Hans Tung leaves China VC firm Qiming for the US
Hans Tung, Beijing-based managing partner at Qiming Venture Partners, has left the firm. AVCJ understands the departure was amicable, driven by Tung’s desire to relocate to the US for family reasons. He has yet to join a new firm.
Tung joined Qiming from Bessemer Venture Partners, where he initiated the China investment practice. Before that he was a founding member at Taipei-based Crimson Asia Capital. At Qiming, Tung focused on internet and consumer deals, including mobile phone brand Xiaomi, online retailer Vancl and social networking site Kaixin001.
Xiaomi, which Qiming and Morningside Technologies backed from inception, stands out as a particular success story. It received a $216 million Series C round of funding in 2012 led by Yuri Milner of DST Advisors that valued the business at $4 billion.
Lei Jun, the super angel who founded Xiaomi, indicated last week that another round was in the offing with the valuation likely to soar to $10 billion.
Founded in 2006, Qiming manages four funds with over $1.1 billion in assets and focuses on early to growth stage investments in information technology, internet and consumer, healthcare and cleantech. The other managing partners, Gary Rieschel, Duane Kuang, J.P. Gan and Nisa Leung, remain in place.
Leung, who heads the firm's healthcare practice, was promoted in July.
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