By Lena Li

(Chinese immigrant stories is a Chinese-language podcast focused on the struggles and triumphs of Chinese immigrants in the United States. It is translated here in English).

As a 1.5 generation immigrant, Liang Shuang shares how she broke through gender and cultural barriers in a male-dominated industry and found her own identity. She will discuss leadership, identity, and the challenges and opportunities women face in the investment industry. For young women aspiring to stand out in competitive fields, today’s conversation will provide valuable insights!

TED Talk:

（Audience Applause)

English is not my first language, perhaps that qualified me as an international student here in the US. However, if it were where I was from, the term “international” applies to those whose language isn’t’ Chinese. Interesting cultural distinction, isn’t it?  ……

Lena Li:

This young woman who spoke on TED Talk is named Liang Shuang, and she is from Guangzhou, China. At the time, she was only 18 years old, a freshman in college. Her talk was titled “From My World to Yours,” in which she shared her thoughts on self-identity and cultural awareness in the context of globalization and her Chinese immigrant background.

Fast forward seven years, and she has since graduated from a university in the U.S., entered the venture capital industry, and become a young female investor. I met Liang Shuang at a women’s leadership summit in San Francisco, where we struck up a casual conversation in the audience. Her fluent, accent-free English initially led me to assume she was an ABC (American-born Chinese), but when she switched to speaking Mandarin with me, I was once again surprised by her proficiency in Chinese.

Liang Shuang:

I was actually born and raised in Guangzhou. In 2013, I went to Pennsylvania for high school, while my parents moved to Orange County, California. After graduating from high school, I went to college in Seattle. After finishing university and starting my career, I eventually moved back to Los Angeles to be closer to my parents.

Lena Li

Speaking about her feelings when she first moved to California 12 years ago, Liang Shuang told me this:

Liang Shuang:

I learned a new term CBA — Chinese-born American。

The first time I came to California, I was shocked—”Is this really America? Why are there so many Asians? How are there Chinese supermarkets here?” I remember one summer when I was taking classes at UCLA, a friend who grew up in the 626 Arcadia area said to me, “Wow, I’m about to go to college in Chicago, and I’m so nervous! I’ll be around a lot of diverse people.”

I was like, “What does that mean? Aren’t you a native-born American?” As a foreigner, I couldn’t really relate to that feeling. That’s when I learned a new term—CBA: Chinese-born American.

Lena Li:

Following this, Liang Shuang shared with me the story of how she entered the investment banking industry.

Liang Shuang:

I graduated in 2022. My first job was in consulting at Ernst & Young (EY). After a year, I transitioned to a mid-sized firm specializing in private equity mergers and acquisitions (M&A). This was my entry point into the investment field, which is quite broad—covering areas like fund investments, primary markets, and secondary markets.

Interestingly, my undergraduate studies were in art history and political economy—I never took a single business or accounting class. Consulting is an industry where you can enter with any academic background and then acquire business knowledge on the job.

After working in PE M&A for a year, the Silicon Valley Bank (SVB) collapse happened. During that period, most deals were essentially frozen, so I had a lot of downtime at work and started exploring projects. Since private equity (PE) and venture capital (VC) share many similarities, I gradually shifted my focus toward VC.

Now, I work in a family office setting, primarily focusing on venture investments, strategy, and portfolio management. My work also involves supporting the international expansion of portfolio companies, particularly in the U.S.-China space, handling capital allocation and strategic operations between the two markets. I’m planning to spend three months in China, so I’ve been building more connections and expanding my engagement with the Chinese market.

Lena Li

When asked about her thoughts on being part of the minority as a woman in the investment banking industry, Liang Shuang responded:

Liang Shuang:

In the investment industry, the traditional route has been quite clear—you study finance in college, spend two years at one of the top investment banks, and so on. However, I’ve noticed that many investment banks are now making a more conscious effort to recruit more women. Even so, the number of female analysts entering investment banking straight out of college remains low. In a team of ten, there might be just one or two women.

For example, when I worked in M&A at a private equity consulting firm, I was the only woman on my team. I still remember my boss proudly saying, “We finally hired a female team member!” as if it were some kind of achievement.

We’ve been the only women in the room at some point。

If we look at the numbers, only about 18% of C-suite executives in major M&A firms are women. In the VC industry, less than 2% of female founders receive funding. What does this tell us? First, that the percentage of female investors is still disproportionately low. Second, you can ask any woman in this industry, and we will all tell you the same thing—we’ve all had the experience of being the only woman in the room at some point.

Lena Li:

In an investment industry where women are underrepresented, Liang Shuang not only stands out as a young female professional but also as someone with a Chinese immigrant background. What does this unique identity mean for her as a newcomer in the field? As part of a minority group in the industry, how has she navigated her career while finding a sense of identity and belonging in her professional journey?

Liang Shuang:

What does being of Chinese descent mean? I had an experience at a family office event in New York where I was one of only five women. At the same time, I was the only Asian, and more specifically, the only Chinese woman in the room. Suddenly, I felt like, wow! In this room filled with investors and deals being made, everyone would likely ask me about China, about Asian-Pacific Islander culture. It felt like I was representing my identity—my gender and my culture. Initially, there was definitely fear and a feeling of not fitting in. “Do I really belong here?” But then I realized that as someone who represents both gender and culture, I had the opportunity to share my perspective on these aspects.

Lena Li:

When asked about the key turning points in her growth over the past few years, Liang Shuang shared the following with me.

Liang Shuang:

There were indeed a few key moments. The process of moving from the East Coast to the West Coast was, in itself, a process of reintegration. During that reintegration, especially within the API (Asian and Pacific Islander) culture, there were times when I had to let go of certain very ‘Chinese’ aspects of myself.

Then the pandemic hit, and I spent all three years in California. That period became a time for me to deeply reflect on my identity, especially since there was a strong wave of anti-Chinese sentiment at the time. It made me realize what it really meant to be Asian in this country. And beyond that, it made me question—what does it mean to be ethnically Chinese within the broader Asian community?

We know that Chinese culture extends beyond just China itself—it includes communities like Malaysian Chinese, Singaporean Chinese, and others. So, I started rethinking my identity. After the pandemic, I went back to China for a visit, and during that time, as I transitioned into the VC industry, something clicked. I suddenly realized—wait, a lot of the cultural aspects of growing up in Guangzhou just came back to me naturally.

It became quite obvious. While I was in China, people would ask me, ‘Are you an ABC (American-born Chinese)?’ And I’d reply, ‘No, I was actually born and raised in China.’ But I’d struggle with some professional Chinese terminology, and they’d say, ‘Your Chinese is pretty good!’ And I’d respond, ‘Of course, it has to be!’

That experience really highlighted the feeling of not fully fitting in on either side. And that’s when I came to the realization—OK, I don’t need to force myself to define exactly where I belong or which category I fit into. I am simply me.

Lena Li:

As a 1.5-generation Chinese immigrant, Liang Shuang sees her identity this way.

Liang Shuang:

Personally, as a 1.5-generation immigrant, I don’t dwell on whether I am an immigrant or something else. I see myself more as a world citizen, a global citizen. I think this mindset makes a big difference. When I see myself as an immigrant, I feel powerless—like I don’t truly belong to this country and have to fit in. But when I see myself as belonging to the world, I am no longer confined by any single country or culture. Instead, I can bring diverse perspectives into this country and culture. And that makes me feel extra powerful.

Lena Li:

Looking ahead, Liang Shuang has her own insights on the influence and future development of female investors in the investment industry.

Liang Shuang:

China is currently experiencing its first wave of feminism. Looking at the historical trajectory of women’s rights movements in the West, the first wave saw many outstanding women stepping into leadership roles, questioning traditional gender roles, societal expectations, family dynamics, and economic rights.

In the U.S., we are now witnessing what can be described as “the great shift of wealth.” A new generation of allocators, particularly from Gen Z, is emerging, and a growing number of them are women. This shift signifies an increase in women’s economic decision-making power and financial influence. What happens when more women hold these positions? Their investment choices often differ from those of men.

For instance, in the venture capital industry, we now see more female fund managers investing in sectors that are traditionally overlooked by male investors. Take menopause-related technology companies as an example—historically, traditional VCs might not have paid attention to this field. Why? Because when there are no women in the room, menopause may not seem relevant or pressing. However, when women who have experienced menopause enter these decision-making spaces, they recognize the significance of the issue and direct funding toward founders working to address it.

The hope is that more female perspectives will be incorporated into decision-making processes. Women leaders—no matter how feminine their leadership style may be—should have their opinions and contributions recognized and validated. They should not feel pressured to conform to traditionally masculine leadership traits in order to be taken seriously.

Lena Li:

When asked about advice for young women who want to join investment banks or break the gender ceiling in the future, Liang Shuang said:

Liang Shuang:

I have three pieces of advice and guidance. First, you deserve the spot at the table, and you’ve earned it. Imposter syndrome is real. For example, when I first received the offer from EY, I felt like I was just lucky. It felt a bit unreal because I was someone who studied art history, and I thought I had gotten the offer by chance. But in reality, I was denying the extra effort I had put in compared to others. So, you need to combat imposter syndrome and believe that you belong in the room, don’t ever question why you are in here. When you are placed in that room, in that position, you deserve it, you’ve earned it. You have to be out there to showcase who you are and what you can bring to the table.

Second, always ask for more, and trust your instincts and your leadership. As women, sometimes we are somewhat constrained by societal expectations, being told what we should and shouldn’t do, as if getting by is enough… But always, always, always ask for more. Especially in male-dominated industries, the rules and practices tend to favor men, so you must speak up, take initiative, and advocate for yourself and for other women. It’s not just about you—when you see other women, especially when you’re the only ones in the room, connect with them, help them. This is crucial.

Third, find a balance between your work, personal life, and identity. This includes balancing your Chinese American identity and work-life balance, as well as the internal balance between masculinity and femininity. Know when to work hard and when to relax and enjoy life. It’s important to recharge and replenish your energy.

The reason I ventured into a male-dominated industry is because of my mom. She used to be an entrepreneur in the heavy machinery industry, and she gave me an example that women can do anything and enter any field.

Again, as an immigrant, I believe the most important thing is to help each other, be each other’s support, and build a community that uplifts one another.

Lena Li

Alright, I hope that Liang Shuang’s story today can inspire and encourage young women who are also going through their journey of self-identity and growth. Believe in yourself, care for others, and our community will become better because of it. Thank you all for listening, and we’ll see you in the next episode!

AsAmNews is published by the non-profit, Asian American Media Inc.

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