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Chinese tech stocks may have flown higher on Wednesday, but the bottom is still ahead after last year's rout, a venture capitalist told CNBC's "Squawk Alley " on Wednesday.
"Sitting from where I sit ... what's going on in China feels like we're in a reset, " said Roger McNamee, co-founder and managing director of venture capital firm Elevation Partners. "It's not done, and there will be some piece of news — something that bottoms the stocks out — that gives us a better chance to buy than right now."
Shares of JD.com rose over 4 percent on Wednesday, after the Chinese online retailer posted a surprise profit in the second quarter. Fellow Chinese retail giant Alibaba's stock popped more than 2 percent, ahead of an earnings report expected on Thursday.
Still, a shadow of the economic uneasiness has shrouded Chinese companies over the past year, after a large drop in Asian equities left the Dow down roughly 1,100 points as the market opened Monday, August 24, 2015.
For investors like McNamee, who don't have an edge in the Chinese market, the uncertainty in China's business environment means he's less interested in Chinese stocks until he sees some clarification, he said.
"I'm really troubled as an investor who lives in the United States, looks at China and tries to understand what is going on," McNamee said. "There is some kind of trouble going on between the central government and many of the leading market participants ... The conflicts have come in to the open."
It comes as American companies, like Wal-Mart, have recently partnered with Chinese companies. Ride hailing app Uber recently sold its China business to local rival Didi Chuxing. McNamee said it's clear that the Chinese government is having an influence on the terms under which American companies can come in to China, and they maybe less attractive than a few years ago.
Uber, Wal-Mart, JD and Alibaba did not immediately respond to a request for comment.
"I look at the Didi-Uber deal and that sure doesn't look like a partnership; that looks like Uber throwing in the towel," McNamee said.