Why are there so many Chinese giants behind the stablecoin giant Circle?

Source: C Labs Crypto observes that the stablecoin giant Circle is about to go public (whether stablecoins make money? Explain the Circle prospectus in detail). Recently, many Chinese stocks, such as Everbright Holdings, as an early investor of Circle, have also risen significantly.

Moreover, Everbright made a very early shot, and it was in 2016.

As a venture capital giant in China, IDG led the C round of Circle as early as 2015.

The D round that Everbright participated in in 2016 was all investors with Chinese backgrounds.

It is understood that Circle's post-investment valuation in 2016 was US$480 million, so Circle may have up to 20% of its shares in the hands of Chinese people.

And behind these Chinese giants investing in Circle, there is another past event that everyone no longer mentions:

Circle announced in 2016 that it plans to expand its mainland Chinese market and established an independent subsidiary called "Circle China", aiming to provide cross-border payments and digital currency services to Chinese consumers.

Later, although the Chinese government's increasingly strict supervision of cryptocurrencies and related financial services, Circle encountered challenges in its business promotion in mainland China and finally completely withdrew from the Chinese market.

Although Circle China's business has withdrawn from China, the shares of these Chinese-backed investors are still there.

In addition to the IDG and Everbright mentioned earlier, these giants are also well-known, including: (former) Internet giant Baidu, private enterprise tycoon Wanxiang Group (later derived from the current Hashkey), financial technology giant Yixin, and the famous CICC.

According to the latest prospectus, Circle and existing shareholders will issue a total of 32 million Class A common shares, of which 19.2 million shares (60%) are sold by existing shareholders and the remaining 12.8 million shares (40%) are newly issued by the company.

But what is interesting is that many of the shares sold come from some "other" shareholders.

The proportion of shares sold by existing shareholders this time is higher than that of typical technology companies' IPOs, but they are still popular in the market.

BlackRock and Mutoujie ARK Invest both said they would subscribe to a large number of shares. I wonder if the US investors are going to take over the shares of Chinese investors.