Woofun AI reports that SIG Ventures is phasing out its Chinese venture capital team, with leadership and staff departing. Founder Gong Ting is establishing a new fund targeting at least $100 million in capital.

SIG maintains its presence in China to manage existing assets, including its multi-billion dollar stake in ByteDance, while expanding market-making operations. Since entering the market in 2005, SIG has invested in over 350 firms but completed only nine deals in China since 2023 due to US restrictions on AI and chip investments.