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 stood at $34.6 billion, confirmed a report by GlobalData. China witnessed considerable decline in terms of both deal volume and value compared to January-October 2022, it added.
An analysis of GlobalData’s Financial Deals Database revealed that deals volume and value declined by 15.7 per cent and 29.1 per cent, 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, 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 per cent and 60.5 per cent share of the APAC region’s total VC funding deal volume and value, respectively, during January-October 2023. Aurojyoti 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.” 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 per cent.
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, the report stated.
Aurojyoti 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.”