A crackdown on the tech sector and stringent Covid-19 curbs weighed on investments in Chinese startups as funding for such ventures plunged to an eight-year low in the April to June quarter, Nikkei Asia reported, citing a KPMG report.
Venture investments in the country slumped to $9.1 billion during the quarter from $18.1 billion in the January to March quarter, the report said, adding that startups globally struggled to raise funds as investors rushed out of tech stocks.
Read the full report: Nikkei Asia.
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