The coronavirus pandemic has seen Chinese venture capital investors retreating to the safety of big names in favoured sectors, thinning the ranks of tech start-ups in China, in a trend that is likely to continue this year.
The number of early-stage financing deals fell 45 per cent in 2020, halving the new tech start-up count from the previous year to 3,131, according to data from ITjuzi, a Chinese business information provider.
China’s tech sector has been chilled by a “capital winter” that began in late 2018 as a venture capital boom deflated. Last year, the number of investment deals fell for the fifth consecutive year, though start-ups’ cash haul ticked upwards, rising 12 per cent to Rmb815bn ($126bn).
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