There are two types:
Chinese returnees (ABCs = American Born Chinese, or foreign Stanford grads going back home). These are the classic valley entreprenuers. Polished, speak English, went to Stanford, know how to build great PPTs. These folks are very popular with foreign VCs and deals with them are getting bid up quickly.
Domestics. There is a much bigger universe of local, highly aggressive busines people with great local knowledge, often 2nd/3rd timers. But they dont speak English, are deeply networked, and intertwined with family. They will often be skeptical of venture capital but one VC we talked to said they are totally focused on them. They see getting a 2-3X return just in terms of professionalizing such companies.