One of the most shocking facts for American founders is that many Chinese founders sign term sheets where they must return capital beyond a hurdle rate within a time limit (sometimes 6-8 years) or else the company and even the founder personally could be liable to pay back the money. Chinese LPs and GPs have less patience and they demand results. There’s even a Chinese idiom describing this phenomenon: 明股实债, translatable as “ostensibly equity, in reality debt”.