China VC deals plunge, on track for worst pace in more than seven years

Slowing growth and geopolitical tensions are stifling the Chinese startup world that once spawned unicorns such as ByteDance and Didi, according to a PitchBook report Monday.

China’s economic rebound from the pandemic has slowed. U.S.-China tensions have spilled over to finance, dampening already subdued market sentiment. Chinese regulation in the last two years has also made it harder for companies to go public overseas.

Venture capital firms in China invested $26.7 billion in 3,072 deals in the first half of 2023, PitchBook said.

Source: CNBC