{"id":2040,"date":"2023-03-14T21:29:49","date_gmt":"2023-03-14T21:29:49","guid":{"rendered":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/?page_id=2040"},"modified":"2023-03-14T21:57:06","modified_gmt":"2023-03-14T21:57:06","slug":"report-china-feb-2023","status":"publish","type":"page","link":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/report-china-feb-2023\/","title":{"rendered":"China Deals Barometer Report: Startup fundraising hits six-month high at $6.7b in Feb"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2040\" class=\"elementor elementor-2040\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-335ebad elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"335ebad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea7c338\" data-id=\"ea7c338\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1364919 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"1364919\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-inner-column elementor-element elementor-element-13b7cfd\" data-id=\"13b7cfd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ea5f09d elementor-widget elementor-widget-heading\" data-id=\"ea5f09d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">China Deals Barometer Report: Startup fundraising hits six-month high at $6.7b in Feb<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8de46ee elementor-widget elementor-widget-image\" data-id=\"8de46ee\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"978\" height=\"499\" src=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/50.png\" class=\"attachment-full size-full wp-image-2041\" alt=\"\" srcset=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/50.png 978w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/50-300x153.png 300w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/50-768x392.png 768w\" sizes=\"(max-width: 978px) 100vw, 978px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-7d12ea3\" data-id=\"7d12ea3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4917e57 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"4917e57\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-9dcc1b5 h-100\" data-id=\"9dcc1b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ee0a9a7 elementor-widget elementor-widget-text-editor\" data-id=\"ee0a9a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>By <a class=\"Story_author__mE5dK\" href=\"https:\/\/www.dealstreetasia.com\/author\/stephanie-li\/\">Stephanie Li<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b73541 elementor-widget elementor-widget-text-editor\" data-id=\"7b73541\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>March 09, 2023<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-158dfd0 elementor-widget elementor-widget-html\" data-id=\"158dfd0\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"card-footer bg-white div-social-icons d-print-none\">\r\n    <ul class=\"nav\">\r\n        <li>\r\n            <a class=\"nav-link\" href=\"#\" target=\"_blank\"><i class=\"fa fa-facebook-f\"><\/i><\/a>\r\n        <\/li>\r\n        <li>\r\n            <a class=\"nav-link\" href=\"#\" target=\"_blank\"><i class=\"fa fa-twitter\"><\/i><\/a>\r\n        <\/li>\r\n\r\n        <li>\r\n            <a class=\"nav-link\" href=\"#\"><i class=\"fa fa-envelope\"><\/i><\/a>\r\n        <\/li>\r\n        <li>\r\n            <div class=\"dropdown-social\">\r\n                <a class=\"nav-link dropdown-toggle\" type=\"button\" id=\"dropdownMenuButton1\" data-bs-toggle=\"dropdown\" aria-expanded=\"false\"><i class=\"fa fa-share-alt\"><\/i><\/a>\r\n                <div class=\"dropdown-menu dropdown-menu-right\" aria-labelledby=\"dropdownMenuButton1\">\r\n                    <a href=\"#\" target=\"_blank\"><i class=\"fa fa-reddit-alien fa-2x\"><\/i><\/a>\r\n                    <a href=\"#\" target=\"_blank\"><i class=\"fa fa-linkedin fa-2x\"><\/i><\/a>\r\n                    <a href=\"#\" target=\"_blank\" data-action=\"\/share\/whatsapp\/share\"><i class=\"fa fa-whatsapp fa-2x\"><\/i><\/a>\r\n                <\/div>\r\n            <\/div>\r\n        <\/li>\r\n\r\n    <\/ul>\r\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-4a06ee4 less-content\" data-id=\"4a06ee4\" data-element_type=\"column\" id=\"showContent\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e65b0f7 elementor-widget elementor-widget-text-editor\" data-id=\"e65b0f7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">February proved to be a record month for dealmaking in the Greater China market as startups raised $6.7 billion, the highest monthly deal value since September 2022.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Thanks to one megadeal that contributed to almost half of the monthly financing, the total fundraising in February was 23.1% higher than in January when startups had raised over $5.4 billion. The month\u2019s deal count of 222 marked a 16.2% increase from 191 deals in the previous month, according to proprietary data compiled by DealStreetAsia<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">The lifting of COVID-19 restrictions charged up PE-VC activity, which translated to significant year-over-year (YoY) growth. The deal count in February more than doubled from the same month in 2022, while the deal value ricocheted by 99.7%.\u00a0<\/span><\/p><p>Startups in Greater China collectively sealed 413 deals worth $12.1 billion in the first two months of 2023. The deal count represented an\u00a089% increase over the same period in 2022, while the deal value went up 58%.<\/p><p><img decoding=\"async\" class=\"aligncenter wp-image-333472 size-full\" src=\"https:\/\/dealstreetwebsite.s3.amazonaws.com\/uploads\/2023\/03\/MoM-e1678244507618.jpg\" alt=\"\" width=\"1210\" height=\"634\" \/><\/p><h3><strong>COFCO Fortune&#8217;s $3.1b deal props up fundraising\u00a0<\/strong><\/h3><p><a href=\"https:\/\/www.dealstreetasia.com\/stories\/chinese-agri-firm-cofco-fortune-rakes-in-3-1b-in-strategic-financing-328797\"><span style=\"font-weight: 400;\">COFCO Fortune<\/span><\/a><span style=\"font-weight: 400;\">, a subsidiary of China\u2019s largest food manufacturer COFCO Group, snapped up $3.1 billion in a strategic investment, making it the top megadeal of the month. The firm owns China&#8217;s major food labels such as d<\/span>airy<span style=\"font-weight: 400;\"> product manufacturer Inner Mongolia Mengniu Dairy Group and wine brand Greatwall.<\/span><\/p><p><span style=\"font-weight: 400;\">The firm secured fresh funding from investors including China\u2019s National Council for Social Security Fund, which manages the country\u2019s national pension fund. The megadeal alone contributed to 46% of the month\u2019s total financing.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">In another megadeal in February, <\/span><a href=\"https:\/\/www.dealstreetasia.com\/stories\/geelys-ev-brand-zeekr-raising-750m-in-new-funding-round-329611\"><span style=\"font-weight: 400;\">Zeekr<\/span><\/a><span style=\"font-weight: 400;\">, the electric vehicle (EV) brand of China\u2019s Geely Automobile Holdings, closed $750 million in a funding round that valued the brand at $13 billion.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The fresh funding, which was earmarked to support Zeekr\u2019s technology research and global expansion, saw the participation of new investors including Amnon Shashua, the CEO and founder of autonomous driving technology firm Mobileye Global, and the Guangzhou city municipal government\u2019s investment arm Yuexiu Industrial Fund.\u00a0<\/span><\/p><p><img decoding=\"async\" class=\"aligncenter wp-image-333505 size-full\" src=\"https:\/\/dealstreetwebsite.s3.amazonaws.com\/uploads\/2023\/03\/Screen-Shot-2023-03-08-at-13.52.39-e1678254926277.png\" alt=\"\" width=\"1435\" height=\"753\" \/><\/p><p><span style=\"font-weight: 400;\">Solar cell and module manufacturer <\/span><a href=\"https:\/\/www.dealstreetasia.com\/stories\/chinese-solar-cell-maker-solarspace-bags-over-442m-in-two-funding-rounds-328553\"><span style=\"font-weight: 400;\">SolarSpace<\/span><\/a>\u00a0emerged as the third-biggest fundraiser of the month with the completion of its Series B and Pre-IPO rounds at <span style=\"font-weight: 400;\">$442.5 million. SolarSpace, which secured capital from\u00a0<\/span><span style=\"font-weight: 400;\">investors including EBI Investment, Sinochem Capital, and Yingke PE, planned to invest the proceeds in the construction of manufacturing facilities as well as R&amp;D.<\/span><\/p><p><span style=\"font-weight: 400;\">February saw the completion of six megadeals or investments at a size of $100 million or above. Their fundraising sum of over $4.8 billion accounted for 72.5% of the month\u2019s total financing.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Investments at Series A and earlier funding stages remained dominant, while dealmaking remained stagnant in companies closer to a public listing. The 124 deals in the earliest funding stages accounted for more than half of the deal count in February.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">In contrast, Series E and later funding stages only clocked three deals that accounted for 1.4% of the month\u2019s total funding. This was very similar to January when only three investments were made at this funding stage, which translated to 1.6% of the month\u2019s total funding.\u00a0<\/span><\/p><p style=\"font-weight: 400;\"><strong>List of megadeals (Feb 2023)<\/strong><\/p>\n<table id=\"tablepress-67\" class=\"tablepress tablepress-id-67\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Startup<\/th><th class=\"column-2\">Headquarters<\/th><th class=\"column-3\">Investment size (Million USD)<\/th><th class=\"column-4\">Unspecified size<\/th><th class=\"column-5\">Investment stage<\/th><th class=\"column-6\">Lead investor(s)<\/th><th class=\"column-7\">Other investor(s)<\/th><th class=\"column-8\">Industry\/Sector<\/th><th class=\"column-9\">Vertical<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">COFCO Fortune<\/td><td class=\"column-2\">Shanghai <\/td><td class=\"column-3\">3100<\/td><td class=\"column-4\"><\/td><td class=\"column-5\">Strategic Investment<\/td><td class=\"column-6\"><\/td><td class=\"column-7\">China\u2019s National Council for Social Security Fund, COSCO Shipping Group, China Chengtong Holdings Group, and others<\/td><td class=\"column-8\">Food<\/td><td class=\"column-9\">N\/A<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Zeekr<\/td><td class=\"column-2\">Ningbo<\/td><td class=\"column-3\">750<\/td><td class=\"column-4\"><\/td><td class=\"column-5\">A<\/td><td class=\"column-6\"><\/td><td class=\"column-7\">Amnon Shashua (Individual Investor), Yuexiu Industrial Fund, Contemporary Amperex Technology Co Limited (CATL), and others<\/td><td class=\"column-8\">Automobiles &amp; Parts<\/td><td class=\"column-9\">Electric\/Hybrid Vehicles<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">SolarSpace<\/td><td class=\"column-2\">Xuzhou<\/td><td class=\"column-3\">442.5<\/td><td class=\"column-4\"><\/td><td class=\"column-5\">B, Pre-IPO<\/td><td class=\"column-6\"><\/td><td class=\"column-7\">EBI Investment, Sinochem Capital, Yingke PE, and others<\/td><td class=\"column-8\">Renewable Energy<\/td><td class=\"column-9\">CleanTech<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">VSPO<\/td><td class=\"column-2\">Shanghai<\/td><td class=\"column-3\">265<\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td><td class=\"column-6\">Savvy Games Group (affiliated with Saudi Arabia&#8217;s Public Investment Fund)<\/td><td class=\"column-7\"><\/td><td class=\"column-8\">Travel &amp; Leisure<\/td><td class=\"column-9\">eSports<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\">TYSiC\/Tian Yu Semiconductor Energy<\/td><td class=\"column-2\">Dongguan<\/td><td class=\"column-3\">176.7<\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td><td class=\"column-6\"><\/td><td class=\"column-7\">China-Belgium Direct Equity Investment Fund, Guangdong Technology Financial Group, China Merchants Capital, and others<\/td><td class=\"column-8\">Semiconductor<\/td><td class=\"column-9\">N\/A<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n\t<td class=\"column-1\">Immorna <\/td><td class=\"column-2\">Hangzhou<\/td><td class=\"column-3\">100<\/td><td class=\"column-4\"><\/td><td class=\"column-5\">A+, A++ <\/td><td class=\"column-6\"><\/td><td class=\"column-7\">C&amp;D Emerging Industry Equity Investment, China Structural Reform Fund, Yuexiu Industrial Investment Fund, GL Ventures, and others<\/td><td class=\"column-8\">Biotech<\/td><td class=\"column-9\">Biotech<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-67 from cache --><h3><strong>Semiconductor remains investors&#8217; favourite<\/strong><\/h3><p><span style=\"font-weight: 400;\">Semiconductor firms have continued to ride on the tailwind, as the country strives for self-reliance in chipmaking amid intensifying crackdown from the US. Startups in the industry sealed 27 deals to remain as the most favoured sector in February.<\/span><\/p><p><a href=\"https:\/\/www.dealstreetasia.com\/stories\/chinas-tian-yu-semiconductor-energy-notches-over-176m-as-it-preps-for-ipo-329210\"><span style=\"font-weight: 400;\">Tian Yu Semiconductor Energy<\/span><\/a><span style=\"font-weight: 400;\">, which manufactures silicon carbide epitaxial wafers &#8211; a key ingredient in high-power devices &#8211; is one example. The firm bagged $176.7 million in a funding round to expand its production capacity and to prepare for its initial public offering.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">However, except for Tian Yu\u2019s megadeal, big-ticket investments were absent in the sector, wherein chip startups bagged only $471.1 million in the month. This also applies to the energy storage sector, the second most-invested industry in February, which saw 25 firms raising a total of $214.1 million.\u00a0<\/span><\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-333512 size-full\" src=\"https:\/\/dealstreetwebsite.s3.amazonaws.com\/uploads\/2023\/03\/image.png\" alt=\"\" width=\"1094\" height=\"684\" \/><\/p><p><span style=\"font-weight: 400;\">Thanks to COFCO Fortune&#8217;s $3.1 billion, the food sector saw its fundraising total cross over $3 billion to become the best-funded industry of the month. With only six deals, the sector came twelfth in terms of deal count.<\/span><\/p><p><span style=\"font-weight: 400;\">Automobile and parts ranked as the second most funded industry, with the fundraising sum amounting to $867.8 million for 21 venture deals. This was largely driven by <\/span><a href=\"https:\/\/www.dealstreetasia.com\/stories\/geelys-ev-brand-zeekr-raising-750m-in-new-funding-round-329611\"><span style=\"font-weight: 400;\">Zeekr<\/span><\/a><span style=\"font-weight: 400;\">\u2019s $750 million deal, as the value of the remaining transactions was at $14.5 million or smaller.<\/span><\/p><h3><strong>Addor Capital tops the list\u00a0<\/strong><\/h3><p><span style=\"font-weight: 400;\">Addor Capital, which invests in early- to growth-stage startups in the health sector, emerged as the top investor in February, landing a total of seven deals worth $30.5 million.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The firm, which also invests in clean technology, new materials, advanced manufacturing, consumer services, culture, and technology, media, and TMT, recorded about 121.8 billion yuan ($17.5 billion) in total assets under management (AUM) as of January 2022. It has backed 1,135 startups, 221 of which are listed on stock exchanges at home and abroad.<\/span><\/p><p><span style=\"font-weight: 400;\">Yuexiu Industrial Fund, the investment arm of Guangzhou city municipal government, emerged as the second top investor. The firm has backed a total of six deals worth $977 million. Founded in 2011, Yuexiu Industrial Fund specailises in equity investment, mezzanine investment, FOF management, and quantitative investment.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Shunwei Capital, which manages over $3 billion, also invested in six transactions, but the total value of these deals amounted to only $92.3 million.<\/span><\/p><p><strong>List of top investors (Feb 2023)<\/strong><\/p>\n<table id=\"tablepress-68\" class=\"tablepress tablepress-id-68\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Investment company<\/th><th class=\"column-2\">No. of deals<\/th><th class=\"column-3\">Total value of participated deals (Million USD)<\/th><th class=\"column-4\">Lead<\/th><th class=\"column-5\">Non-lead<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Addor Capital<\/td><td class=\"column-2\">7<\/td><td class=\"column-3\">30.5<\/td><td class=\"column-4\">6<\/td><td class=\"column-5\">1<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Yuexiu Industrial Fund<\/td><td class=\"column-2\">6<\/td><td class=\"column-3\">977<\/td><td class=\"column-4\">1<\/td><td class=\"column-5\">5<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Shunwei Capital<\/td><td class=\"column-2\">6<\/td><td class=\"column-3\">92.3<\/td><td class=\"column-4\">4<\/td><td class=\"column-5\">2<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">Sequoia Capital China <\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">120.4<\/td><td class=\"column-4\">2<\/td><td class=\"column-5\">3<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\">Fosun Capital and affiliates<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">45.1<\/td><td class=\"column-4\">2<\/td><td class=\"column-5\">3<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n\t<td class=\"column-1\">Shenzhen High-tech Investment Group<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">19<\/td><td class=\"column-4\">2<\/td><td class=\"column-5\">3<\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n\t<td class=\"column-1\">State Development &amp; Investment Corporation (SDIC) and affiliates<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">88.6<\/td><td class=\"column-4\">4<\/td><td class=\"column-5\">0<\/td>\n<\/tr>\n<tr class=\"row-9 odd\">\n\t<td class=\"column-1\">Goldport Capital <\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">32<\/td><td class=\"column-4\">3<\/td><td class=\"column-5\">1<\/td>\n<\/tr>\n<tr class=\"row-10 even\">\n\t<td class=\"column-1\">China Growth Capital <\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">153.6<\/td><td class=\"column-4\">2<\/td><td class=\"column-5\">1<\/td>\n<\/tr>\n<tr class=\"row-11 odd\">\n\t<td class=\"column-1\">Co-win Ventures<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">114.5<\/td><td class=\"column-4\">0<\/td><td class=\"column-5\">3<\/td>\n<\/tr>\n<tr class=\"row-12 even\">\n\t<td class=\"column-1\">Anxin Guosheng Fund (affiliated with Essence Capital)<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">103.6<\/td><td class=\"column-4\">0<\/td><td class=\"column-5\">3<\/td>\n<\/tr>\n<tr class=\"row-13 odd\">\n\t<td class=\"column-1\">Nio Capital <\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">101.7<\/td><td class=\"column-4\">1<\/td><td class=\"column-5\">2<\/td>\n<\/tr>\n<tr class=\"row-14 even\">\n\t<td class=\"column-1\">SAIC Group (Hengxu Capital, Shang Qi Capital, SAIC Capital)<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">43.5<\/td><td class=\"column-4\">2<\/td><td class=\"column-5\">1<\/td>\n<\/tr>\n<tr class=\"row-15 odd\">\n\t<td class=\"column-1\">CoStone Capital <\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">37.5<\/td><td class=\"column-4\">1<\/td><td class=\"column-5\">2<\/td>\n<\/tr>\n<tr class=\"row-16 even\">\n\t<td class=\"column-1\">CDF-Capital <\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">37.5<\/td><td class=\"column-4\">0<\/td><td class=\"column-5\">3<\/td>\n<\/tr>\n<tr class=\"row-17 odd\">\n\t<td class=\"column-1\">*&#8221;Total value of participated deals (Million USD)&#8221; refers to the total amount of capital raised by the respected startup in the round, including capital from the listed investor as well as other participating investors. If one deal is backed by only two investors, we consider neither of the two investors as a lead investor.<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-68 from cache --><p style=\"font-weight: 400;\"><em>Note: In our monthly analysis for February 2023, we have put together detailed charts of prominent deals, active investors, deal stages, and the most attractive sectors that have bagged the maximum venture dollars in the Greater China region.<\/em><\/p><p style=\"font-weight: 400;\"><em>Our database only considers deals officially announced by the related investee, investor(s), and\/or financial advisor, while information based on market rumours and news reports citing sources is excluded.<\/em><\/p><p style=\"font-weight: 400;\"><em>For a more detailed analysis, and to enable comparison between primary and secondary markets, DealStreetAsia has started tracking deals of all sizes since April 2020, as against considering only transactions worth more than $10 million earlier.<\/em><\/p><p style=\"font-weight: 400;\"><em>We have also introduced a standardised system for industry classification. 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class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-01e45f9 elementor-section-full_width dealPartner-Section elementor-section-height-default elementor-section-height-default\" data-id=\"01e45f9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0e0978e\" data-id=\"0e0978e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e642770 elementor-section-full_width elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-section-height-default elementor-section-height-default\" data-id=\"e642770\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-8e87de3\" data-id=\"8e87de3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd8be33 cover-fit-img elementor-widget elementor-widget-image\" data-id=\"cd8be33\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.dealstreetasia.com\/partner-content\/virtual-dealmaking-dfin-peter-mcmillan\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"587\" height=\"444\" src=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2021\/10\/artical-img1.jpg\" class=\"attachment-full size-full wp-image-73\" alt=\"\" srcset=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2021\/10\/artical-img1.jpg 587w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2021\/10\/artical-img1-300x227.jpg 300w\" sizes=\"(max-width: 587px) 100vw, 587px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-inner-column elementor-element elementor-element-1d2c537\" data-id=\"1d2c537\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-007b2a6 elementor-widget elementor-widget-heading\" data-id=\"007b2a6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">\u2018In an era of virtual dealmaking, stakeholders tend to be more transparent\u2019 \u2013 DFIN\u2019s Peter McMillan<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9d6737 elementor-widget elementor-widget-text-editor\" data-id=\"b9d6737\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Over half the deals in the next 3 months will be hosted virtually according to 79% of the respondents in DFIN&#8217;s DealMaker Meter Survey. Peter McMillan, Head of Sales for APAC at DCIN speaks of the advantages of virtual dealmaking as well as the pitfalls to be avoided, in an exclusive interview with DealStreetAsia<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d548f4d elementor-widget elementor-widget-button\" data-id=\"d548f4d\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.dealstreetasia.com\/partner-content\/virtual-dealmaking-dfin-peter-mcmillan\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Read Article 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href=\"https:\/\/www.dfinsolutions.com\/products\/venue\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2400\" height=\"1254\" src=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2022\/03\/DFIN-Feb-2022-2.png\" class=\"attachment-full size-full wp-image-1034\" alt=\"\" srcset=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2022\/03\/DFIN-Feb-2022-2.png 2400w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2022\/03\/DFIN-Feb-2022-2-300x157.png 300w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2022\/03\/DFIN-Feb-2022-2-1024x535.png 1024w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2022\/03\/DFIN-Feb-2022-2-768x401.png 768w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2022\/03\/DFIN-Feb-2022-2-1536x803.png 1536w, 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class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Venture Capital<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27e63d5 elementor-position-left related-box elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"27e63d5\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-image-box .elementor-image-box-content{width:100%}@media (min-width:768px){.elementor-widget-image-box.elementor-position-left .elementor-image-box-wrapper,.elementor-widget-image-box.elementor-position-right .elementor-image-box-wrapper{display:flex}.elementor-widget-image-box.elementor-position-right .elementor-image-box-wrapper{text-align:right;flex-direction:row-reverse}.elementor-widget-image-box.elementor-position-left .elementor-image-box-wrapper{text-align:left;flex-direction:row}.elementor-widget-image-box.elementor-position-top .elementor-image-box-img{margin:auto}.elementor-widget-image-box.elementor-vertical-align-top .elementor-image-box-wrapper{align-items:flex-start}.elementor-widget-image-box.elementor-vertical-align-middle .elementor-image-box-wrapper{align-items:center}.elementor-widget-image-box.elementor-vertical-align-bottom .elementor-image-box-wrapper{align-items:flex-end}}@media (max-width:767px){.elementor-widget-image-box .elementor-image-box-img{margin-left:auto!important;margin-right:auto!important;margin-bottom:15px}}.elementor-widget-image-box .elementor-image-box-img{display:inline-block}.elementor-widget-image-box .elementor-image-box-title a{color:inherit}.elementor-widget-image-box .elementor-image-box-wrapper{text-align:center}.elementor-widget-image-box .elementor-image-box-description{margin:0}<\/style><div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><a href=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/report-se-asia-feb-2023\/\" tabindex=\"-1\"><img loading=\"lazy\" decoding=\"async\" width=\"978\" height=\"499\" src=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/51.png\" class=\"attachment-full size-full wp-image-2042\" alt=\"\" srcset=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/51.png 978w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/51-300x153.png 300w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/51-768x392.png 768w\" sizes=\"(max-width: 978px) 100vw, 978px\" \/><\/a><\/figure><div class=\"elementor-image-box-content\"><h3 class=\"elementor-image-box-title\"><a href=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/report-se-asia-feb-2023\/\">SE Asia Deals Barometer Report: As mega deals become scarce, startup funding falls 44% in Feb<\/a><\/h3><p class=\"elementor-image-box-description\">Startup fundraising in Southeast Asia continued to move south in 2023 as total funding...\n\n<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-009d583 elementor-position-left related-box elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"009d583\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><a href=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/report-india-feb-2023\/\" tabindex=\"-1\"><img loading=\"lazy\" decoding=\"async\" width=\"978\" height=\"499\" src=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/52.png\" class=\"attachment-full size-full wp-image-2043\" alt=\"\" srcset=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/52.png 978w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/52-300x153.png 300w, https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-content\/uploads\/2023\/03\/52-768x392.png 768w\" sizes=\"(max-width: 978px) 100vw, 978px\" \/><\/a><\/figure><div class=\"elementor-image-box-content\"><h3 class=\"elementor-image-box-title\"><a href=\"https:\/\/www.dealstreetasia.com\/dealsbarometer\/report-india-feb-2023\/\">India Deals Barometer Report: Startup fundraising drops 25% to $866m in Feb, deal volume falls too<\/a><\/h3><p class=\"elementor-image-box-description\">Indian startups continued to see gloomy days as they were able to raise only $866 million in funding from private equity (PE) and venture capital...\n\n<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>China Deals Barometer Report: Startup fundraising hits six-month high at $6.7b in Feb By Stephanie Li March 09, 2023 February proved to be a record month for dealmaking in the Greater China market as startups raised $6.7 billion, the highest monthly deal value since September 2022.\u00a0 Thanks to one megadeal that contributed to almost half [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2041,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-parts\/elementor-sidebar-template.php","meta":{"footnotes":""},"deals-type":[],"class_list":["post-2040","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/pages\/2040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/comments?post=2040"}],"version-history":[{"count":10,"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/pages\/2040\/revisions"}],"predecessor-version":[{"id":2076,"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/pages\/2040\/revisions\/2076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/media\/2041"}],"wp:attachment":[{"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/media?parent=2040"}],"wp:term":[{"taxonomy":"deals-type","embeddable":true,"href":"https:\/\/www.dealstreetasia.com\/dealsbarometer\/wp-json\/wp\/v2\/deals-type?post=2040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}