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Ecosystems

Why VC more than tripled in Shenzhen, Beijing and Shanghai

By Yoram Wijngaarde and Dealroom Next-Gen API

Companies in Shenzhen, Beijing and Shanghai raised $32B of venture capital from January to September 2026, up from $9B in the same months of 2025. Two AI model makers, Moonshot AI in Beijing and StepFun in Shanghai, raised $9.4B of it. Shenzhen’s rise was spread across robotics companies: 21 Shenzhen companies raised $100M or more, against four a year earlier.