Shenzhen has already passed its 2021 total. Beijing and Shanghai are on course to fall short of theirs
VC raised each year by companies headquartered in each city. The striped part of 2026 projects January–September to the full year
Shenzhen
$4.1B
$5.8B
$5.9B
$2.6B
$1.6B
$2.4B
$9.7B$7.3B to Sep
'20'21'22'23'24'252026
Beijing
$20.6B
$21.0B
$8.6B
$4.4B
$6.9B
$6.7B
$19.2B$14.4B to Sep
'20'21'22'23'24'252026
Shanghai
$12.3B
$18.5B
$8.5B
$7.1B
$7.5B
$4.4B
$14.5B$10.9B to SepSpacesail counted once
'20'21'22'23'24'252026