Despite Beijing’s swingeing crackdown on technology companies, the nation raised $6.5 billion in venture capital funding in January, the highest across the Asia Pacific region and just short of the US.
That’s according to GlobalData, which says there were 304 venture capital deals with an average size of $21.4 million announced in China in January.
“Unlike in the past, when a major chunk of the funding was centred around e-commerce startups, currently investors are putting money in companies operating in fields such as clean energy, health tech and hardware (semiconductors),” Aurojyoti Bose, lead analyst at the data and analytics company, said in a report published on Monday.
Among them, notable deals include $785.7 million raised by the electric vehicle subsidiary of state-owned carmaker Chongqing Changan Automobile, $400 million raised by Baidu-Geely joint venture Jidu Auto, and $200 million raised by private aerospace company Galactic Energy.
• Iris Hong
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