在政策红利和创新技术突破的双重驱动下，一级市场的美元LP（有限合伙人）出现了重回中国市场的 迹象。 据彭博社报道，6家根植中国本土的VC机构，正在同步启动新一轮美元基金募集，总目标规模至少20亿 美元。 此外，记者在一些招聘网站和社交平台上也发现，今年以来，美元基金的IR（投资者关系）岗位，以及 IR岗实习生的招聘帖子也多了不少，甚至有人民币基金、国内产业基金也发布了美元IR的岗位招聘需 求。具体来看，多家机构透露，IR岗的其中一个职能是，拓展东南亚及中东的募资市场。 事实上，受地缘政治影响，近些年美元LP对中国市场保持观望。但记者与多位投资人交流时了解到， 去年以来，部分美元LP开始加大对中国市场的关注，甚至寻求与国内GP（普通合伙人）合作，寻找好 的投资机会、投资中国优质项目。 此外，也有VC机构人士表示，今年以来接到多批外资机构的调研，并且来访人士都是公司的高层人 员，以及有些外资LP多年未到中国，近几个月也展开了对中国市场的密集调研。 与投资人交流时，记者发现，这波向中国市场表现出强烈关注的美元LP有两个特点：一是有别于上一 波的大学捐赠基金、养老基金等"老钱"，这一波的外资多为中东、东南亚的主权基金 ...

Core Viewpoint - The article highlights the challenges and strategies for Chinese companies looking to expand overseas, particularly in light of regulatory hurdles and the need for effective partnerships with local firms [2][3]. Group 1: Overseas Expansion Challenges - In 2015, China National Chemical Corporation acquired a 37% stake in Pirelli for €7.1 billion, becoming a major shareholder. However, Pirelli's board has now voted to strip the Chinese company of its control rights due to regulatory changes and geopolitical tensions [3]. - Pirelli cited the Italian "Golden Power" law, which restricts foreign investors' access to sensitive information, and the U.S. ban on products from Chinese-controlled automotive suppliers as reasons for this decision [5]. - The loss of control means that China National Chemical Corporation retains only dividend rights, which could hinder future growth opportunities for the company [5]. Group 2: Survival Strategies for Overseas Expansion - Legal compliance should be viewed as an investment rather than a cost, as demonstrated by the failed acquisition of a German semiconductor company by Fujian Hongxin Investment Fund due to national security concerns [7]. - Effective equity design is crucial; companies should ensure they have real voting power rather than nominal shares. For instance, Geely's acquisition of Volvo utilized a dual-class share structure to maintain control [9]. - Clear boundaries in technology cooperation are essential to avoid disputes, as illustrated by a case involving a Chinese company that violated a confidentiality agreement with a Swiss partner, leading to significant penalties and litigation [10]. Group 3: Strategies for Small and Medium Enterprises (SMEs) - SMEs can adopt a light-asset approach to overseas expansion, leveraging local partnerships instead of establishing their own facilities. For example, Leap Motor partnered with Stellantis to enter European markets without heavy investment [12]. - Selling brand and service rights can also be a viable strategy, as demonstrated by Ocean Park's project in the Philippines, which minimized investment while maximizing returns [13]. - Utilizing digital platforms for marketing and sales is crucial for SMEs, allowing them to reach global audiences without significant upfront costs. The article emphasizes the importance of leveraging government trade promotion platforms to facilitate this process [16].