Articles
Harry Wang's Counter-Cyclical Bet — Entering the Game --- When the venture capital industry was retreating en masse, Harry Wang made a move that seemed to defy the tide. It was late 2023. The Chinese tech investment landscape lay in near-freeze — fundraising had collapsed, deal flow dried to a trickle, and even seasoned investors were sitting on their hands or pivoting to safer harbors. At Linear Capital, where Wang had spent years as a founding partner, the firm was also tightening its belt, shifting toward more conservative deployment. Wang chose the opposite path. He left. Not to retire. Not to wait out the winter. But to start something new — a fund built for exactly this moment of pessimism, when valuations had cratered and founders with real substance were being overlooked in the panic. "Everyone's talking about risk-off," Wang told me when we met in Shanghai. "But that's precisely when the best opportunities emerge. The question is whether you have the stomach for it." The new vehicle, which Wang has been quietly assembling over the past year, represents a
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