Venture capitalists around the world are having second thoughts about the value of some of their earlier investments. Over the last year, 102 companies were obliged to raise financing at a lower valuations than during earlier funding rounds, according to CB Insights. While only a few Chinese companies are on the list of so-called down rounds, that will not last long as more Chinese tech firms will be forced to raise money at lower valuations, says Tommy Yip, managing partner at US$210 million-under-management Unicorn Capital Partners. Mr. Yip, founder of the Hong Kong-based fund-of-funds, predicts companies that raised massive series B and C rounds at extremely high valuations, especially O2O (online-to-offline) and P2P (peer-to-peer) start-ups,  may be forced to raise money at reduced prices in order to survive. "I think for companies like Didi Chuxing, they have pressure from existing investors to go public sooner. But if you look at the capital market, it’s not a great time for companies like Didi to go public because an IPO today means a down round from a valuation stand point," Yip said during an interview with China Money Network on the sidelines of the HKVCA Asia Private Equity Forum 2017 in Hong Kong. Chinese on-demand …