GlobalData reports a significant drop of 29.1% year-on-year (YoY) in venture capital (VC) funding for China during January-October 2023, with the disclosed funding totaling $34.6 billion. This decline is evident in both deal volume and value compared to the same period in 2022, where 3,175 VC deals amounted to $48.8 billion. The analysis from GlobalData's Financial Deals Database highlights a 15.7% decrease in deal volume and a 29.1% decrease in deal value YoY.
Despite this decline, China remains a dominant force in the Asia-Pacific (APAC) VC landscape, accounting for 46.6% and 60.5% of the region's total VC funding deal volume and value, respectively. Aurojyoti Bose, Lead Analyst at GlobalData, notes that the decline in VC funding deals is a global trend, and China is not an exception. However, he emphasizes that China continues to be a key player in the APAC VC arena.
China holds a substantial position globally, standing just behind the United States in both VC funding deal volume and value. During January-October 2023, China represented 15.8% of the total number of VC funding deals worldwide, with a corresponding disclosed deal value share of 17.1%.
Notable VC funding deals in China during the mentioned period include GTA Semiconductor securing $1.8 billion, Envision raising $1 billion, ROX Motor Tech raising $1 billion, Zhejiang Hozon New Energy Automobile securing $960.8 million, Zeekr securing $750 million, Xiamen Hithium Storage Technology raising $623 million, and Farizon Auto securing $600 million.
China's resilience in the APAC VC arena is evident, showcasing its steadfast position amid broader market shifts. The country continues to shape the global VC landscape, standing shoulder-to-shoulder with the US.
Note: Historic data may be subject to change if additional deals are added to previous months due to delayed disclosure of information in the public domain.
