Stella Jin, a partner at Keytone Ventures, says her firm only did three deals last year.

FORBES: When Will China Get Another Baidu? Could Be A While!

Look for Keytone Ventures, Redpoint Ventures, Walden International and DCM to have more fund-raising news soon as well.

FORBES: China deals, funds still strong despite new reality: ask Ushi, NLVC

Only one year into the foray, Joe Zhou, the Beijing-based co-anchor of the team overseen by venture honcho John Doerr from the Valley, left to form his own fund Keytone Ventures.

FORBES: Splitup at Kleiner China proves getting the right mix isn't easy