Is VeChain based in China?

Excuse me, could you clarify something for me? I've been hearing a lot about VeChain recently and I'm trying to get a better understanding of its origins. Is VeChain, indeed, based in China? I'm asking because it seems to have some significant ties to the Chinese blockchain and crypto ecosystem, but I'm not entirely sure. Could you please elaborate on this point? I'd really appreciate it if you could provide some more insight into the matter.