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

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Slowing growth and geopolitical tensions are stifling the Chinese startup world that once spawned unicorns such as ByteDance and Didi, according to PitchBook. Second-quarter deals marked the fourth-consecutive quarter of declines in deal value, according to PitchBook. A drop in foreign participation was a factor.

The niche but once-burgeoning world of early-stage investors in China had seen firms raise billions of dollars from overseas institutions to invest in domestic startups, which would then hold an initial public offering in the U.S.

A record low of 10% of deals included an investor based outside of Greater China, down from about 16% in 2018, PitchBook said. On the fundraising front, the report said only three funds denominated in U.S. dollars closed in the first half of the year.

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