International investors are returning to China’s start-up scene, with a series of small venture capital fundraisings marking the first signs of a thaw for a sector hit by geopolitical tensions and a tech crackdown.
People familiar with the fundraising efforts said several of the country’s top VC funds were close to raising as much as $1.1bn in total dollar-denominated funds this year.
Source Code Capital, an early investor of TikTok owner ByteDance, has raised $150mn, while BA Capital, an investor in Labubu maker Pop Mart, is closing in on a similar-sized fund.
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