The Chinese venture capital world that once hoped for giant U.S. IPOs similar to Alibaba's is changing drastically. : BEIJING — Venture capitalists in China that once rose to fame with giant U.S. IPOs of consumer companies are under pressure to drastically change their strategy. The urgency to adapt their playbook to a newer environment has increased in the last few years with stricter regulations in China as well as the U.S., tensions between the two countries and slowdown in the world's second-largest economy.