文章通过一系列讽刺性的问答，揭示了中国硬科技初创公司在获得投资前后及面临现实挑战时的境遇变化。从融资前的“世界领先”、“人才顶尖”到融资后的“亏损但战略性”、“客户付款周期长”，再到发展困境中的“现金流告急”、“裁员进行时”，生动描绘了这些由顶尖研究人员创立、寄望于风投的初创企业，在激烈市场竞争中面临的严峻现实。部分公司为规避地缘政治风险，甚至将总部迁往新加坡等地，进一步凸显了其生存挑战。

💰 融资前后的期望落差：文章以问答形式对比了硬科技初创公司在获得投资前后的变化。融资前，它们描绘着“顶尖人才”、“世界领先”的蓝图，吸引着风投的目光；融资后，现实却往往是“亏损但战略性”、“客户付款周期长”、“实缴资本为零”等，理想与现实存在巨大鸿沟。

📉 激烈市场竞争与经营困境：中国硬科技初创公司身处“达尔文式”的工业竞争之中，面临严峻挑战。当公司陷入困境时，可能出现“现金流告急”、“团队缩减”、“产品频繁调整”等情况，反映了市场竞争的残酷性以及公司经营的脆弱性。

🌍 地缘政治影响与总部迁移：为应对中美地缘政治的复杂局面，一些中国硬科技初创公司选择将总部迁往海外，例如新加坡，以规避风险。此举也侧面反映了全球化背景下，科技企业在政治和经济环境变化中的策略调整。

⚖️ 公司控制权与法律风险：文章还提到了公司印章（chop）在中国的法律重要性，它代表着公司的合同签署权和决策权。当公司出现问题时，联合创始人之间可能为争夺公司印章而对簿公堂，这揭示了公司治理和内部控制的潜在风险。

Many of China’s deep tech startups are having a deeply tough time. Many of these companies, founded by industry-leading researchers and funded by expectant venture capitalists (hoping to find the next BYD or CATL) , face a lot of challenges in China’s Darwinist industrial competition. 

Someone recently wrote a satirical summary about the state of these startups – before and after they receive investment. It is structured in a series of questions and answers. We have translated the satire into English: 

Pre-funding

Asked about R&D? “Top-tier talent.”Asked about the team? “Thousands strong.”Asked about specs? “World-leading, obviously.”Asked about clients? “All industry giants.”Asked about production capacity? “Factories under construction.”Asked about rivals? “Totally weak.”Asked for financials? “Not available, sorry.”

Post-funding

Asked about gross margins? “Negative, but strategic.”Asked about sales? “Sold out everywhere.”Asked about revenue? “All in promissory notes.”Asked about client payment terms? “Half a year, at best.”Asked about paid-in capital? “Still zero.”Asked about HQ? “Can relocate anytime.”* Asked about IPO coaching? “Fast-track green lane.”Asked about the (IPO) filing date? “Next year, for sure.”

*(Note: many Chinese deep tech companies are relocating their HQ outside China to escape the China-US geopolitics. For example, Manus.ai, the Benchmark-funded general AI agent startup, has recently relocated its HQ to Singapore. 

Bright future

Asked about the product? “Pivoting again.”Asked about the team? “Trimming as we speak.”Asked about cash flow? “Running on fumes.”Asked about the cause? “Industry is too competitive.”Asked about countermeasures? “We’re chillin’.”Asked about (investor) exits? “Still waiting.”Asked about buybacks? “That’d bankrupt us.”Asked about the company chop*? “Being fought over.”Asked about the boss? “Nowhere to be found.”Asked about the co-founder? “In court.”

(Note: In China, the company seal (“chop”/“公章”) holds legal authority to sign contracts, authorise decisions, and access company assets – so possession of the chop effectively means control of the company, which is why co-founders sometimes fight over it.)

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