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.
National Security Adviser Jake Sullivan meets with Chinese diplomat in bid to cool US-China relationsNational Security Jake Sullivan held ‘candid, substantive, and constructive’ with Chinese Foreign Minister Wang Li over the weekend in an effort to ease strained US-China ties.
China, EU should maintain open attitude, reject protectionism, Chinese foreign minister says: state mediaChina and the European Union (EU) should continue to maintain an ‘open attitude’ and ‘reject protectionism’, Chinese state media said on Monday, citing Chinese Foreign Minister Wang Yi.
Watch: Chinese Girl Picks A Date Based On Their Tomato EggShe knew what was up when she picked the winner
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