For many years now, major U.S. funds have poured billions of dollars into China’s myriad of startups endorsing the likes of ByteDance Ltd., the Chinese technology conglomerate and owner of popular social media app TikTok, as well as e-commerce giants Alibaba Group and However, the effects of geopolitics have seriously constrained the level of activity in recent years. 

Lawyers who act as deal advisers in Greater China are also feeling the pinch, particularly as the U.S. government last month doubled down on its point of protecting its domestic market and national security.

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