KEY POINTS
  • Venture capital firms in China invested $26.7 billion in 3,072 deals in the first half of 2023, PitchBook said.
  • On an annualized basis, that indicates a 31.4% drop from 2022 levels, — on pace to fall below that of 2016, the report said.
  • On the fundraising front, PitchBook said only three funds denominated in U.S. dollars closed in the first half of the year.
Chinese ride-hailing giant Didi delisted from the New York Stock Exchange just months after its June 2021 IPO after a now-resolved regulatory probe that had forced Didi to suspend new user registrations.

BEIJING — Slowing growth and geopolitical tensions are stifling the Chinese startup world that once spawned unicorns such as ByteDance and Didi, according to a PitchBook report Monday.

China's economic rebound from the pandemic has slowed. U.S.-China tensions have spilled over to finance, dampening already subdued market sentiment. Chinese regulation in the last two years has also made it harder for companies to go public overseas.