BEIJING — Slowing growth and geopolitical tensions are stifling the Chinese startup world that once spawned unicorns such as ByteDance and Didi, according to a PitchBook report Monday.
Chinese regulation in the last two years has also made it harder for companies to go public overseas.
Venture capital firms in China invested $26.7 billion in 3,072 deals in the first half of 2023, PitchBook said.
On an annualized basis, that indicates a 31.4% drop from 2022 levels — on pace to fall below that of 2016, the report said.
The annualized value of mega-deals — $100 million or larger — were on pace for their lowest level since 2015, PitchBook said.
Persons:
Didi, dampening, PitchBook
Organizations:
New York Stock Exchange, Venture
Locations:
BEIJING, U.S, China