Our guest today is Sophie Yao, the China General Manager of Pegasus Tech Ventures, which some people may know for their notable investments like SpaceX and Airbnb. Sophie currently manages a $1 billion fund that predominantly focuses on pre-IPO deals. Show Notes:1:48 Introduction to Sophie Yao2:59 The CVC 4.0 Model4:33 Rationale behind corporate partnering with single LP funds6:58 The $1 billion pre-IPO  fund, what it is and why Pegasus invests in pre-IPO deals8:04 Risks associated with pre-IPO deals9:46 Pre-requisites in a pre-IPO deal. How do you measure returns?12:28 Role of the pre-IPO investor in supporting companies13:40  Evaluating potential investments16.14 Next wave of IPOs from China20:58 Revenue vs Technology: What matters more in deep tech investment23:12 Does investor behavior shape the type of companies in China?24:36 China’s STAR market and how it has performed so far26:15 Companies doing well in the STAR market26:45 Alibaba Ant dual IPO: Inflection point in Chinese companies' perspective on IPOs28:41 Foreign companies listing in STAR market 29:23 US-China deteriorating relations and impact on internationalization of Chinese tech startups31:29 Luckin’s impact on the perception of listed Chinese companies34:36 Lessons for Series A or B founders36:54 Pegasus’ area of investment and how to contact Sophie37:53 Pegasus’ Incubation program Many thanks to our guest  Sophie Yao; host Oscar Ramos; producers Eva Shi and Sagar Chaudhary; editor David; organizer Chinaccelerator; and sponsor People Squared. Be sure to check out our website www.chinaccelerator.comShare, subscribe, review, enjoy!Follow us on LinkedIn:  www.linkedin.com/company/the-china-startup-pulse/Email us: [email protected]

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