China VC funding deals dips 12.6% YoY to $23.3b

It only recorded 1,761 VC funding deals. 

China's venture capital (VC) total funding value declined by 12.6% year-on-year (YoY) from January to August 2024, according to GlobalData.

This was attributable to China experiencing a decrease in the volume of high-value VC deals announced during the review period.

A total of 1,761 VC funding deals worth $23.3b were announced, representing a decline of 18.5% YoY in terms of deal volume. 

The data also revealed that a total of 2,161 VC deals with a disclosed funding value of $26.7b were announced in China during the first eight months of 2023.

"Even though China continues to be the best VC funding market in the world after the US, the decline registered in the country raises concern more specifically in terms of total funding value," said Aurojyoti Bose, lead analyst at GlobalData. 

“China experienced a decline in total funding value even as several of its peers, including the US, the UK, and India, registered growth,” Bose added. 

The US, the UK, and India experienced VC funding value YoY growth of 1.9%, 14.8%, and 53.1%, respectively. 

China accounted for 16.4% of the total number of VC deals announced globally during the period, while its share of the total funding value stood at 14.3%.