As FinanceAsia reported back in September last year, it appeared the capital winter for Chinese startups was finally passing and spring of sorts was on its way. For the first half of 2019, total funds raised decreased 30% year-on-year to $54.4 billion, while the number of funds raising money almost halved, according to data firm CVSource.
From July onwards, the recovery, albeit modest, was a green shoot for cash-starved entrepreneurs. Venture capital VC and private equity PE investment had increased, both in terms of activity and the number of funds in the market. 2020 was not set to be a stellar year, but appetite was coming...
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