China continues robust VC financings in Q3: KPMG report
BEIJING — China's mainland recorded robust venture capital (VC) activities in the third quarter, with artificial intelligence (AI) and automotive engineering the key areas of investment, according to a report released by international auditing firm KPMG.
Continuing the momentum from the second quarter, companies based on the Chinese mainland completed 95 VC deals, raising $10.2 billion between July and September this year.
China's mainland accounted for half of the top 10 global VC financings, the report said.
A number of mega-deals were reached, including a $2 billion fundraising by news aggregator Toutiao and a $1.6 billion deal raised by electric vehicle manufacturer BAIC BJEV.
The report highlighted AI, robotics, and other tech-enabled next-generation sectors in China that are attracting significant investment, with the pace expected to continue.
