A total of 2,675 venture capital (VC) funding deals were announced in China during January-October 2023 while the disclosed funding value of these deals was US$34.6bn.

China witnessed considerable decline in terms of both deal volume and value compared to January-October 2022, according to GlobalData, the data and analytics company.

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An analysis of GlobalData’s Financial Deals Database reveals deals volume and value declined by 15.7% and 29.1%, respectively, year-on-year (YoY) during January-October 2023, compared to the 3,175 VC deals worth $48.8bn announced during the same period in 2022.

Aurojyoti Bose, lead analyst at GlobalData, said : “The decline in VC funding deals volume and value is now a global phenomenon and China is not an exception to this trend. However, China continued to dominate the APAC VC landscape despite the decline.”

China accounted for 46.6% and 60.5% share of the APAC region’s total VC funding deal volume and value, respectively, during January-October 2023.

Bose added: “China is also a key global market and stood just next to the US in terms of both VC funding deal volume and value.”

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China accounted for 15.8% of the total number of VC funding deals announced globally during January-October 2023 while its share of corresponding disclosed deal value stood at 17.1%.

Some of the notable VC funding deals announced in China during January-October 2023 include $1.8bn worth of funding raised by GTA Semiconductor, $1bn raised by Envision, $1bn raised by ROX Motor Tech, $960.8m raised by Zhejiang Hozon New Energy Automobile, $750m secured by Zeekr, $623m raised by Xiamen Hithium Storage Technology, and $600 million secured by Farizon Auto.

Bose concluded: “China’s steadfast position in the APAC VC arena underscores its resilience amid broader market shifts. Standing shoulder to shoulder with the US, it continues to shape the global VC landscape.”

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