Dealroom.co – China Tech Update, Q1 2025

The main theme of the report is the analysis of venture capital (VC) and tech investments in China for the first quarter of 2025.

Key findings include: Chinese startups raised $6.9 billion in Q1 2025, down 45% compared to the same period in 2024. The number of funding rounds in China remained at the level of previous quarters but nearly halved compared to 2023. China's share in global venture financing was 6% in Q1 2025, significantly lower than the peak of 31% in 2016. Foreign investors have almost disappeared from China, with less than 2% of capital coming from US investors. 82% of venture capital in China was directed to manufacturing, significantly higher than 60% in Q1 2024. Healthcare companies attracted $1.5 billion, while semiconductor companies received $1.1 billion. Semiconductors received the most funding in Q1 2025. China ranked first among the largest tech ecosystems in Asia by venture investment volume.