China Tech Update – Q1 2025

Check in on how the Chinese venture capital data and trends for Q1 2025. Historical and international benchmarks, sector trends and biggest rounds.

Key findings

• Chinese startups raised $6.9B in Q1 2025, down 45% against Q1 2024.
• China took 6% of global VC funding in Q1 2025, less than half its 31% peak in 2016.
• Less than 2% of the capital invested in Chinese startups in Q1 2025 came from US investors, compared with over 20% in 2017-2018.
• Manufacturing took 82% of Chinese VC investment in Q1 2025, up from 60% in Q1 2024.
• Shanghai fell to #4 among Asian tech hubs with $526.1M in Q1 2025, behind Bengaluru, Tel Aviv and Delhi, and Beijing placed #7.