China gets record $31bn in venture capital investment in 2016 despite global woes
Hong Kong — Megadeals in China helped bring a record $31bn in venture-capital investment to the country in 2016 despite a sluggish global economy and a sharp drop in the number of deals, a report showed on Friday. Venture-capital investment in China rose 19% to account for about a quarter of the global total of $127bn last year, even though the number of deals fell 42% to just 300, according to KPMG’s quarterly report on global VC trends. China had its two biggest deals for the year in the first half of 2016: $1.2bn in funding for peer-to-peer lending platform Lufax and Apple’s $1bn investment in taxi-hailing app Didi Chuxing. Despite cautious investor sentiment shown in a 9.4% drop in global investment value and a 24% slide in deal count in 2016, average investments in China are getting bigger. China’s deal count more than halved in the past three years, but investment tripled from 2014’s $12bn. Beijing alone attracted $37.3bn in venture capital since that year, including $18.5bn i...
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