Dollar investments in Chinese start-ups fell by nearly three quarters last year as geopolitical tensions, Beijing’s zero-COVID policies and a tech crackdown forces more companies to find capital at home.
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 yuan more appealing.
“Chips, robots, AI, the Chinese government also wants these kinds of companies to get listed in China, not the US,” Mr Zhou said. The latest investors to rethink their China strategy are Singapore’s sovereign wealth fund GIC and the Ontario Teachers’ Pension Plan, two groups which reaped rewards from China deals in the country’s boom years.
Beijing has stepped up support of its most promising high-tech start-ups. Many have won designation as “little giants”, an official stamp that comes with access to preferential treatment such as state investment, cheap loans, tax breaks and help recruiting talent.
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