China Lands 17 Members On 2022 Forbes Midas List

China, buoyed by the performance of social media and healthcare companies, accounted for 17 members of the 2022 Forbes Midas List unveiled today.

The group of China residents, which combines those on the mainland and Hong Kong, ranked second to the United States once again this year. The number of China listees was four fewer than last year. (See details here.)

The growth of venture capital funding and venture talent in the country underscores the larger gains China has made in technology businesses and the global economy in the past two decades. The country had 539 members of the Forbes Billionaires List unveiled this month, also second only to the United States. (See related post here.)

Neil Shen, the Hong Kong-based founding partner of Sequoia China, came in this year at No. 3, down from No. 2 in 2021. The billionaire’s successful investments include TikTok parent ByteDance and online fashion site Shein. (See related post here.)

Shen was one of two China-based investors in the top 10. The other was No. 4, Richard Liu, a founding partner at 5Y Capital (formerly known as Morningside Ventures), whose investments include electric vehicle maker Xpeng.

Among China’s 19 members, five were woman: Anna Fang, partner and CEO, ZhenFund (No. 12), Jenny Lee, managing partner at GGV Capital (No. 49), Nisa Leung, managing partner at Qiming Venture Partners (No. 61), Jing Hong, founding partner at Gaocheng Capital (No. 83)and Kathy Xu, founding partner at Capital Today (No. 98).

Elwin Yuan, a partner at 5Y Capital, was the only newcomer from China, ranking No. 78.

Shanghai, currently facing business disruptions from Covid lockdowns, is the No. 1 city for China-based venture capitalists to make the new Forbes Midas List – seven members reside there. (See related profile of No. 97 INCE Capital Founding Partner JP Gan here.)

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@rflannerychina