Report: Former Chinese execs launch VC firm to ease reliance on U.S. tech

A group including former executives from Chinese telecommunications giant Huawei and the country’s largest semiconductor manufacturer is launching a “ domestic replacement fund ” to invest in tech startups that could help China end its reliance on the U.S., and to support companies hit by U.S. sanctions, according to Reuters. China Europe Capital, headed by former Huawei Vice President Zhang Jun, hopes to tip the scales in the race between the U.S. and China for technological superiority. “China and the...