Perspectives
As Chinese Web companies face mounting uncertainties, a new fund by former Google Inc. China chief Kai-Fu Lee shows that investors still have hope for the industry.
Mr. Lee has raised $180 million from a group of prominent investors for Innovation Works, his Beijing-based company aimed at helping early-stage Internet start-ups. The investor attention signals continued interest in the sector even as recent challenges have pushed down share prices for Chinese Web companies listed in the U.S.