I remember my jaw dropping last year when The Information’s Juro Osawa reported that Sequoia China was in talks to raise more than $8 billion in new funding from U.S. investors and others.

I was baffled. I just couldn’t imagine that Sequoia, which had picked a slew of winners in the U.S. and China ranging from Google to Meituan, was going to continue to draw such inflows from the U.S. to its China offshoot. Moreover, I couldn’t see the once cozy relationship between the firm’s U.S. and China arms surviving.