宅。一所房子坐落在洛斯加托斯的山顶上；我的优步司机在驶入长长的私人车道时吹了一声口哨表示惊叹。然后，在把自己那辆不起眼的SUV停在一辆红色法拉利、一辆特斯拉Cybertruck以及几辆奥迪和宝马前面时，他轻声笑了起来。还有卫哲的派对，一位参加派对的人对我说，那是盖茨比式的。
Nonetheless, the frustrations of this moneyed set reflect a significant shift in the tech world: the bust of a financial pipeline known as U.S. dollar-denominated venture capital funds, and the demise of the market economy-driven model that propelled China’s tech growth.
尽管如此，这群富人的挫败感反映了科技世界的一个重大转变：以美元计价的风险投资基金的融资管道破裂，以及推动中国科技增长的市场经济驱动模式的消亡。
The ramifications of this approach for China’s drive for innovation and its tech rivalry with the United States probably won’t be clear for years.
这种做法对中国推动创新及其与美国技术竞争的影响可能在未来几年才会显现出来。
But for now, on the human level, it’s a waste of talent for China. A generation of investors who spent two decades cultivating start-ups and shaping tech development have nowhere to apply their expertise.
但就目前而言，从个人层面看，这是对中国人才的浪费。整整一代投资者花了20年时间培育初创企业，塑造科技发展，却无处施展才华。
The problem for China’s displaced investors is that the United States isn’t exactly a welcoming land.
这些变得无用武之地的中国投资者面临的问题是，美国并不是一个欢迎他们的国家。
This has left many in Silicon Valley afraid of China. Some brand-name venture firms will not consider putting money into a start-up that has taken funds from investors with China ties, a Chinese venture capitalist who had started two funds in the Valley told me. And that leaves founders reluctant to take money from transplanted Chinese investors for fear of scaring off later investors. His assessment was confirmed by other people I interviewed.
这让硅谷的许多人对中国感到害怕。一位在硅谷创立了两家基金的中国风险投资家告诉我，如果一家初创企业接受过与中国有联系的投资者的资金，那么一些知名风险投资公司就不会再考虑这家企业。这使得创始人不愿接受来自中国投资者的资金，因为他们担心吓跑后来的投资者。我采访的其他人也证实了他的判断。
Only start-ups that are desperate for funding will take money from relocated Chinese investors. The few venture firms with China connections have rebranded themselves and take pains to explain that all the partners are U.S. citizens and that their funding mainly came from outside China.
只有迫切需要融资的初创企业才会接受中国投资者的资金。少数几家与中国有联系的风投公司已经改头换面，并煞费苦心地解释说，所有合伙人都是美国公民，他们的资金主要来自中国以外。
One veteran investor told me that a founder had refused to talk to him even after he explained that he had been a naturalized citizen for decades. People are acting with extra caution, the investor said.
一位资深投资者告诉我，一位创始人拒绝与他交谈，即使他解释说，他已经入籍美国几十年了。这位投资者说，人们的行为格外谨慎。
But that’s not stopping other venture capitalists from looking at Silicon Valley as the promised land. They still have some slim hope, said the investor who has started two funds here. They probably won’t be able to land the next Alibaba, but they might find some opportunities to invest in small start-ups that might succeed, he added.
但这并不能阻止一些风险投资家将硅谷视为乐土。那位在硅谷创立了两个基金的投资者说，他们仍然抱有一些渺茫的希望。他还说，他们可能无法找到下一个阿里巴巴，但他们可能会找到一些机会，投资可能成功的小型初创企业。
That might be better than nothing.
总归是聊胜于无。
