The number of venture deals in China rose 56% in the first quarter from a year earlier, the fourth consecutive quarter of rising activity, as startups pulled in RMB354bn ($55bn) in investment, according to data provider ITjuzi reported by the Financial Times.
The wave of new investments comes as Chinese exit returns also mount up ahead of an expected massive boost from the flotation of local ride hailing service Didi Chuxing at up to a reported $100bn valuation.
Didi’s initial public offering could offer an exit route for its largest corporate backers, including Asia’s largest technology firms, Softbank, Alibaba and Tencent.
But while two of the three are expanding their investment pace, Alibaba has effectively dropped out of new deals.
SoftBank has committed more of its money to its second Vision Fund, while Tencent lead the investment pace in China last year, see table below.
