Beyond the eye-popping $100 million Series A round raised by Ascletis Inc. to develop drugs for the China market, there are lessons to be learned for entrepreneurs hoping that Bay Area connections open doors to China.
Consider that none of the $100 million raised by the Chapel Hill, N.C., company, formed by GlaxoSmithKline veteran Jinzi Wu, is from venture capital. Most of the investors are Chinese, including Hangzhou Binjiang Real Estate Group, as well as some American investors.
It all comes back to the same thing that we’ve heard time and time again about doing business in China: Trust is key.
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