After a record year of fund raising in 2015, the euphoria may be ebbing for China’s venture capital firms. Luo Yonghao had a vision when he founded Smartisan in 2012: China was ripe for a home-made smartphone that was so beautifully and artistically crafted that it could rival Apple Inc’s iPhones and Samsung Electronic Co.’s Galaxy. Four years later, and after burning through 300 million yuan of investors’ funds, the reality hasn’t quite lived up to the vision for the former English teacher and Internet celebrity, who has no manufacturing experience. Can Internet celebrities run successful businesses?
Read More: South China Morning Post