VC funding in China drops 29.1% YoY to $34.6 billion during January-October 2023, finds GlobalData

An analysis of GlobalData’s Financial Deals Database reveals that 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 of worth $48.8 billion announced during the same period in 2022.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “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 adds: “China is also a key global market and stood just next to the US in terms of both VC funding deal volume and value.”

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 $1.8 billion worth of funding raised by GTA Semiconductor, $1 billion raised by Envision, $1 billion raised by ROX Motor Tech, $960.8 million raised by Zhejiang Hozon New Energy Automobile, $750 million secured by Zeekr, $623 million raised by Xiamen Hithium Storage Technology, and $600 million secured by Farizon Auto.

Bose concludes: “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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