Hundreds of Chinese tech start-ups — including several unicorns — failed in 2019, with many more limping into the new year, as companies burn through cash in the face of growing financial headwinds.
According to new data from business information provider ITjuzi, 336 start-ups in the country were forced to cease operations over the course of last year, having collectively raised Rmb17.4bn ($2.5bn) from investors. Among them were companies valued individually at more than $1bn.
Of the 20 costliest failures of “new economy” start-ups — those that have sprung up alongside the internet and private industry over the past two decades — about half occurred in 2019.
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