(June 28): Alibaba Group Holding Ltd. is scaling back its presence in Silicon Valley—a sign that the Trump administration’s crackdown on Chinese investment in US companies is casting a chill.

After a flurry of deal-making, the Chinese e-commerce giant’s corporate venture arm has announced only one fresh investment in the U.S. this year, leading a US$26.4 million ($36.0 million) funding round in a New York and Tel Aviv data-analysis start-up called SQream Technologies. And that’s a tiny deal compared with the hundreds of millions Alibaba lavished on high-profile US companies such as Magic Leap, Jet.com and Snap Inc.

Earlier this year the company lost its top US dealmaker, Michael Zeisser, according to people familiar with the matter. Rather than hiring an outside replacement, Alibaba is promoting Peter Stern, who used to be an investment banker at Credit Suisse, the people said.

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