International funding for Chinese start-ups dried up last year, pushing many fledgling technology companies to raise capital and list at home instead of on Wall Street.
Dollar investments in the country’s new companies fell by nearly three-quarters last year, declining to 19 per cent of the total capital put into start-ups from 39 per cent in 2021, according to new data from research group ITJuzi.
Chinese investors and founders say geopolitical tensions with the US, as well as Beijing’s tech crackdown and harsh zero-Covid policy spooked foreign investors. At the same time, growing support from the Chinese government and Washington’s sanctions also made raising Renminbi more appealing.
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